Retaining your best employees is critically important to your company. Not only can high turnover impact morale, but also profits. On top of that, the cost to replace workers is especially steep since unemployment is so low. The stakes, therefore, are high.
The good news is that you can plan ahead to retain your employees. When you do, you’ll be able to keep them happier and engaged, ensuring they stay on staff with you for longer. Here are some ways to do that:
Strategy #1: Get a handle on the situation.
Before you start to strategize and put a plan in place, you need to understand the problem. For instance, exactly how high has turnover been? Also, why are employees leaving? Is it an issue company-wide or simply in certain departments? Once you have a clearer picture of the underlying causes, you’ll then be able to develop a plan for dealing with it all.
Strategy #2: Take the right approach.
A retention strategy isn’t going to look the same for every company. It’s why a boilerplate or generic approach to retaining employees at your company simply won’t cut it. Instead, you need to understand the areas that are working in terms of retention and the areas of opportunity.
In terms of the latter, it’s important to know what employees want. For instance, if you have a younger workforce, then perhaps part of your retention strategy should be to offer them the ability to telecommute or keep a more flexible schedule. Or if your compensation and benefits aren’t competitive, then that could be a big factor in high turnover, requiring you to address it in your retention strategy.
Strategy #3: Monitor and assess.
The work isn’t done once you’ve implemented a retention strategy. You need to continually monitor and assess your plan to make sure it’s working. This includes crunching the numbers in terms of retention and turnover once the strategy has been in place and comparing it to the prior numbers. It also includes evaluating what’s working and what still needs some improvement in terms of retention.
Struggling with keeping your employees?
Here are a few reasons why turnover might be a problem. Also, if you’d like professional assistance in replacing workers, turn to the team at Future Force. As one of the top temp-to-hire staffing services, we can not only help you to hire top talent, but also retain them, too. Contact us today to learn more.