In a perfect world, you’d keep your top employees without having to worry about them leaving. In reality, retention is an issue for every company. When it happens, it can cost you in the form of lower morale, reduced productivity, unhappy customers, and a hit to profits.
In fact, according to a Gallup survey: “The cost of replacing an individual employee can range from one-half to two times the employee’s annual salary.” This is a huge expense for your company to absorb.
The good news is that when your employees are happy and engaged, they’re far less likely to leave. So what are some steps you can take to reduce unnecessary turnover? Here’s a look:
Keep communication open.
When employees don’t feel like their concerns or ideas are being heard, it leads to frustration and a lack of loyalty. Aim, instead, to promote communication and for employees to speak freely with you. Ask for their ideas and opinions on a regular basis and ways to improve the working environment. When it’s clear you’re invested in their satisfaction at work, it will contribute to higher retention numbers.
Provide opportunities for advancement.
The best employees want to learn and grow. If you’re not offering opportunities for advancement, they might start looking elsewhere for job opportunities. You can do this in many ways, from formal training and mentorship programs to offering access to online seminars and more. When employees feel valued, they’ll be more likely to remain with your organization.
Show your appreciation for your people.
Make your staff members feel appreciated by thanking them for a job well done. You can also create a rewards or bonus program for those who achieve certain tangible goals. In fact, offering a raise tied to certain achievements or accomplishments is one of the best ways to retain top talent.
Give employees meaningful work.
Don’t solely rely on organizational charts or workflows to hand out assignments to your staff. Instead, evaluate their skills and strengths, and offer them opportunities that will be meaningful for them. This will show that you trust their abilities and keep them more engaged at work.
Do you need help hiring top talent for your team?
At Future Force, we know good retention starts with the right hiring decisions. As one of the leading staffing agencies in Orlando, FL since 1992, our team can work with you to learn about your needs and source, screen and evaluate top candidates for you. You’ll be able to hire better quality candidates – faster – who are a fit for your organization. Contact us today
to learn more.