A lot of time, effort, and money goes into attracting, interviewing, hiring, onboarding, and training each of your employees. It’s a time-consuming… hair-pulling… teeth-gnashing… stressful process. When it’s over, it’s important to learn how to keep your best employees so you don’t have to do it again.
Aside from just making your life less stressful – there are quite a few tangible benefits to reducing employee turnover. Just to name a few:
- You will reduce recruitment costs.
The more employees you retain for longer, the less often you need to hire more. The cost savings can include things like: advertising, staffing agencies, onboarding, training, etc.
- You’ll have a more productive team.
It’s no surprise that your more experienced team members will also tend to be your more productive ones. On top of that, when you hire new team members, you’ll also have train them, which reduces the productivity of your team as well.
- Your customers will have a better experience.
Even if your team doesn’t directly interact with your customers, your employees do become more familiar with their needs over time. This results is a significantly better experience for your customers, which means better sales for you.
Even though that’s only a few of the benefits of retaining employees, you can see how it’s incredibly worthwhile.
So what can you do to keep the good employees? Here’s a few ideas:
- Provide quality supervision
One of the number one reasons someone leaves their job, even though they like the work, is that they don’t like the supervision they receive. They want their boss to provide clear expectations of the work they are expected to do. They want to have clear feedback during and after they’ve completed a project.
- Provide a clear growth path for everyone
They want to understand what opportunities exist for pay increases, promotions, or other advancements as well as what steps they can take to move towards them. Make sure they have room to grow.
- They want to feel like they make a difference
A good employee is proud of their abilities and will feel unmotivated if you’re not taking advantage of their potential and utilizing their abilities to their fullest. They want to feel like they are making a difference.. and that the work they do matters.
- Talk to them – and get feedback
Just like I said before – they want to feel like they matter (and if they are good at their jobs, they probably do matter a great deal). So take the time to talk to them, and give them a chance to share their ideas and concerns with you.