When you have great employees, you need to keep them. This is critical to the long term success of your company. Managers agree that employee retention is the best way to keep your customers satisfied, increase product sales, keep co-workers satisfied, and keep reporting staff happy. By keeping great employees you can plan effective organizational learning. If your company fails to keep an employee, it will cost you. Literally. It is a loss of training time, both that spent on the lost employee and that which will be spent on the replacement. It equals a loss of knowledge, makes co-workers feel insecure, and can cost quite a bit in HR searches for new employees. In fact, some statistics indicate that the loss of a middle manager will cost a company up to one hundred percent of the manager’s salary. Losing a senior executive costs even more.
Reasons to keeping great employees
There is another reason it is imperative that companies retain employees. Over the next few years, baby boomers will continue to retire while the new generation X replaces them. Baby boomers exceeded seventy six million people, while the new generation is only forty four million people. Quite simply, there are fewer people available to fill jobs now than there were for the last few decades. If your company is losing employees in any department, it is almost certain that others will be looking for new jobs too. By conducting and taking to heart the information collected during exit interviews, companies can heed the results and gain valuable data about organizational health.
How can you increase employee retention? You can do so by creating environments that employees will appreciate. This starts by making sure employees know exactly what is expected of them at work. If the expectations are continually changing it leads to unhealthy stress. By keeping expectations at a steady rate, it will provide a sense of internal security and success for the employees.
It is also important to ensure employees receive high quality supervision. Managers and supervisors are integral to the health of a company. Employees will leave bad managers more often than bad companies. The supervisor or manager does not just have to be a nice person, but rather, they have to provide clear expectations for the employees, make them feel valued, make their earning potential clear, provide performance feedback, hold scheduled meetings, and give employees a framework within which they can achieve success.
Employees also need to feel free to speak their mind. If they are not helping contribute to organizational ideas or processes, they won’t work as hard to see them through to completion or success. Employees need to be able to criticize if something is not working, offer ideas, and above all not feel as though they need to just bite their tongue until they cannot take it any longer and quit. Finally, companies need to make sure that the talents and skills of their staff are being used. Motivated employees will want to contribute as much as they can to their jobs so long as they know it is being appreciated. So be sure to tap into all of the skills and experience that your employees have to offer, so that keeping your employees is a success!