Improve Employee Retention and Retain Top Talent at Your Company with These Helpful Tips
The business world is competitive, and your top performers are in high demand – and they know it. As an employer, it is essential that you first understand the value of your employees in order to understand the cost of losing a seasoned employee. This cost is often much higher than employers know.
The cost to replace a highly-trained employee can exceed 200 percent of their annual salary. This is commonly stated but also frequently overlooked when employers simply look at production levels per employee. An engaged employee drives productivity, innovation, and quality customer service. When a single employee leaves, it could result in shortfalls in many areas of your company, and these effects are consistent whether a company has five employees or 500 employees.
To increase business success, ESS has provided seven tips on how you can improve both productivity and your employee turnover rate.
Have a Quality Onboarding Process in Place
As an employer, you want to make sure that the candidate you want to hire will be there for the long haul. According to the Harvard Business Review, up to 20 percent of staff turnover occurs within the first 45 days of employment. A standardized onboarding process is essential. Many talented employees take their skills elsewhere because they do not feel like the right fit for the job or comfortable in the work environment.
When you are recruiting top talent, you want to make sure that they understand the job title and their responsibilities with a thorough job description. To do this properly, you need a good onboarding system and a quality employee handbook that they will be able to reference throughout their employment. As an employer support company, ESS can provide you with these resources and additional HR and recruiting support to make sure your new employee seamlessly transitions into his or her new job.
Make Your Employees Feel Like a Valued Part of the Team
Satisfied employees bring positive attitudes to the workplace and generally give their all to the company. They can even inspire others to work hard as well. Studies show that when employees feel undervalued or unappreciated, they will look for employment elsewhere. To ensure your employees are working in a positive work environment, take the time to make sure top performing employees feel valued. Praise their hard work during a meeting or set up a time for them to meet with the CEO to recognize their achievements.
Your employees will not only feel like an important part of the team, they will also be more productive in their work, giving you a competitive advantage over your competition.
Provide a Competitive Compensation System
Rewarding and incentivizing employees motivates them to work harder. It not only compensates your employees for their hard work, but it also helps you retain top talent. One of the biggest incentives for top-performing employees to leave their company is the promise of a better salary somewhere else. Stay up-to-date on the average national/state income of your employees’ positions, and make sure that they are not being underpaid for their efforts.
If Money is Tight, There Are Still Unique Perks You Can Offer
Small businesses may not be able to offer the huge bonuses or the same healthcare plan that big corporations can provide, but that doesn’t mean they can’t still reward their employees for a job well done. Use your connections as a business owner to reward your employees with tickets to an event or offer discounts to popular stores or businesses nearby. Think outside the box and get creative with incentives. Putting thought and effort into your perks will make a great difference in employee retention.
Provide Employees with Ongoing Training and Development Opportunities
If an employee does not feel as though he or she has the chance to advance, they will be less than enthused to help the company grow. Offer employee training or pay for seminars and retreats that provide your workers with a clear path to a promotion and greater compensation. The employees who are eager to refine their skills and seek higher rewards are the types of employees that you want to have on your team.
Keep Your Employees Engaged
Employees are searching for a workplace where they are encouraged to achieve more than expectations. They desire a work environment that makes them feel connected to others and that is fair, ethical, and rewarding. This aspiration is embodied in a statement from Steve Jobs: “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”
In the same way that employers strive to create this environment, your employees are working toward the same goal.
As a leader in this environment, there are many things you can do to facilitate employee engagement in your office. A consistent culture of trust between you and your employees is fundamental in this process. Setting clear expectations, creating a good team environment and listening to employee feedback are several ways to ensure that your employees feel valued and appreciated.
Reflect on the Leadership of Your Team
While your employees may have enjoyed the perks and experience that they gained from working for your company, the wrong boss can steer your top performers to go elsewhere. It is a tough pill to swallow but people tend to leave their bosses, not their companies. If there is a retention problem in a particular department, take a look at the managers and team leaders to see if the problem is rooted at the manager level.
ESS Is Here to Help You Improve Your Employee Retention
From conducting a turnover analysis to providing your business with extra administrative support, ESS has the tools and skillset to help you keep your best employees and improve employee retention. We provide consistent service and create custom solutions for your business ranging from recruitment to severance packages. Most importantly, we work with your company to ensure a seamless operation while helping you retain your top talent. To get started, contact an ESS representative today.