You’ve worked hard to put together a strong group of employees, but turnover can derail your efforts. So, is retention taking precedence on your team? Here are some tips for keeping the great people you have.
Why Retention Should Take Precedence
- Turnover Is Expensive
According to a 2017 report, it costs as much as 33 percent of a worker’s annual salary to replace them. Why is the price tag so steep? In many cases, replacing a worker isn’t cheap or easy. Companies need to advertise the position, cover interview expenses and pay for hiring costs such as background checks and signing bonuses. Then, there’s training and onboarding as well as lost productivity. It all adds up.
- Turnover Hurts Morale
Especially when team members work well together, losing a colleague to another company is demoralizing. Employees may feel sad or resentful. Or worse yet, they may begin to question if THEY should jump ship. Unchecked, this can lead to an avalanche of turnover.
- Turnover Disrupts Your Business
When an employee leaves, it may take weeks or months to replace them. Plus, new candidates need time to reach full productivity. While all this is happening, the work your former employee used to complete isn’t getting done.
Top Ways to Improve Retention
- Treat Your Team Well
Happy workers stick around. However, creating a great place to work is easier said than done. Of course, money is important. After all, it would be best if you compensated your team fairly. But today’s employees often look beyond the paycheck. Benefits and perks, management style, working environment, company culture, and professional development opportunities also come into play.
- Keep Open Lines of Communication
You don’t want to find out an employee’s been unhappy for months when they hand you their resignation letter. Make it a point to stay on top things. Certainly, holding regular 1:1 meetings and encouraging workers to come to you with problems is a good starting point. Yet, even so, in some situations, you should be proactive. If an employee seems out of sorts, don’t shrug it off. Take them aside to find out if something is wrong, and if so, ask how you can help.
- Evaluate the Market
Sometimes, despite your best efforts, you will lose an employee to one of your rivals. When this happens, investigate why. Are other companies offering higher pay? Better benefits? Or more opportunities for professional development? Remember, your organization doesn’t have to be the best at everything. That’s exhausting and impossible. Nevertheless, you DO want to stay competitive. In fact, some companies like Netflix encourage their staff to interview for other jobs. Although this strategy may seem drastic, it allows both the employee and their current employer to gain a better understanding of what they’re worth.
Are You Hoping to Build (and Retain) a Top Team?
The recruiters at Halpin Staffing Services can match you with the people you need. We help businesses throughout Southeastern Wisconsin, and Northeastern Illinois find not only qualified candidates but also right-fit employees. Learn more about the advantages of partnering with Halpin today!