Employee turnover is one of the most costly problems in the business landscape. Training efforts time spent in the hiring process and the vetting process can get expensive when having to complete them multiple times. However, there are strategies for reducing employee turnover and creating an environment of employee retention and loyalty. Your DFW Biz Pros membership grants you access to tools, guides, and more to help maximize your employee retention rates for a more productive business.
Why do Employees Leave?
While there are many reasons an employee may choose to leave your company, there are common reasons that typically affect the decision.
Didn’t Meet Expectations: Sometimes the job simply didn’t meet the employees’ expectations.
Create a clear, precise job description and ensure complete understanding at the time of interview.
Lack of Training: Employees feel unsuccessful when they feel lost, which may lead them to look for other employment.
Provide training, coaching, and other learning resources to help your employee realize success.
No Room for Advancement: Employees will leave if they feel as if they are stuck or in a rut.
Provide ample opportunity for advancement within the company to provide goals and a sense of accomplishment for your employee.
Poor Work/Life Balance: An employee who must constantly choose between work and their personal life will become stressed and unproductive, and eventually, will most likely quit altogether.
Work to provide a more adjusted work/life balance for your employees such as childcare benefits or flex-time opportunities.
Under Appreciation: When your employees feel unvalued and underappreciated, they will begin to search for a position where these values are found.
Provide recognition and reward programs for employees to deliver a sense of worth and value.
Loss of Loyalty to Leadership: Employees are most productive when they carry a sense of loyalty to their leaders. However, poor leaders can create a hostile work environment that employees will quickly leave.
Create clear expectations and paths of communication so your employees feel in the loop and part of the team.
Building Employee Trust and Loyalty
While salary is the highest ranked factor in employee retention, company loyalty and trust run a close second. When an employee doesn’t feel like a valued member of the team, they will start searching for a place of employment that does offer this quality. Creating an environment of communication and explanation can help to produce a new level of trust and loyalty among your employees. These three tips can help boost your employee retention by promoting a more open, inclusive environment.
Define the Purpose: Employees need to feel needed. They need to feel like they’re contributing to both their company and their environment. Help develop this foundation by providing a clear mission for your staff. Along with a general mission for your company, provide a mission for each position and clearly define the methods of contribution to the company and to customers.
Provide Training: Knowledgeable employees are more satisfied and more fulfilled in their current position. Provide ample training and learning resources and materials to help your employees have a sense of capability and success in their position.
Raise Your Expectations: As humans, we naturally rise to the challenge of higher expectations. Provide high expectations for your employees that are clear and reachable. This will promote feelings of accomplishment in work pride when completed.
Employee Retention Strategies for a Competitive World
While employee loyalty is a huge factor in retention, a work environment that is positive, beneficial, and rewarding is also crucial. There are multiple ways to accomplish a rewarding work environment and boost employee retention within your company. Reward and incentive programs are one of the most common methods of building employee retention and can include benefits from salary bonuses to additional days off. Regular meetings and evaluations are also imperative to employee satisfaction and not only demonstrate a clear picture of how your employee is performing, but also how they feel about the company.
Employee retention is a continuous and costly problem for many businesses. However, there are a multitude of ways to combat high turnover rates and keep quality employees longer. Consult the resources provided by the DFW Biz Pros to get ideas and techniques to create better employee retention in your business.