Employee Retention: 5 Proven Methods to Keep Your Best Employees
Employee Retention5 Proven Methods to Keep Your Best EmployeesPresented by:
Congratulations, You Survived the Recession!During the “Great Recession”voluntary employee turnoverstayed low as America weatheredthe economic storm.Employees who survived layoffsand news of record levels ofunemployment were thankful tohave any job.
Now Here Comes the Revolving DoorAccording to a recent survey,job satisfaction levels amongAmerican workers is at thelowest level in twenty years.Source: The Conference Board, an independent business research company22 percent of the surveyrespondents do not expectto be in their current job ina year.
The Cost of Employee TurnoverBetween 25 percent and250 percent of the annualsalary per exiting employee.Entry-level, unskilledpositions are at the lowerend of the cost range, whileexecutive, managerial andsales positions are at thehigher end.According to Studies by American Management Association
Due to the staggering costs of employeeturnover, one of the greatest threatsfacing employers is losing their best andbrightest employees.
Steps to Prevent TurnoverStart with a solid onboardingand orientation program.The highest level of turnover occursduring the first 90 days on the job.The purpose of onboarding is to assimilatethe new person into your organization, somake the first few days a positive,memorable experience.
Steps to Prevent TurnoverDevelop a good relationshipwith your employees.A recent study conducted by Indiana Universityfound that a bad boss is the main reason peoplequit jobs.A good manager must be a good communicator,clearly communicating expectations and providingencouragement for a job well done.Good bosses acknowledge the work of others andgenuinely care about their employees.
Steps to Prevent TurnoverBuild a flexible workplace.Workplace flexibility is no longer a perk; it’s a businessimperative, according to the White House.Today’s employees want to decide when and wherethey work in order to balance their personal andprofessional lives.This flexibility benefits business by increasingproductivity, lowering turnover and reducingabsenteeism.
Steps to Prevent TurnoverProvide career development.One of the primary reasons employees leave anorganization is lack of career growth.One study found that more than 40 percent of therespondents would consider leaving their presentemployer for another job with the same benefits ifthat job provided better career development andgreater challenges.
Steps to Prevent TurnoverPay competitive wages.People stay in jobs because they want tocontribute to something bigger thanthemselves, because they love what theydo, or because their job gives them asense of purpose. But, the primaryreason anyone works is for money; billshave to be paid, children have to be fed.If you’re not paying your employees atthe same level as your competitors, theywill know, and their job satisfaction willerode.