Employee retention is fundamental to the long-term success of a company. Holding onto top staff members supports a high level of customer satisfaction, sales, organizational planning and company-wide morale.
In today’s tight labor market, employee retention is more important than ever, as companies desperate for talent increasingly look to poach employees from other organizations. Given the costs associated with employee turnover, businesses must strive to retain their best workers and keep them from walking out the door.
The following tips are ways to hold onto your most-talented performers, so your organization is well positioned to thrive in the current economy.
Support good supervisor-employee relationships
Research shows the most common reason employees quit their job is a bad relationship with a supervisor. “People don’t quit on a company, they quit on a boss,” the saying goes.
One of the most effective ways to address employee retention is to support good employee-supervisor relationships. Supervisors should establish clear expectations for employees, work with them on career development plans, provide regular constructive feedback and hold regular meetings that keep employees informed about the latest news, projects and progress toward organizational goals.
Supervisors should also recognize employee contributions, both on a group and a personal level.
Allow employees to have a voice
Employees are more likely to stay with an employer if they feel their ideas are valued and their concerns are being heard. If it isn’t already, your company should foster a culture that encourages employee feedback and contributions. Part of establishing that culture is following through on employee contributions. If employees feel like their words are falling on deaf ears, they’ll stop speaking and start thinking about leaving.
Make employees feel valued
The management at some companies foolishly holds the opinion their employees are “lucky to have a job” working for them. This distorted sense of company pride is easy for employees to pick up on and it causes them to feel unappreciated, making it more likely they’ll leave for another employer.
Employees feel particularly valued when they are allowed to make unique contributions outside of their normal duties. These contributions might be providing content for social media, giving input on various initiatives or making improvements to processes.
Create an atmosphere of fairness
When new employees leapfrog over more established employees for raises, perks and promotions, it can quickly create a sense that all employees are not being treated equally based on their performance. Many employees will also resent the perception of a ‘boys club’ or nepotism factoring into decisions like who gets to manage lucrative accounts, who gets the most favorable schedule or who gets to bend the rules.
Management must work diligently to erase any perception their workplace is unfair since this view can have staff members looking toward the exits.
At NSC Technologies, we help our clients find top talent to hire and supply contract employment solutions to address temporary labor needs. Please contact us today to find out more about how we can support your company’s labor strategy.