Every time an employee walks out a company’s doors for the last time, it hurts the business. But the pain can be particularly acute if the person leaving is one of the company’s top performers.
An employee retention program needs to be a company’s top priority because high turnover leads to lower productivity, lower morale, higher hiring costs and a greater knowledge gap. Fortunately, building an effective employee retention program isn’t rocket science. It simply requires commitment and attention to detail.
Consider the following ways you can lower the turnover in your organization.
1) Use targeted recruitment messaging
Reducing turnover starts in the hiring process. If your hiring personnel aren’t doing a good job of identifying people who will succeed in the company, they will bring in a lot of folks who won’t last more than a few months.
A company should be using its brand, messaging and job postings to weed out bad hires. For instance, if you’re projecting a brand that’s highly professional and structured, you’re probably not going to get a lot of laid-back applicants coming through your doors.
2) Identify key qualities in your top performers
The best way to recruit top performers who will stick around is to consult with the ones you already have. Sitting down your most loyal staff members to figure out why they stay is the best approach to identify the most popular parts of your company culture and compensation packages. For instance, top employees might appreciate the close-knit, relaxed vibe of your small company.
Identifying these key attributes can position your business to identify and hire talent that gives you a competitive advantage over others in your industry.
3) Career development opportunities
Your staff members have to be given the chance to grow as professionals within your company. They also have to appreciate how the experience they are acquiring directly pertains to new possibilities within your business.
Career development plans you could explore for your workers include: offering workshops, chances to attend industry conferences, online seminars and tuition reimbursement.
Also, do not forget about advancement within the organization. Programs like peer-mentorship, cross-training, leadership coaching, and advancement planning all show to your workers that moving up in the company is both possible and invited.
4) Targeted recognition
Employee recognition programs shouldn’t just be general giveaways and the occasional free pizza for lunch. A good recognition program uses employee input to give personalized incentives for achieving specific goals. For instance, someone who golfs every weekend would appreciate a free round of golf or an extended lunch break to watch a major tournament on TV.
5) Make work fun again
Never overlook the effect of a fun workplace. No worker wants a job where socialization and camaraderie is forbidden. Even if you have a small company, there are steps you can take to help make sure that your staff members don’t mind coming to work every day.
Use a social committee to plan events for your staff, including random workday events such as occasional potluck lunches or board games in the breakroom. These efforts can break up the work week and encourage team bonding.
Are you looking for top talent?
At Quanta, we support all of our clients’ employee retention efforts. If your company is currently looking for a supportive staffing partner, please contact us today to request talent.