Employee turnover can cause a loss in revenue to the business due to the time it may take to find and train a suitable replacement.
While in the last century employees tended to stay in one company for decades, increased globalisation and technical advances has offered many new opportunities to individuals.
Due to this, companies have to be cognizant about establishing systems to entice their valuable team members to stay with the firm.
A productive way of doing this is to set up an employee retention strategy, which will play a role in encouraging current staff to be satisfied with their jobs, instead of trying to compete with another company once an offer has already been made.
In this this article, we will provide tips on what aspects to consider when creating an employee retention strategy.
Surprisingly, not all organisations conduct formal appraisal meetings between an immediate supervisor and a subordinate.
However, this is imperative in order to provide employees with a review of how well they are performing, and to set up benchmarks for the future.
While most managers believe the way to entice a staff to be loyal to the firm is through a generous salary or a large bonus, people have an innate ability to feel valuable and important.
Only when leaders set up goals and instruct team members on how to follow them, and then provide feedback on those goals, do some individuals feel fulfilled and cherish their position in the firm, knowing they are making a contribution.
This may seem obvious, but one of the easiest ways to gauge employees’ happiness on the job is to simply talk to them.
Managers don’t need to constantly ask the question directly, but by maintaining regular meetings and spontaneous conversations with your team, you will be fairly well informed of their accomplishments, triumphs, or gripes.
This will provide you with valuable insight about their opinion on their place and value in the business.
If you feel that a valuable team player is becoming disappointed or frustrated, you will be able to address it before it gets so bad that she considers leaving the firm.
A common issue many companies face when hiring first time employees, especially straight out of university, is spending the time and effort to train these workers, only to have them leave in a few years to a different organisation.
To try and avoid this, offer career development to all staff members, which is a great perk to encourage loyalty to the job.
Whether it be paying for additional education, providing on the job training or offering mentorship programmes, that, in addition to an obvious chance to get a promotion, will keep your employees working for you.
Once an employee has given a termination notice, it can be very hard or impossible to get him to stay. To keep your valuable team players, create a winning employee retention strategy with these tips.
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Head of Training and Development