3 Top Tips For Employee Retention

Strong magnetEmployee turnover costs companies a lot of money, and uses up managements’ time and effort in interviewing and training new employees. If a staff member leaves his or her post, the job load often gets transferred to other colleagues, or to the manager, causing stress and overtiredness in the whole department.

It is not always easy to find the right candidate, and even when that individual is hired, it takes time for him or her to learn about the position and become a valuable asset to the team. Therefore, it is very important for managers to try to retain their employees. Although it is not always possible to keep staff from leaving, there are tactics supervisors can employ to promote employee satisfaction and commitment to their posts. 

Competitive Pay – One of the biggest reasons that people leave their job is for another position that offers better pay. Some employees will ask for a raise, but be denied; while others will not even ask, but simply resign once they find a better offer. This is why managers need to do their due diligence to see what the standard market rate is for salaries for their employees. A great strategy to employ is to offer workers’ pay that is above the median rate, making it difficult for them to find a better offer elsewhere. 

Flexible Schedule – Another strategy more and more firms in the U.K. are adapting is a flexible schedule. This setup allows employees to set up their own hours, coming in and leaving when they choose to, as long as they get their work done. Or, supervisors allow staff members to work virtually from home full or part-time. This will not work for all businesses, but can work for many. This is a huge draw for many employees to stay at their place of work as it gives them a chance to spend more time with family, avoid a lengthy commute to the office, and to conduct personal errands that are not able to be completed before or after work. 

Exit Interviews – If you are seeing an unprecedented rate of turnover all of a sudden, make sure to conduct exit interviews with the employees that are leaving. This will provide you with a chance to find out why these individuals choose to leave. Perhaps there is an issue with an immediate supervisor who is being unreasonable or rude that you didn’t know about. Or, the workers can complain that the work is too rigorous or the hours too long. Look for a common theme when conducting exit interviews to see what is making the individuals choose to move on from your company. If you find a reason, fix it before more people quit.

Employee retention is important so as not to disturb efficiency and order at work. Managers can employee certain tactics to deter staff from leaving. Follow the three suggestions above to stop high employee turnover.

Many thanks

Mark Williams

Head of Training

MTD Training | Management Blog | Image courtesy of Big Stock Photo

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