Many companies are losing their best. Replacing your top employees is costly – much more costly than a great retention plan. Taking the time to evaluate and reenergize your retention capabilities is crucial. Examine your company as a whole, of course, but also evaluate individual departments. Are some of your managers excelling at retention while others are losing talent? Identify your weak links; learn from your strong areas; build up you retention program. Invest in your business by investing in your greatest asset – your employees. Consider these top retention strategies.
Establish your retention philosophies, policies, and procedures: Put it in writing. You can’t enact a plan that isn’t in existence.
Training: From your first-level supervisors to your top manager, train them according to the plan you established. Have supervisors and managers conduct regular meetings with employees to discuss performance expectations and seek feedback. Encourage them to look beneath the surface if an employee is struggling or dissatisfied. Employees quit managers more than they quit jobs.
Conduct stay interviews: In the same vein, meet with your supervisors and managers. Have quarterly stay interviews to keep communication open. Are they happy or experiencing dissatisfaction? What can you do to enhance their work experience and encourage greater productivity and satisfaction
Provide challenging opportunities: Top talent wants to use their talent. Put your trust in the employees you’ve already invested in. You considered them the right hire – now give them the increased responsibilities and challenges they desire.
Provide avenues for growth: Along with challenges, top talent wants to expand their skills – offer opportunities to participate in conferences, seminars, MOOC, etc.
Re-evaluate your salary and benefits packages: Are you competing with like jobs in other companies? Do your benefits match your employee’s needs and desires? Baby boomers have different expectations than Gen Xers who have different expectations than Millennials. Create flexible benefit packages that can be adjusted according to the employee – within reason, of course.
Flexibility: Offer flexible office hours as well as work-from-home options. Avoid rigid rules. Give responsibility and allow your employee to fulfill it – the way he/she sees fit, providing it flows with general company policy and timelines. Zappos is known for the freedom they give their employees to be creative and customer-focused. Their success not only as a business, but also in employee retention is proof enough.
Keep a work/life balance: Challenge your employees, but don’t demand their life. In fact, give them incentives for keeping a balanced perspective. Consider offering sabbaticals for top employees or structuring an unlimited vacation policy. When employees have time for family, friends, and spiritual sustenance, they are restored , more productive, and more likely to stay.
Applying best practices for employee retention is crucial – enhance your potential by hiring the right employees in the first place. Contact Springborn Staffing for top talent in Bangor and Portland, Maine.