Employee Retention: How to Retain Your Top Employees
Every business needs to keep an eye on employee retention. Keeping statistics about how long people work for you before quitting and how often people quit will give you a good idea of your retention rate. Good retention means less time spent training new employees and more workers with a vested interest in your company. Here are some tips to keep your top employees working for you.
Foster Personal and Professional Development
Creating an environment where an employee can grow personally makes that employee feel better about themselves. Employees who feel good tend to stay at their jobs longer. Professional development, such as teaching new skills or paying for courses outside of work, shows an employee you value what they do and their potential. Offering enriching development opportunities is also a win for your business since you have access to happier, more skillful employees.
Motivate Workers With Contests and Incentives
A little competition can help boost productivity as everyone vies for the prize. It’s important to make competitions not focus too heavily on the disappointment of loosing so that co-workers can feel happy for the winner rather than depressed. Incentives are a less competitive way to reward work as each person works toward an individual goal.
Use “Stay” Interviews to Reduce Exit Interviews
An exit interview can give you an idea of what’s wrong at your business, but a “stay” interview can give you a sense of what’s right. To promote honesty, make these anonymous. Ask questions of your longest lasting employees about why they’ve stayed, what they like best about working for you and what would ever make them leave. You can also solicit ideas for change or improvement. Getting your long-term employees involved in this process makes them feel valued and helps newer employees benefit from the advice.
Make Sure Your Benefits Are Competitive
Don’t make your employees choose between working for you or getting dental insurance. Find out what your workers need when it comes to benefits, such as daycare, sick leave, dental, vision and other medical insurances, and provide the best possible options. Other benefits you might consider include flextime, telecommuting, retirement plans and other investment options.
To run a great business you need great people, that’s why employee retention is so important. By checking in with employees and learning what they need from you, you become a better employer. Look at it as a way to build a community while making money, the people you value and keep around you may become a second family.