Replacing employees is an expensive proposition. And the more influential the employee, the tougher they can be to replace and the greater the impact on your business. By making retention a priority, you can avoid attrition and improve your business results. Here are a few tips that can lead to increased retention in your business.
Measure retention rates within your organization to understand how you are currently doing at holding onto employees. It is impossible to improve without establishing a benchmark to work from. Analyze where you are suffering attrition. Is it coming primarily from a single department or functional area? Is it concentrated heavily within the direct reports of a specific manager? People don’t leave companies, they leave managers. Reevaluate any managers that are losing a large number of employees and find out why.
Hire for Retention
Think long term when hiring. Take your time to find people who meet your requirements and will fit into your organization. When you have a critical vacancy, it’s tempting to rush a hire, however, extending an offer to a “good enough” candidate can cost you twice as much time and money as a thoughtful hiring process will. Who are your best veteran employees? Look for some of their best traits when you interview.
Plan for Development
When you hire, think not only about the role that the candidate will be stepping into. Envision a long-range career path for them. Don’t invest time into training and developing an employee only to lose them to a competitor who can reap the benefits of your efforts. Provide opportunity within the company for your best people to advance their careers.
Coach for Retention
Watch for solid employees who may be bored or unchallenged in their current position. Provide training and development options that could make them eligible for promotion. Or offer a lateral move to another department where he or she may be a better fit or can learn new skills. Sometimes a simple fix can improve retention.
Accept a Level of Attrition
Some people are just not the right fit. Allowing them to move on without hard feelings may be what’s best for them and your business. Employees know not to burn bridges, yet employers should keep it in mind as well. Keep the door open to revisit their strengths and consider rehiring them down the road once they have developed professionally.
Offer Realistic Compensation
Money isn’t everything, still it is often a way to measure value or keep score. For most professionals, it’s at least part of the equation. Benchmark the salary and perks you offer against others in the industry to ensure that you can compete for top talent.
Partner with BrainWorks for assistance in hiring the right people for your organization and to learn the best strategies for retaining them. To get started on your search, read our related posts or contact us today.