December 1, 2015
One of the keys to organizational success is building a talented and productive workforce. This, of course, starts with hiring the best people. After that, you need to strive to retain each person given increased turnover rates can negatively impact your company on multiple different levels. Some of these detrimental effects can include the following:
- Lowered organization morale
- Rises in hiring and training costs
- Decreased productivity
- Damage to the company’s image
- Weak Intra-organizational Relationships and Culture
The total widespread costs associated with decreased retention rates will ultimately cause a company to become unsustainable. Here are three methods to retain your greatest asset:
Recognize and Reward Achievements
Every employee wants to be recognized or rewarded for their successes on the job. By maintaining an organizational attitude that applauds accomplishments and adequately compensates high achievers at key points, employees will feel more valuable, motivated and satisfied.
Start identifying meaningful achievements and searching for ways to recognize or reward. One method is to offer financial rewards in the form of bonuses, stock options or raises. However, this is not always necessary or warranted. Sometimes recognition, whether public or private, is a sufficient reward in of itself.
Offer Personal Days to Enhance Work and Home Life Balance
When job requirements create imbalances, employees can face distress or even burnout over time. This may simply manifest itself as recurrent performance issues. But more likely, it will result in complete employee dissatisfaction and turnover.
Offering employees paid personal days on top of vacation and sick days can help lessen imbalances. These differ from vacation days by how employees can use them. Vacation days generally require that you use them as half days or whole days. Conversely, personal days can be used in any way an employee needs them. For example, if Tom wants to take off two hours for his daughter dance recital, personal days will allow him to do so without wasting half of a vacation day.
Collaborate With Employees
The best people want to excel and grow within their positions. Moreover, they want to continually learn how to accomplish their goals. Your job as a leader is to help them succeed and ensure their needs are met through collaboration and a deep understanding for who they are. In order to facilitate this, workplace leaders should actively maintain an open channel of communication with their employees, periodically evaluate performance, and offer feedback. You can also hold retention interviews to keep up contact with employees and directly confront job satisfaction issues.
The ability to consistently retain talent will either make or break a company since losing the best people hinders growth and systematically weakens an organization. For nearly 20 years, Inter-Connect’s proprietary approach to the staffing process has produced superior employee retention rates within many different organizations throughout the Tri-State region. Contact us today for more information on how we can help you keep your greatest asset.