April 27, 2022
Once you have good employees in place, you want to hold on to them. Replacing employees can be very costly—current estimates reveal that the cost to replace an employee is one-half to two times the employee’s annual salary. The better option is to keep workers satisfied and productive so they stick around and don’t need to be replaced. Easier said than done? Not really, if you know the right tactics.
Why do employees leave their jobs?
To retain your workers, it helps to understand why they may decide to leave in the first place. Common reasons are burnout, stress, and inadequate compensation, followed by lack of advancement opportunities, unclear direction from management, and even boredom.
How to hold onto employees’ long-term
You can take steps that encourage employees to stick around for the long haul with the following tactics:
- Keep them interested. Boredom and lack of purpose harm productivity. You can keep your employees interested and passionate by understanding their motivation and what they want out of their careers. Talk to them regularly. What do they want to learn? How do they want to grow? How can you help them get there? By providing interesting opportunities for new and different work, you’ll help your employees stay engaged.
- Promote from within. When it comes to long-term career goals, what does your company offer? Are career paths clear and tangible… or kind of murky? When employees can see a clear future with your company, they’ll have an easier time knowing what they need to do to advance. And this helps pave the way for long-term and loyal workers.
- Celebrate them. First, employees have to understand that their job, no matter at what level, is important to the company overall. Help them see the big picture and how their work fits into it. This connection gives a clear understanding of why it’s important for them to come to work every day. And always remember to say thank you for your hard work! It’s this small sentiment that means a lot at the end of a long day or difficult project.
- Take care of them. Offer rich benefits that include the basics like medical, dental, vision, and prescription coverage, but also extras such as mental health support, wellness reimbursement, tuition reimbursement, profit sharing, 401(k), financial resources, pet insurance, adequate paid time off, flexible scheduling for work/life balance, hybrid work models and of course, competitive pay.
In search of new employees?
You’ve come to the right place. Inter-Connect is a leading source of qualified employees to round out your staff. To learn more, contact us today!