There are a lot of costly mistakes that businesses tend to make very often. One of them is not retaining good employees. It costs a lot of money to recruit employees, then onboard them, and train them. If you have a high employee turnover then this can have a massive effect on the bottom line. You are doing your competition a favor if you are not able to retain employees.
Unfortunately, some managers consider that employees leaving in droves is not a bad thing as they see it as a natural purging of people that don’t want to be part of the company. However, this is a shortsighted view as loyal employees will save your company money and increase revenue over time. In this article, we will go over some of the best ways to keep your employees from leaving.
1 – Focus on the employee experience
All of the things that an employee encounters during their workday make up the employee’s experience. Some of these experiences are negative and some are positive. By focusing on the employees’ experience, you will get some insight into how the day can play out better and make for a better experience.
For instance, if there are problems with equipment then this is a poor experience that also slows down productivity. If there is a big distance between things like the copy center and their cubicle then there is more wasted time and a hit to productivity.
There could be many negative experiences that make employees dread going to work from endless meetings that serve little purpose to a toxic culture overall. These are all reasons for people to leave their job and seek greener pastures.
Make it a priority to find out how the employee experience can be improved so they are more motivated, happy, and productive.
2 – Pay them fairly
People are not working for a company out of the goodness of their hearts. They are there to make money so they can live the life they’ve dreamed about. This means that they need to be paid fairly and on time. Make sure that employees that are good workers and that make the company money are getting regular raises and promotions. Create a system in which their hard work pays off in financial terms by making sure that they are paid what they are worth to the company.
3 – Help them grow
Just about every new hire is brought on board because of their potential. If somebody doesn’t live up to their potential it could be because they were not given the tools or encouragement to grow and be a better employee.
Avoid micromanaging them and allow them to figure out their own way to get the job done that works for them. You can also empower them to come up with ideas that can be used instead of just directing them to follow orders. This autonomy usually brings out the best in people.