Retaining talented employees can feel like a daunting task. How can you keep your workers happy and, most importantly, working for you?
The economy has been turning around. That means there are more job opportunities popping up every single day. That gives workers more options in where they choose to work. So how can you make sure that your employees won’t have wandering eyes and look elsewhere for employment? After all, employee turnover is quite expensive. In fact, it can cost as much as 1.5 to 2 times a worker’s salary. Factor in low morale or decreased productivity and this spells out trouble for some businesses.
Sharon Florentine wrote an article over at CIO that covers this very issue. They reached out to some business and technology leaders to find out their ideas on keeping your staff happy and working. We here at The Methodology Blog completely agree with her tips on employee retention. We picked our favorites and added some of our thoughts, too!
Retention Starts With Recruiting
The first step is always recruiting. Choosing from all the resumes pouring in is where you will find some pretty good indicators. Dan Pickett, CEO of Nfrastructure, has around 400 employees and a pretty high retention rate at around 97%. This is even more impressive when you consider the fact that he hails from the IT field. Pickett stated:
“Retention starts from the application process to screening applicants to choosing who to interview. It starts with identifying what aspects of culture and strategy you want to emphasize, and then seeking those out in your candidates.”
So make sure you are really screening those applicants. You want someone who is in for the long haul!
Study Job Histories
This is where you will find some strong indicators on resumes to be on the lookout for. You can tell how dedicated someone is to their career by how often they bounce around companies. Pickett commented:
“While they might just be looking for the right place to land, a candidate who has had, say, 10 jobs in 12 years is going to be really difficult to retain for any company.”
We couldn’t agree more. Picking workers that have stuck it out, even through rough patches, are people who will likely stay loyal to you. But are you doing everything you can to make sure their alliance stays with you?
Clear Paths to Advancement
It’s really important to promote internally. This will give worker’s a clear idea of what they can hope to achieve by working with your company. It will also ensure that your employees feel valued which is critical when it comes to retaining them!
Provide Ongoing Education
Our own Robby Slaughter spoke about ongoing training for employees. It will not only benefit you, but your workers, too. Kevin Griffin of CIO and GE Capital had this to say on education in the workplace:
“There is never a point during your career at GE Capital when you’re done learning,” says Griffin. “As a current example, we’re now focusing on improving how we offer technical training to all of our IT associates,” he explains. “We’re proposing that every IT employee, regardless of level, undertake at least 40 hours of technical training a year.”
This shows your employees that you’re committed to them and that you’re also in it for the long haul!
Get Employee Feedback
We’re really big proponents of keeping employees satisfied. So doing something like a periodic survey rather than waiting on exit interviews will really help your current goals. Founder of TINYpulse and TINYHR, David Niu, explained:
“The fact that the employees are being heard, that they are being listened to, is important and can improve retention, even if there’s no way the company can address their challenges at the moment.”
Looking for more ways to hang onto your employees? Contact our organizational productivity consultants!