The Importance of Employee Retention

When running a company, you would prefer to keep your best talent since you know that these employees are the best suited for your company. However, oftentimes there are issues that arise that factor in to whether or not your best talent stays in your company. It’s inevitable, sure. But it can helped if you are mindful of the signs and show them that you’re right on top of things.

Here are a few things to show your best employees that you are keeping track of their work.

Be Willing To Promote
Employees want to be recognized for the hard work they put in, so if an employee is worthy of being promoted, give it to them. See them transition into a new role at the company where they will be successful. With a promotion, an employee will feel challenged and be fully invested in his or her job duties.

Give Out Reasonable Pay
There are two simple facts about the business world. Employers are always looking for ways to cut costs and employees need to be able to put food on the table. Now where is the happy medium in this? Employers should eventually weigh the cost of increasing a top employee’s salary or offering bonuses versus the cost of looking for and recruiting a replacement. For all the time a position goes unfilled, the company’s revenue will take considerable losses.

Hold Retention Interviews
What improvements does your organization need? Retention interviews differ from job interviews because they allow employers to sit down with their top employees and discover any and all problems that are emerging. There are a few key questions that employers should ask in retention interviews. What’s working with the employee and what isn’t? Are your top employees happy or miserable? What specifically needs to change?

Give your employees a voice and actually listen to them. You may be surprised with what they tell you. Empower your employees enough to make them feel relevant and allow them to speak freely when the situation is right. When running a company, you are not in the business of isolating an employee’s freedom of thought. You want to know what your employees are thinking.

Watch Your Company Budget
Of course you want to keep your company budget on plan, and it would cost money to place ads and to work through recruitment agencies as well as interviewing candidates. Top department performers who voluntarily leave your company also impacts your bottom line. The main reason why employees leave, is the lack of room for advancement. Developing bad relationships with company managers is another key reason. A lack of recognition also factors in to an employee’s resignation. Don’t reflect your company budget strictly on what the numbers say. People play a role in this too.

Trust Factor
Your company must also have an existing trust factor if employees are to properly function. Successful employees want to feel appreciated for the work they do, and they should be viewed as assets to your company. Allow them to work independently and let them receive the credit for their own work.

Keeping your key players bright, happy, right where they are and at-the-top-of-their-game can be quite the task. But if you’re serious about your business and its continued success in the future, then you best be serious about retaining the ones helping you run it like a well-oiled machine.

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