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Nine Ways To Reduce It

Twenty years of research and employee opinion surveys show workers consistently indicate that the following facets of employment matter to them more than pay:

  • Having a good working relationship with their immediate supervisor
  • Opportunities to learn and grow in their jobs
  • Opportunities for Promotion
  • Doing work that is meaningful
  • Being treated as a valued, respected member of a team
  • Being recognized for their contributions to the company’s success
  • Having autonomy and the authority to effectively do their job
  • Having flexibility in hours worked

Obviously, you have to be paying a fair market wage in order for employees to continue at your company. However, beyond pay, there are a multitude of other variables that factor into employee satisfaction and thus, retention.

 
The following nine tips help ensure employee retention:
 
1. Hire The Right People
 
Interview carefully and completely, not just to ensure that candidates have the right skills, but that they are also a fit for the culture you want to create for your team and organization. If your business is large enough to warrant it, have multiple people interview the candidate. This provides multiple perspectives and, if the candidate is hired, more people who will feel committed to the new employee’s success.
 
2. Put Your People First
 
Today’s employees value a balance between work and life. Acknowledge your people as unique contributors and value their time away from work. Try to promote a happy, productive, stress-free environment that acknowledges the fact that people have a life beyond work. Make it a priority on a daily basis to touch base with team members, asking them, “How is it going today? Do you need any support from me?” On a regular basis, let your people know how much you value them. Be visible, approachable and accessible.
 
3. Keep Your People Informed
 
Try and find the employee who says they're receiving too much information - there's no such thing. They don't call it the Information Age for nothing, so realize that you can not over-communicate (obviously, we're talking about work, not your personal life). Give people all the information you can, as often as possible. Talk about what’s going well, and share your vision, goals, and challenges. You can communicate this information in emails, formal and informal meetings, and, most importantly, one-on-one conversations. If you can’t answer their questions, respond honestly, then try to get them answers.
 
4.Provide Training Opportunities
 
Providing training for your employees results in employees who are more knowledgeable and efficient, and thus more valuable to the organization. It also improves their future chances of moving up in your organization. Training also reduces feelings of stagnation and frustration resulting in employees with a greater commitment to your company. Your investment in the training that your employees need demonstrates your concern for the employees’ future and your long-term interest in him or her.
 
5. Create Excitement
 
Be both the coach and cheerleader. Focus on keeping the tempo up. Get to know what type of work excites particular employees. Delegate something meaningful. Provide training, resources and learning experiences to help the employee grow and learn. Get people involved in determining the team’s vision and setting goals.
 
6. Lead More, Manage Less
 
Listen to your employees and use their input about how to improve a process, handle a customer challenge or increase efficiency. Serve as a mentor and model what you want to see. Look for opportunities to praise and recognize work and behavior that adds to achieving your goals and the company’s overall success. Be open to creative approaches for accomplishing work.
 
7. Commit To Employee Retention
 
Know your employees and what’s important to them. Don’t make assumptions when you can know exactly what matters to them by simply asking and listening carefully to their responses. Ask them to tell you what they like about their jobs, and what they’d like to change. Get their input and use their ideas where possible. Conduct “stay interviews,” and ask specifically what retention factors are important to them. Then act by making changes based on what they say is an important “stay” factor to them.
 
8. Review Compensation and Benefits Annually
 
To ensure your company's competitiveness and its alignment with your employee's needs,
at least annually review your compensation and benefit plans. This includes not only base and variable pay scales, but long-term incentive compensation, bonus and gain-sharing plans as well as health and wellness benefits.
 
9. Conduct An Opinion Survey
 
Whether performed formally or informally, an opinion survey is a diagnostic tool for taking your company's pulse. An opinion survey gives you knowledge of your employees’ perspectives on what’s working and what’s not. By being proactive you can take action and address the concerns that cause employees to seek work elsewhere and avoid losing your top talent.
 
Often a leader (business owner, manager, supervisor) knows what needs to be done, but becomes too busy to focus on what employees say is important to them. But bear this in mind; if present conditions keep you too busy to focus on creating an environment that keeps employees, how much more stressful will it be to find the time if you have to replace people when they leave?
 
It's a fact that the better the economy, for every industry employee turnover increases. However, the proactive leader who follows the recommendations above will be creating an environment where employees are unwilling to leave just because an opportunity to do so arises. The grass doesn't look greener elsewhere for employees whose leaders practice the principles of employee retention
 
 
 
 
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