: executive career briefcase
Retaining the Best Employees
Contrary to popular belief, it isn't always the lure of more money that causes people to leave. Although salary is one of the factors determining employee satisfaction, it's by no means the only one, or the most important one in every case. For example, a well-compensated worker may still leave if he or she feels unappreciated or unrecognized. Likewise, a long-time staff member who gets equitable pay and benefits might depart if the chances of promotion appear slim.
Research commissioned by Robert Half International has shown that employees rank other factors above compensation in terms of their job satisfaction. These factors include recognition, training, leadership opportunities, meaningful and interesting work, professional growth, and positive relationships with supervisors or coworkers. For a retention program to be effective, it should address all of these factors.
The following suggestions will help you keep turnover down when the job market gains momentum.
Foster Better Communication
Sharing appropriate information about the business will help workers feel more involved and personally invested in the company's future. Communication is a two-way street, so remember to listen to your staff as well. Maintain an open-door policy so workers can come to you with concerns and questions. By encouraging them to provide feedback, you'll send the message that their ideas and opinions matter. But don't wait for them to walk into your office -- make it a point to check in with each staff member regularly.
Recognize Top Performers
A survey commissioned by Robert Half International revealed that lack of recognition is one of the leading reasons people leave their jobs. Naturally, no one wants to feel that his or her best efforts have gone unnoticed. When your employees are doing a good job, tell them -- and let their colleagues know as well. Public recognition is gratifying for the employee and motivating for his or her coworkers.
Check Your Compensation Levels
You can't underpay your employees and expect them to stay. Let them know that you value their skills and expertise by paying competitive, equitable salaries. Check your company's wage scales against prevailing rates in your market and make plans to adjust as needed.
Develop Leaders
When people perceive that there's room for them to grow and advance at a company, they'll likely want to stay longer. Provide challenging assignments and leadership opportunities so your employees can broaden their skills and make meaningful contributions. A formal mentoring program can help you identify and groom workers with management potential.
Strengthen Team Ties
Boost employee loyalty by nurturing a sense of team spirit and cooperation. Point out how people rely on one another to do their specific jobs. Praise the team when its members surpass expectations. Hold informal, low-key gatherings where staff members can socialize with one another and form stronger interpersonal connections. The result will be a team that's more productive and individuals who are happier with their work environment.
Companies that improve their retention programs will have an advantage when the economy improves and job seekers have more opportunities available. By fine-tuning your practices now, you'll not only enhance morale, you'll also be well prepared to hold on to your most talented employees.
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