Recently a survey conducted by SHRM (Society of Human Resource Management) revealed the number 1 answer of what employees plan on doing as the economy continues to improve: and yes you may have guessed it, employees will be looking for a better career opportunity.
Among the top 3 reasons for why an employee will be seeking another opportunity are:
53% seek better compensation and benefits
35% dissatisfied with potential career development
32% said they would like to take on a new challenge
HR professionals were asked which programs or policies they use currently to help retain employees. The following three are the most common programs employers are using to retain employees:
62% provide tuition reimbursement
60% offer vacation and holiday benefits
59% offer competitive salaries
Most HR professionals surveyed (71 percent), in large organizations (those with more than 500 employees), thought it would be extremely likely or somewhat likely to experience an increase in voluntary turnover once the job market improves.
Forty-one percent from small organizations (1-99 employees) said it was extremely likely or somewhat likely that turnover would increase. Fifty-three percent of respondents from medium organizations (between 100 and 499) thought the same.
With the ever changing work force and economies there is nothing more important then retaining your most productive and talented employees. No company would like to see their best salesman go to their competitor, right? Here are some ways to not only retain but thrive.
So how do we retain?
- First and foremost select the right people for the job. Obviously this is the most crucial stage, the right person for the job can add tremendous value to a company for a long period of time. (This is our expertise)
- Offer attractive and competitive salary and benefits. One would think this is all an employee cares about, but salary is often times rated lower for some individuals as they tend to value career fulfillment, growth, and benefits higher. So offer little value added services and compensation such as flexible hours, holiday/vacation pay, life/disability insurance.
- Provide opportunity– Encourage and allow employees to participate in more meaningful work. Ask them for their insight and include them when necessary on company plans, projects, and growth.
- Respect at all times. Also show an employee that you value them, ask them for their ideas, and never shame them. This is the most common reason for turnover.
- Praise and reward good efforts.
- People naturally want to enjoy going to work, make it as enjoyable as possible. Remember #1, always have the right talent for the right position and you’ll have a happy workforce.
- Allow employees to balance work and life. “Yes my daughters softball game is very important to me.”
- Involve employees in crucial business matters that require their assistance.
- Reward performance. Nothing encourages an employee more than this. And a great way to link pay to performance.
- Profit sharing.
- Celebrate success. Brings people together to work as a cohesive team.
- Prevent burn out. Limit overtime as much as possible. Try not to under staff.
- Company get together s outside of the office.
- Provide career growth and cross training opportunities.
- Communicate roles and responsibilities of each employees.
Thank you for reading “how to retain your best employees”, now lets go out and make our workplace a happy, productive and profitable place employees can call home for many years.