The Center for American Progress found that employee turnover costs companies an average of 21 percent of an employee’s salary (calculate your cost). Not to mention the amount of time and effort it takes to groom new employees for their roles, and the time and effort it takes to find new employees. With that said, it would be in your organization’s best interest to get your employees to stick around. Here are 4 tactics to make that employee retention happen.
- Allow company culture to guide hiring decisions. Even if a candidate has the right skills for a job, don’t hire them if they do not fit your company culture. It is too easy for company culture to diminish over time on its own, you don’t need employees that’ll bring it down further.
- Establish clear development paths. From day one, a new employee should be aware of and supportive of your organization’s professional goals. This is done through routine discussions and check-ins, setting the stage for coming up with a development plan.
- Leadership is key. Any worthwhile employee will strongly appreciate good leadership. If you can provide that, your employees’ satisfaction will keep them around and keep them productive.
- Focus on individual contributions. As your organization grows, some roles may seem to become obsolete. Your job is to remind the employees in these roles that they aren’t obsolete; in most cases, these employees are junior staff members. As soon as those second thoughts start, you run the risk of losing them. Remind them of their importance before it’s too late.
Hiring the right people is often considered the biggest hurdle. Once you’ve jumped over it, you want to do whatever you can to avoid running that race again. Help your employees develop their skills, acknowledge their contributions, and empower them with growth opportunities to keep them on your winning team.