Approximately 70 percent of organizations report that staff turnover has a negative impact on financial stability. Recruiting, hiring, and training are costly procedures that organizations try to—and should try to—avoid performing too often if it can be avoided. Save yourself the 6 to 9 months of lost employee salary by trying to keep the good ones you have instead of firing and hiring. The best way to do that is by implementing retention strategies that are inexpensive and effective. Take a look at some of these suggestions.
- Provide the right amount of feedback. A Harvard Business Review study found that the ideal ratio of feedback is 5 positive suggestions for every 1 corrective suggestion.
- Implement training programs to improve your organization from the inside.
- Keep the workplace challenging in an engaging way.
- Encourage creativity by supporting your team’s ideas for success.
- Keep your workplace valuable. The top 5 aspects employees admire in the workplace are stability, compensation, respect, health benefits, and work-life balance.
- Foster trust in the workplace. 79 percent of highly engaged employees have trust and confidence in their leaders.
- Accept and encourage employees to give feedback to the leadership team as well as vice versa.
- Encourage a healthy work-life balance. If you see an employee that appears overworked, let them take some time off. Well rested employees are more effective than overworked ones.
- Avoid sudden drastic changes. Like we mentioned above, one of the top 5 aspects that employees value is stability.
Retaining talented employees is a must for keeping the workplace healthy, thriving, and financially stable. Making the effort to keep talent, rather than constantly searching for more, will pay off in the long run.