Both the budget and office morale takes a hit when a company experiences high turnover. In 2015, the Employee Development Survey revealed a startling statistic about retaining best employees. They predicted one-third of the workforce would switch jobs within the next 6 months.
This statistic leaves business owners wary of hiring new employees and wondering what will motivate current employees to stay. Higher compensation? More paid time off? Surprisingly, compensation and benefits (when they’re at a reasonable rate for the field) are not the biggest motivating factor when employees decide to leave.
We know that formal recognition is an important way to encourage employee retention when it’s a natural part of corporate culture. Here are 3 other areas that contribute significantly to employee retention:
Creating A Sense of Partnership
Partnership refers both to collaboration between leadership and employees and between employees themselves.
Often there is a divide between the leadership who creates a vision and the employees who do the work. It’s not uncommon for leadership to have a lot of talk about valuing employees without tangible evidence.
Show that you value your employees by asking for their input. Get their perspective on problems and ask for their ideas. Being open to possibility of changing procedures and plans based on their input.
Leadership can’t force employees to get along but they can encourage an environment where collaboration thrives. This involves having good systems for dealing with conflict and encouraging partnership over competition.
Conducting Employee Reviews And Interviews
Employee reviews and interviews provide an opportunity for creating a sense of partnership. They’re an opportunity to let employees know there hard work is being noticed and give them opportunities to grow. This is a time to ask for their perspective on the company, insight on problems, and thoughts on how to run more smoothly.
When done well, employees can look forward to reviews as a time to set goals and get tools for improving their work. It can also be a time to ask an employee for their perspective on the business, or for ideas on ways to improve.
Opportunities for Growth
People often leave jobs when they feel they can no longer grow in their current work. Encourage employees to attend conferences, join professional associations, and seek job-related certification and degrees. This may involve paying for classes or offering raises when employees gain more education.
Are you ready to recognize some of your loyal employees with a crystal trophy? Get in touch to talk with our team of specialists and make an order.