The first step to having a strong workforce is hiring competent and reliable employees, and the next step is to keep them. A high attrition or a high employee turnover increases the costs associated with hiring and recruitment, and productivity is decreased. Key employee retention is crucial to the success and long-term health of your business. Managers and supervisors agree that retaining their best employees is crucial in maintaining increased production, customer satisfaction, smooth operations, successful planning and healthy work environment. Employee retention is a critical matter in any organization or company, because losing your best employees means spending money on recruitment and training, lost manpower investment, lost of knowledgeable and skilled workers, and other employees may also be influenced to resign and transfer to your competitors.
In order to retain your employees, you have to create a competitive benefits package to your employees such as providing health insurance, life insurance, retirement savings plan, and other perks showing that you can accommodate your employees’ outside lives like flextime and telecommuting. Right at the very first contact, it is important to provide a specific framework to your employees for them to have a clear idea of what is actually expected from them because changing expectations keep employees on edge and cause unhealthy stress. The quality of employee supervision is also critical in the retention of your employees because more often than not, employees leave because of their managers and supervisors, and not really the company or the job. If an employee feel undervalued, this will contribute to turnover or attrition, and common employee complaints center on the clarity of expectations, earning potential, lack performance feedback, failure show up on schedule meetings, and failure to create a developmental plan when an employee is performing or wants to succeed.
It is also crucial to have an avenue for your employees to speak freely within your organization by having feedback portal, employee engagement, and management meetings. It is also a good idea providing meaningful employee appreciation gifts and freebies such as having pizza party after meetings, free Flavia coffee in your departments, free bagels on Fridays or out of town team buildings. You can also hold contests and incentive system to motivate your employees and so that they feel rewarded for a job well done. Support further studies for fostering employee development such as tuition reimbursement or learning a new job skill. There must be an open communication between the management and the employees through regular meetings and open-door policy. It is also vital to hire a human resources director to manage over a hundred employees benefits and concerns, thus streamlining your employee processes and structure.