All too often, we can focus our time and energy on filling the open positions and forget to give the necessary attention to the dedicated employees currently working for our companies. This is especially true of our top performers. Managers will often begin to take the hard work of employees and their loyalty for granted. However, when it comes to dedicating company resources and decreasing hiring costs, it can be more financially viable to focus on keeping the employees that we currently have happy and trying to increase their retention rates. In this article, we will uncover some tips and tricks on how to do this best.
You probably already know this, but it is always worth a reminder: It can be twice as expensive to lose an employee as it is to keep one on your team. These costs include factors such as the initial job posting and hiring process, plus onboarding and training. Not to mention, there are also additional costs associated with errors that are more likely to occur with new employees.
So how can you make sure that your current employees are happy and will be with you for the long-haul? Top talents are likely to leave their current positions due to either issues with their direct management or lack of perceived future job opportunities. Overtime, employees are more likely to have issues with negative working environments; this includes feeling unheard or unappreciated.
In situations like this, one should not be amazed that talented employees start to consider their alternatives. They have options, and why should they not start to look for a company that will appreciate their efforts and talents? If you want these employees to stay happy and productive, you need to make sure that they feel valued. This includes making sure that they can see a path forward within their own career trajectory.
Most people would understandably believe that compensation is the most important determinant in turnover. Essentially, that people will leave if they believe they are being paid too little. In fact, what studies have shown is that appreciation and recognition tend to play a bigger role in an individual’s happiness within their position. This can be as easy as – either personally or publicly – recognizing the employee for a job well done. Or having a team lunch at the end of a stressful project. It is simple things such as this that can go a long way in making team members feel valued and respected. Even more, it will help ensure that they will continue to be dedicated and committed to the team.
By recognizing tenured team members who are doing a good job, you can also encourage new members of your team – the ones who typically get most of your attention and energy. This serves as a reminder that they will continue to be valued and set a good example for something they can work for in the future.