4 Strategies to Win the Talent Retention War
It’s an undisputed fact. It is more efficient, effective, and productive to retain a quality employee than to recruit, train and orient a replacement employee of the same quality.
But with unemployment at or near record low levels, it’s clearlyan employee’s market where each month, approximately 3 million Americans quit their job in search of something more, better, or different.
The cost to their former employer?
- Estimates range from six month’s salary to as high as five times the yearly salary of the vacant position.
- Wear and tear on the remaining workforce until a replacement is found.
- A morale nosedive when quality co-workers leave the company.
- A negative impact on customer service.
- And the potential for a domino-effect exodus.
But you can stay on the winning side of the retention battle with attention to these strategies.
1. Don’t box in key/top employees
Motivated, engaged employees are often bursting with innovative ideas, brimming with outside-of-the-box notions, always on the cusp of the next big thing. Encourage them. Allow them to dream big. Listen to and explore their ideas. Take their input seriously and
2. Make clarity of expectations a top priority
Few things are as frustrating as vague or ever-changing expectations. A series of management changes can wreak havoc with job responsibility expectations. Welcome growth within the company can create uncertainty about who is doing what. Open positions may leave holes that necessitate overhauling the breakdown of responsibilities. It’s one thing to possess a degree of flexibility, but it’s another scenario entirely to expect employees to question their role continually. Unless of course, a high turnover rate is your goal.
3. Keep it personal
Employees need to feel as if they’re more to senior management than warm bodies filling vacancies. Being acknowledged for their contribution to the company, for being valuable members of the team, will go a long way in building a relationship that will encourage them to stay. We all want and need to feel appreciated and be known.
4. Hire the right person to begin with
Does he/she have a history as a “quitter”? Are his/her qualifications spot on for this position? Is the fit within the company/department iffy? Does a thorough explanation of the job responsibilities make the candidate squirm? OR does the applicant show disinterest in a detailedciting of job expectations? Poor hiring decisions can fill positions but may also contribute to a higher turnover rate.