How to retain your best employees
Jan 20, 2017
One of the most important assets to any company are the employees, this is not just a cliche but very true. Not only is it very costly to have high turnover of staff, it is also harmful for the company culture and its reputation. It also creates an insecure atmosphere for the rest of the coworkers who will take note of how often the team is being chopped and changed.
It isn’t just by chance that nearly four out of five business leaders value employee retention as one of their most important priorities. There are many ways to think about improving your retention rates, most of which are easily achievable. By allocating the time and resources into finding out the concerns and reasons why people are leaving your company, whether devaluing behaviour patterns from specific managers are affecting the migration or if those patterns are if they are inherent or ingrained across all levels of the company?
“The talented employee may join a company because of its charismatic leaders, its generous benefits, and its world-class training programs, but how long that employee stays and how productive they are while they are there is determined by the relationship with their immediate boss"
Marcus Buckingham ‘First Break All The Rules’
3 achievable tactics that can improve retention rates
Maintain clear lines of communication:
No matter what size a company is, putting effort into ensuring that the entire work force has a clear line of communication between all roles is essential. Many employees at bigger sized organisations sometimes feel as if they do not get much time to discuss their work with seniors, this leads to uncertainty and a feeling that they are not valued within the company. This can translate into a whole host of problems such as the employee experiencing a lack of clarity about expectations regarding their performance and they may start to question whether there is a commitment to improve from senior members of staff.
Some ways to improve the communications could be simply to allocate a scheduled time slot to sit down and have meetings which in turn will improve working relationship between co workers while also addressing any problem that could arise. A recent research by Gallup found that employees who are led by highly engaged managers are 59% more likely to be motivated and feel valued.
Strengths based leadership:
Strengths based leadership looks at the process of leadership differently to the the norm. As humans, we tend to focus and remember only the negative things, whether it be negative traits, memories or experiences, our brains are developed to behave this way. The whole mindset of this leadership theory is to work with people’s strengths so that they may continue to develop the areas where they are already strong in and to essentially delegate the tasks & responsibility of tasks to people who are more than capable to do it.
Another research carried out by Gallup states that if your supervisor focuses on your strengths, your chances of being actively disengaged at work are only 1% and also that 60% of people actively are more engaged when the manager is focusing on the employee's strengths over their weaknesses.
This type of leadership makes the employee feel valuable and can also bring the best out of some people if they are working to their strengths at all times.
Invest in your employees
It isn’t uncommon for employees to feel like they are sometimes not being productive enough at work due to reasons that relate to them not knowing exactly how to perform specific tasks or perhaps lacking some skills. There are two options to fix ‘them’, one of them being simply to replace ‘them’… however this option is short-sighted and if this becomes a habit then you will end up replacing employees often and as mentioned before, that is not something that is going to help in the long run.
A study asked employees what would increase engagement and loyalty to their organisation, 31% of them said training and education would. This leads on to the second option which would be to invest time, resources and money into the personal growth of an employee, this situation is a win-win for both employee and for the company as both are gaining.
A study conducted by HR magazine highlighted the benefits that employees and organisations as a whole receive from investing into training and development.
The positive impact training has on the employees is worth noting, with the report saying that 37% of employees had a higher productivity rate. While 65% of employees said how the training and development positively impacted their attitude to the job and 21% reported that they gained an average of 21% increase in income. There will always be a need for training and development especially with the new generation of young workers entering the workforce who are constantly looking to improve what skills they have. Many HR surveys have concluded that potential employees are in fact putting more importance and looking for employers that are willing to provide training.