When you look at what has remained constant in your business it isn’t the volume of work or the bottom line numbers; those vary daily. What remains the same are key employees. Having employee retention is essential when it comes to long term success for your business. “Managers readily agree that retaining your best employees ensures customer satisfaction, product sales, satisfied coworkers and reporting staff, effective succession planning and deeply imbedded organizational knowledge and learning,” shares Susan Heathfield.
It is evident that when a middle manager leaves an organization, it costs the company up to 100% of their salary to replace them. In order for the company to find a replacement, they will have to spend time looking for potential replacements, interview them, hire them, train them and then hope they will do the job accurately. It is safe to say that if key employees are leaving your organization, other people in their departments are probably looking as well. To avoid losing great employees, Heathfield has provided 10 tips on how to retain a great employee:
- A satisfied employee knows clearly what is expected from him every day at work.
- The quality of the supervision an employee receives is critical to employee retention.
- The ability of the employee to speak his or her mind freely within the organization is another key factor in employee retention.
- Talent and skill utilization is another environmental factor your key employees seek in your workplace.
- The perception of fairness and equitable treatment is important in employee retention.
- The easiest to solve, and the ones most affecting employee retention, are tools, time and training.
- Your best employees, those employees you want to retain, seek frequent opportunities to learn and grow in their careers, knowledge and skill.
- The employee never felt senior managers knew he existed.
- No matter the circumstances, never, never, ever threaten an employee’s job or income.
- Your staff members must feel rewarded, recognized and appreciated.
Are you doing your best to retain your key employees?