According to a recent Monster study on employee loyalty, 4 out of 5 workers have updated their résumés in the last 6 months and almost 60% search for a job “all the time.”
Turnover is a huge cost for many companies – one that can decimate profitability. The fight for talent is increasing, with companies constantly trying to lure talent away from competitors. Currently, there is a huge premium on “passive” job seekers – those people who are employed but will accept a new job if they consider it to be a good opportunity. So how do you keep your quality, core employees from leaving for a “good opportunity? The answer is “employee engagement”.
3 Simple Steps
Engaging and retaining employees comes down to 3 simple steps that – if incorporated into every aspect of your business – can help you stop the rotating doors of “employee turnover”.
One of the biggest reasons that people leave their jobs is because they do not feel challenged; however, many employers feel that investing in training or job development is a no-win situation. They believe that their people will take all their new-found knowledge and leave for better opportunities. In all honesty, if this is what is happening, your retention issue is bigger than people simply looking for free training. If your workers are truly your greatest asset, then you need to invest in them. By doing so, you are providing them with the same opportunities as your competitors.
Effectively communicating (i.e. talking) with your employees is one of the best ways to boost retention rates. So share your goals for the company and then solicit information from your workers. Communicate. Find out what they know or hear about competitors, customers, and vendors. What are their thoughts on how to improve a process, customer service levels, etc.? Talk with them. Take their suggestions to heart and allow them to have a voice in the process. This does not mean that you have to do everything that is suggested; it simply means that you are listening, taking their concerns into account, and then explaining (to whatever degree is appropriate) the reasoning behind certain decisions.
Saying “thank you” has an astounding effect on employee morale. Research has shown that companies that regularly recognize their employees have a 31% lower turnover rate than companies that do not. Peer to peer recognition that is tied in to your company’s values or goals is a fantastic way to connect into your employees’ need to be appreciated. Employees who feel that they are appreciated are less likely to leave.
A word about compensation…
A fair and competitive salary is the foundation of high retention rates. It is the cost of doing business today. If you do not pay a fair and competitive wage, your retention rate will plummet. However, to improve employee engagement levels and keep your retention levels high you need to regularly invest in, communicate with and recognize your employees.
Snelling Can Help
If you do find yourself in need of talent in a time of turnover, remember Snelling. Whether you need experienced office staff, skilled tradespeople or even seasonal help, we can assist you in reducing the cost of replacing workers and reduce your risk of making bad hiring decision. We work effortlessly to convert successful performers to traditional, full-time positions in your company. Contact us today, and let us partner with you for the peace of mind that the workers you employ are the “best fit” for your company.