The fact is well known – almost 77% of full-time employed workers are open to or actively looking for new job opportunities.
Turnover is a huge cost for many companies – one that can decimate profitability. It is true that there are hard dollar costs – job postings, headhunters, etc. – but there are other “soft costs” – such as lowered productivity, lost knowledge, lowered morale, etc.
The fight for talent is increasing, with companies constantly trying to lure “passive” talent away from competitors. So how do you retain your key employees? How do you keep them from leaving for another, good opportunity? Here are four things to start doing today:
Investment
One of the biggest reasons that people leave their jobs is because they are looking for new challenges; however, many employers do not invest in boosting their workers’ knowledge because they feel it is a no-win situation. “Why invest, if they will just take all this new knowledge and leave?” the thinking goes. However, if this is truly what is happening, then your retention issues are bigger than your employees mooching free training seminars. Your workers are your greatest asset – taking up anywhere from 30% to 90% of your total corporate spend – and you need to invest in them. By doing so, you are providing them with the same opportunities as your competitors and making them feel valued.
Communication
Talking with your employees is one of the easiest and cheapest ways to maintain high retention rates. Communicate. Share your goals and plans. Find out what they know about competitors, customers, and vendors. Ask them their thoughts on how to improve a process, customer service levels, etc. 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 they suggest; it simply means that you are willing to listen, show understanding, and then are willing to explain (to whatever degree is appropriate) the reasoning behind certain decisions.
Recognition
Saying “thank you” has an astounding effect on employee morale. Research has shown that companies that regularly recognize their employees have a 31% lower voluntary turnover rate than companies that do not. The reason is simple – employees who feel that they are appreciated are less likely to leave.
Salary
A fair and competitive salary is the foundation of high retention rates. If you do not pay a fair and competitive wage, your retention rate will plummet because your workers will leave. Benchmark other salaries for similar jobs in similar industries, then take a look at your salary ranges. If a modification needs to be made, then try to make it.
Job Store Staffing® is committed to your success. We have the solutions, the knowledge and the commitment to help your organization thrive. Contact Job Store Staffing® today for more information on how we can help you find and then retain great workers for your business. If you are looking for staffing agencies in Aurora CO, contact us today.