Employee turnover costs companies millions of dollars in direct cost like recruitment, replacement and training. It also carries a heavy cost in indirect losses of productivity, team disruption, and quality problems.
Evaluate these 21 tactics for attracting the right job seeker and building a strong plan for employee retention.
- Image. People want to work at a company with a positive public image. Make sure your organization has that reputation.
- Market Performance. Workers want to belong to a company with a solid future. Promote your company as such.
- Recruitment. Make sure your new hire is a good fit. When they understand and buy into the company culture and mission, they are more likely to stay.
- Selection. New employees want the selection process to be fair and timely. Support your new hires with equitable and prompt selection practices.
- Job Fit. Work to ensure your job meets the expectations and skills of your employee. Accurately match workers with tasks that fit their skills and talents.
- Orientation and Initial training. Set up formal procedures to help employees adapt quickly to the job, the team, and the organization. Training and developing employees in jobs they like improves their productivity and cements their loyalty to your organization.
- Job Satisfaction. You need to design the job and the work environment so your employees feel engaged, challenged, rewarded, and productive.
- Work Place Design. Employees want a pleasant place to work. Design your work setting with a professional appearance. Create attractive work areas that support job function, efficiency, and productivity.
- Safety. Every employee wants to feel safe at work. Make sure your company has workplace safety programs in place.
- Job Security. Employees want to feel confident they can have a job if they maintain appropriate work performance. Build better employee retention as your employees feel confident about their job security. Show them the future. Let them know there’s a succession plan in place, and that they can be part of it.
- Culture. Create a culture that supports and encourages workers. They need to believe they have value, respect, and dignity.
- Life Balance. One significant tactic to improve employee retention is to create family support and life balance programs. Don’t demand workers be connected 24/7.
- Diversity. Be a company that recognizes and values individuals regardless of their differences.
- Pay. While it doesn’t all come down to pay, successful organizations retain employees with a pay system that is fair, equitable, and competitive.
- Benefits. Organizations need an employee benefit program tailored to individual needs. It also has to be economically viable.
- Rewards and Recognition. Employees bloom when they are recognized and rewarded for their contributions. An attaboy/girl, pat on the back is a great start, especially when done publicly, in front of co-workers and senior managers. Sometimes, however, the monetary reward speaks the loudest. Consider an employee retention bonus for those who have contributed to the success of a major project, initiative, or other high-profile change.
- Job Performance. After matching employees to the correct job. Make sure they know the performance expectations that will lead to success.
- Quality Leadership. More employees leave because of unsatisfactory leadership than any other reason. They want leaders who respect and inspire. Formalize leadership mentoring and development training.
- Empowerment. Successful organizations encourage employees to participate in job decisions and take action on job issues.
- Teamwork. Create team building programs and support effective productive teams.
- Ethics and Trust. A successful tactic to retain employees is developing a culture of trust and fair treatment.
This list springs from a list compiled in Jack Phillip’s and Adele Connell’s out of print book, Managing Employee Retention: A strategic Accountability Approach.
As you look at this list, choose only a few of the items. Base your choice on which tactics will produce the best results for your organization. Use feedback, surveys, and questionnaires to discover which are most important to your employees.
Master those, and then move on to another set. Soon you will not only retain your current employees, you’ll be known as the company people seek for satisfying work.
Copyright ©2005-2017 Joel Garfinkle, All Rights Reserved.
Joel Garfinkle is recognized as one of the top 50 coaches in the U.S., and the author of 7 books, including Getting Ahead: Three Steps to Take Your Career to the Next Level. He has worked with many of the world's leading companies, including Google, Deloitte, Amazon, Ritz-Carlton, Gap, Cisco, Oracle, and many more. Visit Joel online at Garfinkle Executive Coaching. Subscribe to his Fulfillment@Work Newsletter and receive the FREE e-book, 40 Proven Strategies to Get Promoted Now!
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