Question:
I was just hired in the human resource department of company that has had a less than stellar history of employee turnover. One of my major projects this year is to create a plan of action to raise employee retention rates. Do you have any suggestions on how I can raise my retention rates?
Answer:
Employee retention is a major issue in all forms of business. Many companies fight to retain employees by raising salaries, however this is not a cost effective way to deal with turnover. Dealing with employee retention can be a low risk high benefit investment. Here are a few ways that you can fight employee turnover at a minimal cost.
1. Relationship with Manager – A recent Gallup poll revealed that a key indicator of employee satisfaction and productivity is employees’ belief that their boss cares about them and can be trusted.
2. Recognition and Appreciation – Some people are more driven by incentives other than money. Celebrate achievements both individually and as a team; write a note of thanks or recognition with honest, sincere appreciation.
3. Stimulating, Fulfilling Work – Include employees at the beginning of projects. Employees will be more enthusiastic and you will be surprised to see the creative results and different opinions that bubble up.
4. Clear Career Path and Opportunities – Providing training opportunities with respect to new skills and career development is an indication that a manager or company is willing to invest on behalf of employees. Encourage employees to join professional organizations by paying membership fees and giving the time off to attend lunches and conferences that foster professional growth.
5. Respect a Balanced Life – Acknowledging and respecting the importance of family and personal life of employees prevents burnout and fosters loyalty.
If you have any business related questions or would like advice on other workplace issues, visit our web site at http://www.bc.dalecarnegie.com/ or mailto:paul.sinkevich@dalecarnegie.com
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