You invest a lot in training your employees – so when a recruiter or competitor calls and wants to hire them, how do you ensure they stay? Employee retention is a key factor in the success of any organization, and you need a plan to improve yours.
Employees leave for a variety of reasons, Rich Hein writes for CIO.com, including not seeing enough opportunities to advance, lacking work-life balance, having a poor opinion of a supervisor and feeling as if they’ve been overlooked for a promotion. They might also move on because they feel unappreciated, as if their managers dictate work, they’re not challenged enough or are under high stress for long periods of time, Mary Shacklett writes for TechRepublic.com.
“If (C-level executives) don’t pay attention to attrition trends, they might suddenly find themselves in situations where critical deadlines on projects get missed because one or two mission-critical people have decided to leave the company,” Shacklett writes.
Improving retention means addressing these challenges, by improving employee engagement and planning for a positive work environment. “This means making good hires in the first place,” Shacklett writes, and parting ways with those who damage morale on a consistent basis. Employers should also identify their “best fit” employees, she writes, have an open-door policy, and make employees feel like “an integral and valued part of the team.”
Companies whose employees are constantly being recruited could even create a policy that allows employees to report such offers, including potential job titles and salaries. This allows companies to learn more about what positions poachers are hiring for, and how much they are paying, Liz Ryan writes for Forbes.com. A company where she worked instituted such a policy and paid its employees $50 for each such completed form. The recruiters backed off once they learned this strategy. “We told our employees ’If you go on the interview and if you take the job, you still get paid for filling out the form,’” Ryan writes. “We didn’t want anyone to have an incentive not to tell us about an opportunity they’d heard about — for instance, to keep quiet because they were considering taking the job.”
This policy also focused on trust within that business, she writes. “If you don’t trust your teammates, you can’t run a business well, no matter what else you get right,” Ryan writes. “You can’t accomplish anything momentous with people who are only there for the money. There has to be more. If you trust your teammates enough to let them connect to their power source at work, whatever that power source is, then astonishing things are possible.”