News: January 2012
Employee retention strategies
Good staff are the lifeblood of any business and in today’s challenging economic times, businesses need to hold on to talented employees. With increasing pressure to reduce costs, implement salary cuts and reduce other costs such as staff benefits and incentives, your staff may decide to have a look around for other opportunities. The risk to a business is that when an employee leaves, they bring their knowledge, expertise and sometimes even clients, with them.
It is very important for companies to find ways to encourage their employees to remain with them for the greatest amount of time. It is not only important to hire individuals who are well trained for positions, but it is essential to the stability of the company to develop retention strategies to keep staff. The individual may be well suited for the job they were hired for, but if they are not satisfied with the way they are treated, their pay, or working conditions, they are not likely to remain with the firm for long.
The best businesses know how to keep staff satisfied, dedicated, and loyal to the business for a long time, even in times of austerity. It is up to the employer to understand their employee’s personal and professional needs.
Make your staff feel “valued” – If your employees enjoy working for your firm they will tend to remain loyal. Ensure you make staff feel as though they are part of the decision making process by sharing leadership visions. Ensure to communicate the firm’s vision, strategic plan, and mission. Share the goals of the company with your staff, delegate authority, and trust that individuals will make good choices and decisions. Finally, ask your staff for feedback and be seen to incorporate this feedback into the firm’s decision making processes. This way you make your staff feel like they are an important part of the firm.
Delegate tasks and empower your staff – This strategy will help the employees to develop additional skills and again help to make them feel like an integral part of the “machine” that is your business. Entrusting various duties to staff will let them know that you value them and trust them to do the right thing. It gives them encouragement to make decisions and grow professionally. They will thank you by working diligently and effectively.
Listen to your staff and seek feedback – When it comes to your business, don’t forget – your employees are experts. They work in your business day to day and they know the strengths and weaknesses of your firm. As such, you should listen to what your staff have to say and incorporate this feedback into the management’s decision making process. Helping your employees to feel recognised and rewarded will encourage them to remain loyal and dedicated to the business for a long time.