How To Retain Employees in 2020
High employee turnover is both expensive and counterproductive. Besides the unanticipated high cost of recruiting, orienting, and training new workers, your company performance will suffer from the temporary loss of expertise.
And turnover can be contagious. When workers leave, others may need to pick up the slack and could soon become disgruntled by the additional pressure.
The internal behaviors that are causing valued employees to leave will likely affect those who remain. In these instances, management must adopt well-considered measures to identify those conditions that have caused the problems, create new behaviors and attitudes, and limit the loss of qualified employees.
A fresh approach and new attitudes toward employee retention can make a difference.
Importance of Employee Retention
- Employee Satisfaction = Employee Retention = Company
Relating employee happiness to company productivity is not a new concept. But too often, company managers who have not embraced this correlation struggle to understand why they spend so much time hiring and training.
According to Corporate Wellness Magazine, employees that experience a sense of purpose and engagement produce more, are absent less and remain with the company longer.
Workhuman.com reports that happier employees stay with their companies two times longer than their least satisfied colleagues. Furthermore, companies with the highest 25% in employee experience scores generate twice the return on sales and triple the return on assets than the lower quadrant of companies.
How to Improve Employee Retention
The first and most crucial step is to secure 100% commitment from your management team to improving the employee experience and to change behaviors that led to high turnover. After all, the responsibility for employee dissatisfaction always begins at the top, and only changes at that level can improve retention.
Your company's mission should be to meet employee expectations, create an environment of cooperation, and allow the collective talents to drive the company to new heights.
Tips for Improving Employee Retention
- Begin with the Managers
Improving manager engagement is a critical step in improving your employees’ impression of your company. Managers should be able to keep teams aligned and focused on objectives. Team leaders should interact positively with individual employees through conversations about career growth and personal goals, regularly offering opportunities to grow. Conversely, requesting feedback from employees about their managers can be insightful.
- Provide Learning for Advancement Opportunities
Offering opportunities to become more engaged through learning more skills and competencies helps the employee to feel like an essential member of the organization. As well, these learnings enhance their understanding of the core purpose of the company and elicit a greater sense of belonging and purpose.
- Transitioning Employees to New Roles
Over time, your better, more committed employees should be given different roles to perform. The change does not necessarily mean a promotion, but a lateral move that presents a new challenge and will broaden the individual’s knowledge and engagement. Creating a unique situation relieves boredom and makes the employee feel more engaged in the company’s success.
- Empowering Your Employees
Imparting a real sense of purpose and responsibility is essential to retaining employees. According to a LinkedIn study cited by HR Technologist, empowering employees will increase the likelihood of employees remaining beyond three years by 47%. Companies that rate low in employee empowerment achieve only a 35% retention rate.
To summarize, your all-important employee retention rate should improve if you:
- Make sure your managers are equipped with the desire, skills, and attitudes to help employees feel valuable
- Help employees realize their career goals
- Empower and facilitate individual development
- Open the communication links between management and employees by encouraging open dialogue, welcoming ideas and suggestions, and taking the time for one-on-one interaction.
In a competitive market, valuable employees are essential to success. Keeping them should become your most important objective for 2020.