Few things cost a company more than the departure of productive employees.
It takes a formidable investment of time, money, and resources to transition a prospect from the recruitment phase, to employee where they progress through, on-boarding, orientation, training, development, and career advancement.
The ability to engage, understand and effectively communicate with key talent is fundamental to ensuring their retention. Any missteps here can lead to growing employee dissatisfaction. And, unmet expectations in any of the following areas can lead to their premature departure.
The relationship between management and staff is a vital part of overall job satisfaction. If this relationship becomes toxic, an employee will become unmotivated, disengaged, uncommitted and lack confidence in their manager, and potentially the organisation as a whole.
The relationship you have with your boss is a big part of your work experience; therefore, it is essential to develop a positive one.
As a manager, you should be attentive to your employees needs and circumstances. It helps to:
- Empathise with those going through challenging times,
- Celebrate individual and group successes
- Offer opportunities for learning and development
- Provide more challenges to those who need them
- Listen and communicate to the best of your ability.
The key to retaining staff is effective communication. Managers should be clear about what is expected and provide constructive feedback. Make sure all communication is two-way and that you don’t become a ‘dictator barking orders’ Top talent will place high value on this!
Statistics show that the number one reason employees leave is because of poor management.
As a boss, if you fail to care for your team or if you disregard the importance of providing sound management, you will experience high turnover rates, it will be unavoidable.
2. Rewards and Recognition
Recognition and praise for a job well done is vital to job satisfaction. It builds feelings of pride, respect, belonging, and confidence among employees..
When employees excel at their work, a little reward and recognition can go a long way. Whether it be one on one verbal praise, public acknowledgement, a free lunch, a gift, or a pay rise, talented employees will be more likely to stay with the company if they know they are appreciated and valued.
Rewarding the combination of the right people and the right behaviours is equally as important. Employees react negatively to seeing the wrong people being rewarded for the wrong behaviours, so be clear about communicating expectations and the rationale for the rewards received. For employees deprived of opportunities for recognition and reward or those seeing the wrong behaviours being reinforced, recognition can do the exactly the opposite to what’s intended, and create resentment.
So, if you don’t already have them, developing sound reward and recognition practices should become a part of your company’s human resource practices. A little research can help to identify what makes your employees feel appreciated so that you can customise your efforts accordingly. In the reward and recognition game there is no ‘one size fits all’ strategy, but we can all agree that being human means we all want to feel appreciated and valued!
If you are not providing top talent with appropriate benefits they may venture elsewhere. Fitting benefits and rewards are extremely important to an employee’s sense of overall job satisfaction.
Staff that are hardworking and high performing will expect to receive not only a competitive salary, but also, an attractive benefit package. If they are not receiving this from their current employer, they may feel devalued and under-compensated.. They may be easily swayed to leave and join a company that will provide them with both a competitive salary and their desired perks.
A generous benefits package can be just as effective in retaining and attracting employees as an attractive salary package. Opportunities for further training and educational development, added health insurance, maternity/paternity leave, flexible hours, additional super, and generous holidays can all be offered to ensure better staff retention.
Benefits don’t have to be massive to be appreciated! You will find your employees may will respond positively to small things such as snacks at meetings,drinks on a Friday afternoon, the ability to work from home, or the occasional workplace neck and shoulder massage (given by licensed professionals of course).
But, small or large, we can’t overlook the value placed on benefits as part of an employee’s total compensation and its retention power.
One of the largest and most common complaints employees have is being overwhelmed by an excessive amount of work. The last thing anyone wants is for talent to experience a burnout caused by too much unnecessary stress and pressure to perform.
The truth is overworked employees are more likely to be unsatisfied in their job, and experience a decline in productivity. Top talent will likely take on a large workload, but will expect an increase in status and/or salary. If you only increase an employee’s workload without offering added benefits, they will feel overworked and underappreciated, they will find another job.
It’s tempting to work your best people the hardest, but beware! The last thing you want is for your best staff to feel like they’re being punished for producing high quality work.
Constantly check up on your staff and ensure they are coping with the workload, create an open avenue for communication.
5. Lack of Growth Opportunities
If your employees are not gaining a sense of fulfilment from their career they will leave.
A big problem is that some managers want staff to work within a tiny little box. Every team member has their own box and these boxes don’t connect, . While this may make the team easier to manage, this limited thinking stifles ,valuable ideas and restrict creativity and innovation –and these are things that drive high performers.
No one wants to be stuck in a boring job. Top talent crave the opportunity to display their skills and ideas. When employees are given the chance, they will feel a sense of pride and accomplishment, which then leads to increased job satisfaction and productivity in the workplace.
Employees are hungry for personal growth and development, if they can’t find this in their current place of employment they will venture elsewhere. To prevent this, it is important to work closely with staff. Ensure all team members have sufficient training, encourage them to come up with ideas and contribute to discussion.
Make sure your employees are actively engaged and happy with where their career is currently, as well as where its heading. Use the review process to help them establish goals that will help guide their ultimate career path.
6. Co-worker Relationships
Having friends in the workplace is great for creating well-being, morale and camaraderie. It has been proven that positive relationships with co-workers make for more loyal employees.
Ideally every work place would be filled with employees who get along, act professionally, and create a dynamic team. Unfortunately, this is rarely the case and personalities don’t always mesh. Interpersonal conflicts, office gossip, interoffice competition, and general clashes in personality have the potential to create a toxic working environment. This may encourage otherwise content employees to leave.
Employees may feel a sense of connection to the company solely because of their personal relationships with their co-workers. Good working relationships make for a more productive, happy, and satisfied team.
As a manager, it is important to notice and intervene when problems arise. Deal with conflict quickly and efficiently, stamp out office gossip, create a space for healthy interactions, competition, and build a team of individuals with a shared vision of what is and isn’t appropriate behaviour at work.
Relationships form a huge part of office culture, ensuring they are positive and professional is important to the success of individuals and to that of the organisation. And, lastly, remember you are an example who is constantly being watched. Ensure your behaviour is beyond reproach as well.
Good employees appreciate a workplace where communication is transparent, management is accessible, executives are respected, knowledgeable, and approachable and direction is clear.
Your overall culture will either attract or deter talent and plays a great part in the overall satisfaction of your employees. When creating corporate culture the key is to manage the human energy in your organisation as well as you manage aspects such as finances. Set clear goals, eliminate unnecessary rules and restrictions, and allow for room to debate, question, learn and grow. Appreciate employees, treat them with respect, provide compensation, benefits, and perks.
If you create a welcoming, positive, and professional environment you will find your employees will become more loyal, motivated, and productive.
We all work so hard to find candidates that will make for great employees. Don’t let them down by not providing the type of job, culture, benefits, recognition, and experience that will enhance their productivity and retain them for the long term.
Sound recruitment and sound retention strategies do add up to sound bottom line results.