Employee turnover can be costly to employees and is of great concern to HR departments. Replacing workers requires time and resources in both advertising a vacancy and interviewing candidates. There is also the cost of training new employees and the time to learn job duties. Costs in lost production from workers who leave, are another expense businesses need to consider.
There is also the sense of uncertainty of hiring someone new. How each new candidate will “fit in” and what kind of worker they will be, can affect the workplace. There are several ways that top performing employees can be retained by increasing employee satisfaction.
1. Encourage Career Fulfillment – One way to ensure employee retention is to create an environment of career fulfillment. Many workers seek a balance between their work and personal lives. Employers need to develop incentives that allow this, especially for employees in high turnover jobs like customer service. Providing a flexible work schedule provides employees latitude in arranging work with outside commitments. Employers should also provide benefits such as time off and health care that meet the needs of employees.
2. Promote From Within – Employees who feel there are little chances for advancement or personal growth will seek opportunities with other employers. The best performing employees will want to be in an environment where their efforts are appreciated and recognized. They want to be in a position that offers more than just a paycheck. Bringing people into leadership positions from outside the organization can negatively affect the morale of the best employees. Utilizing people from within promotes recognition of talent.
3. Promote Professional Development – The best employees of any company understand the value of learning something new to apply to their careers. Organizations can provide training incentives and opportunities for their workers. A company that provides a proactive development program increases skills and abilities of employees. In house training or tuition reimbursement programs can be offered depending on needs and resources of the employer. New ideas for procedures and operations can come from these policies. A company that provides an environment of progress and dynamic thinking will encourage employees to stay.
4. Communication – An employer that clearly identifies what is expected of employees gives workers a tangible idea of goals and objectives. The opportunity for employee feedback helps improve employee relations. Regular employee reviews and recognition give workers an idea of their performance and how the company perceives their work. Regular meetings ranging from individual units to those between employees and upper level management encourage an environment of open ideas.
5. Financial Incentives – Companies can provide financial rewards to top employees to encourage performance and retention. This practice shows that hard work is appreciated by a company. Regular raises and programs of bonuses and commissions can help retain employees who will want to work for an employer that recognizes their efforts.
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