Retention of top-performing employees is a key measure of the overall health of your company. It helps ensure customer satisfaction, strong sales, satisfied co-workers and effective succession planning. Failure to hold on to key team members can mean a huge hit to your bottom line in terms of candidate searches and added training and investment.
Over the coming years, changing demographics in the global workplace will further illustrate the importance of retention. As baby boomers retire, Generation X is the largest segment of workers replacing them – and while there are 76 million baby boomers, there are only 44 million Gen Xers. Simply put, there will be significantly fewer people to take their places.
Tips for Retention
Exit interviews provide valuable information that you can use to retain remaining employees. But before you reach this point of no return, use these tips to keep your top performers right where they are.
- Set – and communicate – clear expectations. As noted by management thinker Ferdinand Fournies and other industry experts, satisfied employees know what is expected from them every day they are at work. Changing expectations without notice or keeping people in the dark creates unhealthy stress that ultimately can lead to resignations. Provide a specific framework in which people clearly know what is expected of them.
- Hire and develop the right managers. It’s true: People don’t quit their jobs; they quit their bosses. Managers play an instrumental role in employee retention. Anything a supervisor does to make an employee feel undervalued is a contributor to turnover. The most common employee complaints about their boss center on lack of clarity regarding expectations or earning potential; lack of feedback regarding performance, and failure to hold scheduled meetings or provide a framework in which people perceive they can succeed.
- Ask for – and utilize – employee feedback. A person’s freedom to speak their mind is another key factor in retention. Create a culture of communication, where employees can regularly and comfortably offer feedback and contribute to continuous improvement. Meet with employees regularly and actively listen to them. Make them feel acknowledged, welcome and loyal.
- Offer growth opportunities. The best employees need opportunities to learn and grow in their careers. Be sure that your high performers sit on challenging, significant teams and have access to professional development via seminars and other venues.
- Reward and recognize. Simply saying “thank you” for a job well done goes a long way. Appropriate bonuses and rewards, tailored to an individual and their unique interests, are even better. They don’t necessarily have to be costly, just meaningful.
Does your organization need assistance in sourcing, hiring and retaining the best employees? Consider partnering with the PrideStaff Modesto talent management team. Read our related posts or contact us today for more information.