The Society for Human Resource Management (SHRM) recently reported that, on average, it costs a company six to nine months of an employee’s annual salary to replace them if they leave their job. For instance, if a person was earning $60,000 a year, this would amount to $30,000 to $45,000 om recruiting and training costs.
Ouch. And in addition to the tangible costs, losing a good employee is felt intangibly – starting with stress and strain on remaining workers, who have to take on extra work in the interim. Morale, job satisfaction and productivity may all suffer – and in a vicious circle, there may even be more resignations as a result.
What can you do to avoid this heartache – and work proactively to retain your best talent?
Money isn’t everything – but make no mistake about it, it does matter, especially in today’s highly competitive job marketplace. People who are well compensated are more likely to stay in their jobs long term. You can also provide retention bonuses as incentives to stay with your company. It’s not a panacea, but you need to offer salaries that are on par with your competitors, in case money becomes a person’s deciding factor in where to work.
Offer tailored benefits.
Benefits tailored to individual employees’ needs can help keep your best talent engaged and loyal. Whether it’s flexible hours, remote work, paid parental leave, tuition assistance or a gym membership, keep in mind that there’s no one-size-fits-all formula. By customizing your offerings, you show that you truly care – and perks mean even more than salary for more and more people.
Give employees a voice.
Create a culture where team members can speak up and feel they are being heard, without any fear or retribution. Use surveys and other communication tools to actively seek feedback, and be sure to respond in a timely fashion. And. Be sure managers keep their doors and their minds open and stay accessible for ongoing dialogue.
Invest in employees’ growth and development.
Have regular conversations with people about their short and long-term professional ideals, and help them visualize their future growth with your company. Help them lay out a realistic plan for reaching those goals. Upskilling is especially important today as technology continues to change how people work.
Show your appreciation.
Regularly show your employees that you appreciate them and the value they add to your business. Celebrate their milestones, achievements, birthdays and work anniversaries. When they go above and beyond, provide appropriate rewards that, like you benefits, are customized and meaningful
For assistance with these and other tactics to build and retain your winning workforce, contact PrideStaff Modesto today. We’ll custom tailor a plan to meet all your ongoing talent management objectives.