It is not a surprise that the key to a successful business is a steady, well-trained workforce. Millions of dollars won’t help you without it. However, many hiring managers struggle to retain the cream of the employee crop. When layoffs are frequent, employees may feel less loyal to their companies and be willing to jump ship.
It is a significant loss when a company invests time and resources in an employee who leaves too soon. If it seems like you are often filling vacant positions, it is time to level up your strategies to keep your top talent from quitting your business.
What Makes Good Employees Leave a Company
Today, job-hopping is common in the business world. No two employees are exactly alike, and people don’t leave their jobs without a reason. It’s not always money or support an employee finds missing.
It is typically a combination of things that weigh on their minds and influence the decision over time. One reason good employees quit is due to a lack of respect from their superiors and co-workers. It is in every individual’s nature to leave when they don’t receive the respect they know they deserve. When employees say they leave their job because their employers do not pay them enough, it means that the company did not respect their work and skills enough to compensate them appropriately.
Another reason employees quit is due to flexible work arrangements. Most workers today do not look for a nine-to-five work schedule that requires them to be in the office five days a week. For example, employees are more likely to choose a company that offers a work-from-home opportunity over an employer that doesn’t.
Limited growth opportunities, overworked employees, poor management performance, and poor company culture are also some factors why employees leave their bosses.
Tips 101: 5 Ways to Keep Your Best Talent
Since the workforce is often the biggest asset of any business, retaining your most ambitious talent should be at the forefront. It is disheartening to see your employees walk out the door after you put in the time and effort to hire and train them. Many of them took the job due to salary, retirement plans, and vacation benefits, but those are not enough to satisfy them. If you want to keep them in your employ for the long haul, read the following strategies:
Put money into supporting and training employees
A good employee training program can bring a big return on investment. For instance, practical training can extend the employees’ knowledge of an existing skill or train them to learn ones. Another positive effect of proper support and training is a reduction in recruitment costs since it leads to less employee turnover.
Let go of the nine-to-five work schedule
Whether it’s company-wide or for your high-performers, companies should let go of the mainstream schedule of coming into the office to emphasize work-life balance and avoid burnout. If you are an employer, it is best to focus on your employees’ productivity and accomplishments. Doing this will make your employees feel respected and valued without them sacrificing the company’s bottom line.
Pay varies from person to person. While many companies offer an annual raise, it may not be enough. If you want to stay ahead of competing for job offers, evaluate your top performers’ pay and benefits and make sure that their earned incomes are in line with current salaries fore their experience, role and location.
Avoid being too negative
As tasks become complex, employees need regular feedback and suggestions. While constructive feedback is necessary, regular criticism will upset even the most reliable employee. Most people have a much higher recall of unpleasant memories than positive ones. Thus, if you want to keep your people motivated and happy, be positive and lead by example.
Recognize your employees with a pat on the back
A simple “thank you”, and a pat on the back can go a long way in the workplace. Most employees go the extra mile when their bosses recognize their efforts and dedication to work. Once they know that employers value and appreciate them, they are more likely to work hard to satisfy clients, increase revenue, and help the company grow.
Employees are the backbone of any company that has employees. It’s essential to revisit your employee retention strategies regularly. If you want loyal employees and a steady employee retention rate, JC Porter is here to help you keep your talent – and to help you find new top employees. Call (303) 953-1139 today!