Managing employees is hard. It requires leader’s time and effort, people-focused systems in place, clear expectations and much more. When a company loses exceptional talent it can have a negative impact on morale, productivity, and the bottom line. To avoid that, try recognizing each individual and act on their value in the workplace. Keep the following in mind:
- Retaining the existing talent eliminates the cost of hiring and training a new employee.
- Employee retention makes the company an attractive place for prospective talent.
- Retention usually speeds up operations as employee losses and new hires are common work disrupters.
- Retaining high performing employees will keep the company strong and well managed internally. This can help a company cope better in difficult times.
- When an employee leaves the company and joins the competitor, there is often a risk of spreading confidential information.
Different researches prove that when organizations have engaged employees who enjoy what they do and value the culture, productivity and profits improve. A study by Gallup Inc., determined hope, compassion, stability, and trust to be the top things that followers want from their leaders. This is why creating an inclusive environment is critical, especially if you are experiencing a high level of turnover. None of this is gained quickly, but here is what you can do to improve over time:
- Provide training and formal mentoring programs to show employees their leaders support their professional growth and development.
- Encourage the staff by giving rewards for their better service or by publicly praising them when they do a good job.
- Favoritism should be strictly avoided as it creates distrust among loyal staff.
- Get employee feedback on how to make improvements in processes or policies.
- Give the staff the chance for internal promotions.
- Annually review the current market pay scale in order to revise salary structure.
- Meet one-on-one with employees and ask frankly about their level of engagement.
Need help with this topic or leadership coaching? Contact Mission Critical Teams.