Key ways to keep employees on board, satisfied with their jobs
Employees leave their jobs for many reasons, costing businesses time and resources— however, there are a few key preventative measures to convince them the stay is worthwhile.
Employees who turn in their resignations for voluntary reasons may be relocating, retiring, facing a family illness or wanting to switch careers or start a business. Or they may have a better job offer, believe they cannot advance in their current positions or face an interpersonal conflict at work.
Losing employees results in lost knowledge and experience and, in some cases, morale, but also carries the expense of recruitment and training, plus loss of productivity when other employees temporarily take over job duties. The estimated cost to recruit, hire and train is 150% of the employee’s salary, according to Gallup, Inc.
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Employee loss, if significant, can indicate a problem within the business, since employees who like their jobs generally don’t quit without a reason.
Implementing a Plan to Retain Employees
Businesses can identify possible causes for turnover, measure the rate, pinpoint the costs and then implement a plan to reduce the occurrence.
According to the Work Institute’s 2019 Retention Report, employers could have prevented more than 75% of their turnover. They can gather feedback, asking employees in exit interviews their reasons for quitting, determining if anything was preventable. Gallup found that in 52% of cases, employees felt management could have done something beforehand, such as inquiring about job satisfaction or their future with the company.
An exit interview isn’t enough, however, because it’s after the fact—try meeting with employees between traditional annual performance reviews. Ask them what they like about their job and the company and if they would like to see any changes or take steps to advance or learn something new.
Another step involves reviewing management styles and whether they lead to conflict, such as being unpredictable, not providing clear guidance or direction, or being overly involved in micro-managing. Instead, set clear and accurate expectations, so that employees understand the job they’re doing. Provide an environment open to frequent and productive communication, share goals and values across departments to avoid silos, and be sure to give feedback—and also be receptive to receiving it.
And remember, effective managers, trust that employees can handle the assigned tasks, calling to mind BBB’s motto for team building, “Start With Trust.”
Expecting Some Turnover
Lastly, realize that some turnover is to be expected. Think about the positive aspects of the business that makes employees want to stay, and be sure to be transparent and trustworthy so that employees feel good about coming to work. Show them how what they do adds to the team and the overall organization.
They will want to stay if they see their contributions are important and that they can grow in their careers as the company also grows.
Start with Trust® For more tips and information, visit bbb.org. Shelley Polansky is president/CEO of BBB Serving Northern Colorado and Wyoming.
