Losing a key employee can cost your company a lot of money. Tackle the issue with these useful expert tips on how to retain your staff effectively.
There’s no doubt about it, losing staff can spell bad news for your business, particularly if the employee in question is a valued and highly productive member of your workforce.
It’s believed that losing an employee, especially at middle management or senior level, can cost your business around the same as their annual salary, which is highly undesirable for any company looking to move forward and maximise profits.
As a result, it’s imperative to focus firmly on staff retention, and develop an effective business practice that encourages as many of your valued staff to remain in your company as possible.
Tips from the Experts: Retaining Staff Effectively
- “Let your people know what exactly is expected of them”. If your employee is unsure as to exactly what is expected from them within their role, this is a guaranteed recipe for disaster. It’s your job to ensure that they understand:
a) What is expected of them in the role
b) What they need to do to secure a promotion
c) How often and when you’ll be meeting to provide useful feedback
- “Make sure you’re listening when they’re speaking”. Communication is important within any organisation, and if your people feel as though they’re unable to express their ideas and opinions, they’re likely to start feeling unsatisfied and undervalued in their role.
- Encourage a communicative atmosphere, but above all else, listen to them when they speak. There may be times when you’ll hear things you don’t want to hear, but it’s still important to recognise all comments and set about dealing with them appropriately.
- “Give your staff plenty of opportunities to shine”. It’s really important to give your employees room to grow within your company, particularly those who are ambitious and thrive on challenge. Familiarise yourself with their unique range of skills and talents and tap into them as much as possible. Talk openly with your staff about their development path within your company and encourage a positive atmosphere, where talent is actively fostered and nurtured.
- “Work on building a strong, collaborative spirit within your company”. Sometimes, the reason an employee chooses to leave has nothing to do with you, or the company, but with other members of staff. As a result, it’s vital to encourage a strong sense of team spirit and trust amongst your employees, and to encourage them to see you as a positive key part of that team.
- “Be aware of what’s going on in your company at all times”. It’s important to keep a close eye on your staff, and to be aware of the warning signs that all is not well. Be sensitive to your members of staff, and if you notice that an employee doesn’t seem happy, don’t ignore the issue. Instead, arrange a quiet moment to talk with them and try to address the problem before it develops any further.
Take them on a Company Away Day!
Company outings, especially if they involve fun- and morale boosting activities, can really help when it comes to encouraging staff retention. Team events not only assist with building a sense of collaboration and cohesion within your workforce, but also offer an invaluable opportunity for your staff to enjoy some time outside of the office, and a chance to get to know their fellow colleagues better. See more on TeamBuildingIreland.com