At a time when many industries are experiencing a shortage of skilled labor, retaining the best and brightest employees is more crucial than ever. Not only is a highly qualified employee likely to consider working for a competitor, finding and training a replacement is estimated to cost roughly double their annual salary.
A high turnover rate can create a negative culture where other employees never feel secure in their positions. This makes them more likely to keep their options open. Below are some tips to help you retain your best employees and also see them thrive in your company.
Offer developmental opportunities
Employees should always have the opportunity to improve their skill set or add to it. This lets them know you value their career and want them to progress with the company. Not many people are happy standing still, so supporting career development within your workplace can be a huge benefit for employees. It also greatly increases the chances they’ll stay for longer.
For example, if a healthcare business provides career progression and training through online courses, such as completing a nursing masters or achieving relevant certifications, the employee is likely to stay on for the duration of the degree program and beyond.
The people that actively seek to progress their career are also the employees you want to retain the most. They tend to be motivated and driven employees that will definitely value to the team.
Employees should always feel valued
People within the same industry talk. If your workplace is a depressing high-stress environment where people are afraid to lift their heads, and your competitor has a well-designed, laid-back, and friendly atmosphere and provides plenty of little perks to employees, where do you think the most talented people will choose to work?
There are several ways you can make sure your employees feel valued:
- Make them comfortable – Creating an office space that provides everything they need, is well-lit, and always at the optimal temperature is good. Still, a well-designed office can help increase the level of happiness in your office, too.
- Listen to them – Your employees are the ones on the front line every day. They offer invaluable insight into their particular area of expertise. The insight they provide can allow you to see things from a different viewpoint. Valuing their opinions and ideas will add value to your business while engaging them and letting them know you care about what they have to say.
- Recognize accomplishments—One of the quickest ways to destroy employee morale is to completely ignore your workforce’s contribution. Knowing someone has noticed and appreciated their hard work helps to build a stronger bond with the company. Even a quick but sincere thank you can raise spirits. Develop a structure that rewards individual and group achievements regularly.
- Create a good work-life balance – As a business owner, one of the most important things you can do for your employees is to ensure they have a good work-life balance. If you feel they aren’t doing this, you could consider arranging a stay at retreat centers or encouraging them to take some annual leave.
Your employees are your most valuable asset. You invest time in hiring them and making them part of your team. Let them know how important they are by offering them opportunities, listening to them, and recognizing their accomplishments. Give them a reason to want to stay, and you will see your business grow through their loyalty and support. Here’s to YOUR success!
Carolyn R. Owens has over 25 years of proven experience and serves as a Career Strategist, Leadership and Life Coach. She is the Chairwoman of Infinity Coaching, Inc., where they help you up-level your skills so you can up-level your income. Infinity Coaching, Inc. provides one-on-one and group coaching, organizational training, personality assessments, and a signature program, the Infinity Coaching Inner Circle. Carolyn is certified to give both The Energy Leadership Index Assessment and Myers Briggs Type Indicator Assessment. You can find out more about both assessments and other products and services at https://infinitycoaching.net.
