A company is only as good its employees. If you want to have a company that is great than you need to know how to not only attract great employees but also how to keep them. Employee retention rates aren’t just about avoiding the high cost of employee turnover. They are also an indicator of the culture of your organization and its future success. Would you feel comfortable sending long term projects to a company that has a revolving door of project managers? Employee retention translates to longevity and success in business.
Be Open to Feedback
If you want to keep your employees, listen to them and create an environment where they feel that their views matter and will make a difference. Do you truly know how your employees feel about the company? I don’t mean surveys or suggestion boxes. I mean do your employees feel they are free to give feedback and are you truly listening. Feedback can only happen if you encourage and empower your employees to provide it, take in the feedback and consequently let them know they have been heard. If you’re not open, listening and providing encouragement and feedback then you have no idea what your employee morale is really like.
Set Clear Expectations
Nothing disappoints and frustrates people more than not know what is expected of them or how to be successful. Imagine the effect on employee retention rate when you fail to set clear expectations with measurable objectives for employees! These expectations may relate to their job, as specific project or even promotion opportunities. Employees who know what is expected of them perform better than those who don’t. Take the time to recognize and encourage employees who are doing well. Also offer valuable, real time feedback to those that need it. Employees prefer getting steered back in the right direction in the middle of the task rather than being left to flounder.
Walk The Floor
Leadership positions are often hectic. Days are scheduled with back to back meetings and calls. The danger of this is that leaders often only get feedback from a few people that they see regularly. It is important that leaders get out and get a feel for the mood of the whole office. This is particularly the case if you have satellite offices. Walk around, talk to people in all departments and all levels. Let them know you what to hear their thoughts and suggestions. You may be surprised to find the next great idea comes from the bottom not the top of the org chart.
To retain employees they need to feel they are a part of something. They should know that their hard work is part of the company’s success and that those in leadership positions hear and appreciate them. Take the time to communicate effectively with your team and your company will see the rewards on the bottom line.