Hey you—want to know the secret to employee retention?
Here it goes.
Employees are humans.
This seems kind of obvious, but treating employees well enough to keep them around for the long term is critical to the health and longevity of a business.
Having poor employee retention is going to hit a business’s bottom line, and let’s not get started on the structural mess it can cause.
So how do you improve employee retention?
By applying the right retention strategies for your business, you can ensure employees stick around, that’s how.
Employee retention how well a business can retain its employees. It can be represented as a simple statistic.
For example, a retention rate of 80% would indicate that an organization kept 80% of its employees in a given period.
Calculating employee retention rate is pretty simple:
Just divide the number of employees who left during a period by the total number of employees at the end of a period to get the percentage.
A business that’s going to last needs employees. So making sure employees stick around is vital.
A good (and longstanding) business knows and understands the importance of keeping employees around. Regularly looking for new staff and training them up is a drain on time and resources.
Having a poor staff retention rate is a strong indicator of a lack of motivation among staff. And when it comes down to employee motivation, there’s one thing that’s for certain:
no motivation = no work
The 7 Key Trends Impacting Today’s Workplace surveyed over 200,000 employees in more than 500 organizations worldwide. What’s interesting is that employees voted their peers as the number one reason for being motivated to go that extra mile.
It’s no surprise that motivated employees are also found to have more productivity, allowing businesses to achieve a higher level of output.
An unmotivated employee could be sat at their desk aimlessly browsing the internet or even looking for a new job. Not only is this a waste of your time and resources, but the employee’s too.
Now take a step back for a second. See that imaginary employee browsing the internet? Now imagine the entire office doing it. Can you see how an unmotivated workforce is not beneficial to a company?
This is not a position anybody wants to be in.
I’m glad you asked.
Every area of the employer vs employee relationship in a company deserves attention.
To make sure people stay, you’re going to need to embrace some employee retention ideas and apply them to your employees.
Remember: your employees are people too. Instead of trying to apply strategies to them, reframe your thinking. Instead, try asking them questions.
People like questions (providing you are asking the right questions to get the results you want).
Specifically, ask questions which can help improve their work life.
These are the eight questions you should be asking as part of your employee retention strategy:
Cultivating a positive workplace, and by association, a positive work force is sometimes overlooked.
It can be time consuming or difficult at times, but it’s what separates the companies that stick around for the long haul, from the ones that fade away. Employees need to feel that their work is an important contribution to the company’s success.
Employee retention really comes down to this:
Do you treat employees like humans—with their own needs, goals, and personal lives?
If the answer is yes, and you company policies align with this, then you are going to have some happy and productive workers.
If not, then you are going to have some work ahead of you.
Either way: good luck, happy and retain employees are just a question, or eight, away.