Top 10 Ways to Retain Your Great Employees

Use These Tips for Employee Retention to Retain Your Best Employees

Image by Theresa Chiechi © Jacara 2019 

Retaining key employees is critical to the long-term health and success of your business. readily agree that keeping your best employees ensures customer satisfaction, increased product sales, , and effective and organizational knowledge and learning. 

Employee Retention

. Failing to retain a key employee such as insecure coworkers, excess job duties that coworkers must absorb, , and training a new employee.

Various estimates suggest that losing a costs an organization up to 100 percent of their salary. The loss of a senior executive is even more costly. This is not only because of the lost revenues but also due to the fact that hiring and training a replacement is costly to your organization.

For your more senior positions, often which can cost your organization up to a third of the position's annual salary. When these positions pay in excess of $150,000, this is a huge cost for your organization to absorb.

 do provide one answer because departing employees can provide you with valuable information you can . Heed their results because you'll never have a more significant source of data about the health of your organization.

And, better yet, so that you can identify . This information will essential if you want to retain your best employees.

Retention Tips

This retention advice will help you from job hunting. If these ten factors exist in their workplace, they are much less likely to want to leave your employment.

1. Make sure employees know what you expect from them. Management thinkers from Ferdinand Fournies in "Why Employees Don't Do What They're Supposed to Do and What to Do About It" to Marcus Buckingham and Curt Coffman in "First Break All the Rules" agree that constantly . Provide a specific framework within which .

2. Provide quality management or supervision. People leave companies more often than they leave because of their actual jobs. Frequent employee complaints point to these areas:

  • Lack of
  • Lack of
  • Lack of
  • Failure to
  • Failure to within which the employee perceives they can succeed

3. Provide a platform for employees to speak their mind freely within the organization. Does your organization solicit ideas and provide an environment in which people are comfortable providing feedback? If so, employees can offer ideas, feel free to criticize and commit to —all factors that contribute to .

4. Allow employees to use their talents and skills. A wants to contribute to work areas outside of his or her specific job description. Begin by taking the time to learn your employees' skills, talents, and past and current experience. Then, tap into it.

5. Provide a perception of fairness and equitable treatment. If a new sales rep is given the most potentially successful, -producing accounts, other staff members will inevitably feel cheated. If a over the heads of long-term, existing employees, feelings of rancor will ensue.

Salaries are important too, of course. If a staff person with three year's experience is given a $15,000 raise and more senior staffers receive just $10,000, then undoubtedly the will be affected. Even if the employee deserves the raise, recognize that these decisions will have a negative impact on others.

6. Tools, time, and training should be your best friend. When an employee is failing at work, ask, “What about is causing the person to fail?” Employees must have the necessary means to do their job well. Otherwise, they'll move on to an employer who provides them with the tools they need to succeed.

7. Remember that exemplary employees want to learn and grow. Unless employees can try , take on challenging tasks, and attend seminars, they will stagnate. A career-oriented, valued employee within your organization to realize their potential.

8. Make sure senior management knows that an employee exists. This is a common complaint voiced during an . Even the president of a company needs to take some time to about their talents, abilities, and skills. Meeting with each employee periodically is a critical tool to and results in loyal, dedicated, committed employees.

9. Whatever the circumstances, . Even if , it's a mistake to foreshadow this information with employees. It makes them nervous no matter how you phrase or explain the information and your best staff members will update their resumes. You shouldn't keep solid performance information away from people but that makes people feel they need to search for another job.

10. Make staff members feel appreciated. Frequently goes a long way. And, monetary rewards, , and even more significant. will help you retain staff probably more than any other action.  and bonuses that are easily calculated on a daily basis, and easily understood, raise motivation and help retain staff, as well. 

You can retain your valued employees if you practice these ten tips in your workplace. You'll keep your best.