It’s a fact that training a new employee can be costly. That’s why it’s so important for businesses to retain their top talent.
Businesses that do a good job of keeping their best employees are more likely to achieve greater success.
It all comes down to time and money.
When a new employee is hired, they need to be shown the ropes. This takes time. It takes time away from the supervisor conducting the training and may even slow business operations.
Any reduction in productivity costs money.
You also need to factor in the value of a seasoned employee. They already know every detail of the business operations. Losing an employee like this can lead to further setbacks.
For every quality employee that you lose, it takes some time to find a replacement and get them up to speed. In some cases, the new employee may never reach the potential of former staff.
That’s why a business needs to do everything they can to hold on to their best employees. The following 7 suggestions help this happen by addressing the interests and needs of the employee.
#1 – Businesses Need to Stop Overworking Their Staff
Productivity plummets when you overwork an employee. While you may be pressed to meet a deadline, piling additional work onto an already demanding workload won’t lead to positive results.
Studies show that once an employee reaches 50 hours, productivity begins its downward spiral. After 55 hours, the employee is practically useless.
Overworking is the biggest complaint that employees have after quitting a job. This means the first step that a business can take to help keep top talent is to not overwork them.
Talented employees are often willing to take on a little extra work, but not if it means drowning them in additional responsibilities. They need a break occasionally.
If a business needs to give an employee additional work, they should consider using promotions or raises as an incentive. When the employee realizes that they’re being rewarded for this extra effort, they assume it comes with some sort of payoff.
Reward them for their efforts and be willing to set a limit to how far you push them.
#2 – Managers Need to Learn How to Manage
The second biggest complaint among workers leaving a company is that they didn’t get along with their boss or manager. According to one survey, only about 18 percent of workers believed their manager had good leadership skills.
The manager of any department is supposed to make sure that things run smoothly, which requires management. They need to be able to connect with their employees on a personal level. Employees should feel comfortable addressing concerns and providing suggestions.
The immediate supervisor or manager in charge of an employee is directly responsible for how well the employee feels he or she is being treated. When a manager is rude, it’s as if the company is being rude.
It’s also the job of a manager to develop their employees. They’re supposed to assist with training. They succeed when they nurture their staff.
#3 – Businesses Should Promote the Right People
When top talent is overlooked for a promotion, they might seek employment elsewhere. Managers need to be careful when promoting an employee.
The person that gets the position needs to be the most qualified. These decisions should never be about playing favorites. Promotions are about recognizing the hard work that people put in.
#4 – Employees Need to Have Freedom
In most situations, employees should have the freedom to present ideas and suggestions to their managers. They should be able to offer ideas that can help improve their job or a particular project.
Another aspect of this freedom is giving employees the freedom to succeed or fail on their own. It’s not always easy to get work done when someone is hovering over you.
Managers should realize the importance of backing off and letting employees use their own skills to accomplish a task.
#5 – Employees Want Feedback from Superiors
Employees want feedback from their superiors. This applies to both positive and negative input.
Again, managers are critical to this area. They can pass along compliments from higher up for a job well done or give employees a few pointers to help improve their performance.
This feedback, lets the employee know that they’re being monitored – for better or worse. It shows that the company cares about his or her value.
#6 – Corporations May Need to Relocate
In the past few years, several major corporations have relocated offices and even corporate headquarters in an effort to attract new talent and retain existing employees. They are moving to where the workforce is located.
The Millennials have become the largest part of the American workforce. They tend to migrate to the cities, looking for a combination of rewarding work and personal adventure.
To meet the needs of this generation, the idea of relocating to an urban area is becoming a common topic in boardrooms. As the generational shift continues, businesses need to consider their location if they want to keep their top employees.
#7 – Offer a Good Work/Life Balance
The final solution for retaining employees is to give them a good work/life balance. They should feel that they have the time to enjoy their personal life. This may require flexible work hours, additional time off, or shorter work days.
Remember the first issue – overworking an employee. By giving them a more flexible schedule, employees generally become more productive during working hours.
There’s no sense in a business paying employees to do nothing, which is what happens if they are overworked. So, the easier solution is to scale back the workload and give them the time that they need to enjoy life. This leads to a happy, productive workforce.
These are suggestions that every business could benefit from. There’s no denying the benefits of being able to hold on to quality employees.
A lot of the issues discussed come down to one thing – management. Without a solid group of managers, it’s difficult for any business to truly succeed. They’re likely missing out on qualified staff and passing up the opportunity to promote exceptional individuals.
In the end, the best step that a business can take to keep top talent is to give them exactly what they need.
Talented employees want to feel challenged. They want to be pushed, but not pushed over the top. Businesses should address the needs of their staff while creating a harmonious work environment.
By taking steps to retain top talent, businesses can also start to attract top talent. The way that a business treats their current employees will have a direct impact on recruitment.
A little bit of effort can go a long way. By making changes to an existing structure, employees can see that the business is going in the right direction. This may help you hold on to employees that have thought about leaving.
If a business wants to retain their best employees – the employee should feel valued, challenged, and rewarded.
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