Employees are the backbone of any company. Finding great employees can be difficult, and replacing and training new employees can be costly. How can a business owner hang onto to those valuable employees? Here are some tips on how to retain high quality employees.
The first step is to evaluate and track employee retention. Calculate employee retention by dividing the number of employees who have left by the number of employees who remain in a given time period. Spend some time reviewing employee status history and see if there are any areas that may need some improvement or extra coaching.
- Communicate and build trust. As a business owner or manager, it is very important to build trust by creating and encouraging a two-way dialog system. It’s also essential to know an employee’s career aspirations. This can help lessen the risk of losing an employee, as they have a greater chance of growing with your company while meeting their professional goals.
- Coach Employees. Be accessible to employees, listen to their needs and take a genuine interest in them. It is important to empower staff members. Give employees enough responsibility, space and tools to do their job efficiently.
- Conduct encouraging performance reviews. Establish a defined system for evaluating staff members. Review performances regularly while giving out constructive feedback. Always acknowledge good performances and make sure expectations are clearly communicated. This is also a good time to review employees’ career goals and obtain feedback.
- Reward Employees. Create incentives to reward employees for superior performances. Some reward ideas include simply recognizing staff start-dates, closing the company early before a holiday or hosting a lunch on the company.
These tips can help your company retain existing employees and also attract good employees. For more information on how to improve employee relations, contact us at [email protected].