Employee Retention & Leadership
Retaining your employees may be the most significant challenge that you as an employer may face. After what often amounts to years of investment; building a competent staff through training, mentoring and other types of guidance, you do not want to lose your best resources. Your staff is critical to the success of your business!
The Cost Issue
When employees leave, they take with them key knowledge, experience, and whatever training investment your organization has made in them. Furthermore, you must spend valuable time and money replacing them and training new recruits. According to the Wharton School of Business, losing an employee costs the company 33 percent of that employee's annual salary to replace them.
Not only is the knowledge and experience of your long term employees critical to the success of your business, you can't discount the relationships that they have established with your customers! Customers like coming to a business where they are recognized by the staff. It creates customer loyalty and when a company is continually replacing their staff, the company's reputation is damaged.
How Do You Avoid Employee Turnover?
Create an effective retention plan that helps you understand why employees stay with or leave an organization-and use that information to put in place a range of strategies to ensure your organization meets employees' needs and expectations. Make your business a place where employees enjoy working. If an employee enjoys their work, they will do a better job and it will be apparent to your customers. Your goal should be to have your employees be ambassadors for your company!
- When hiring, you need to start by properly explaining what the position is and what duties will be required. Many times new employees don't stay with an organization because they didn't completely understand the position that they were hired for.
- Hire the right person for the job. Make sure that the new hire has the right skill-set, experience/education and personality for the position.
- Provide the proper training, to insure that the new staff member has a clear understanding of how to perform their duties and is not learning by trial and error.
- Increase your human resource and leadership skills, so that you will know how to create loyalty and avoid losing your staff to the competition.
- Let employees' be involved in the decisions that affect their work. It is far easier to get employee "buy in" if they have been involved in the process.
- Be aware that different things motivate different people. For example: an employee with young children may value having a more flexible schedule. The same person may be motivated by other things once their children are older.
We have several Leadership Sessions in February:
Date: Wednesday, February 12
Date: Monday, February 24
Date: Friday, February 28