You never know what you have until it's gone. However, if you're one of the lucky few, or should I say, the perceptive few, you'll realize what you have in time to hang on to it. Employee turnover is an issue that affects all organizations. The question is -- are you comfortable with that particular person turning over? If not, then you're going to need to take action so that they don't end up jetting for greener pastures (literally or figuratively). Here are five tips industry professionals agree will retain the talent you would one day regret walking out those revolving doors:
1. Improve the Benefits
A significant portion of an employee's compensation is their benefits package. Don't be afraid to highlight this fact and then actually make the package something worth highlighting. The benefits should be attractive, competitive and comprehensive.
2. Continue Their Education
This one is a no-brainer. If you invest in an employee's education, not only will they benefit by becoming an enhanced business professional, but the company will profit as well by receiving the fruits of their labor. As an employer, it's your job to give your workers the requisite tools and knowledge needed to grow in their role so they can ultimately shatter its mold into something bigger. At which point you will find your company standing atop an even higher plateau.
3. Make Work Fun
But not your idea of fun. Their idea of fun. People spend at least a third of their lives at work. If that's not a particularly pleasant experience for them then survival mode is going to kick in and they're going to pack up and head to a psychologically safer environment. Take a poll, talk to your employees, find out what would make for a better work atmosphere and then let them have it. And keep in mind that if the fun activities are merely work activities in disguise, it will produce a reverse and resentful effect.
4. Provide Opportunity
Your employees should believe that if they work hard and build up the required experience, that they could one day have YOUR job. If the structure of your organization doesn't facilitate this notion, then why would you expect them to stay? Do you think their dreams contain being your subordinate until retirement? Give them the opportunity to fulfill their dreams or someone else with a finer appreciation for talent will. Make it a priority to have recurring career path conversations, cross-training sessions, and show them you’re invested in their growth HERE. Or you're going to watch them succeed over THERE.
5. Pay for Performance
You as well as anyone know, in the business world, sometimes it just comes down to the bottom line. If the salary you're currently paying an employee is killing their personal margins, they'll have no choice but to do business with someone else. It's not personal, it's just business. Talent needs to know their performance will be rewarded otherwise what's the point in putting in all of those extra hours? Money isn't the only thing, but depending on your employee's situation, it might just be the main thing that matters at that moment.
One, two, three or all of these tactics may help keep your employee from saying "we have to talk." Every individual case is unique so employers need to have open and honest conversations with each employee to find out what he or she values. In the end, it's your decision. Do you want to be a failing company? Average? Good? Or an all-time great? If your answer is the latter, then hold onto your talent.
Here is another perspective on what talent wants and how to reduce turnover.