Business Best Practices
4 Tips for Creating a Great Employee Retention Program
Nov 25, 2014
Entrepreneur recently reported on a survey that uncovered a scary statistic: more than 50% of employers polled said they had no formal strategy for employee retention. Since the job market has improved and companies are posting “help wanted” signs everywhere, what are some ways that a company can keep their employees from looking elsewhere for a job. When employees no longer value the company that they work for, they will become less productive. Poor productivity will decrease the level of service offered to customers, as well as, lower the quality of goods produced for customers. In return, the poor productivity will cause your customers to leave your company, too. High turnover and loss of business is a formula for disaster of a company’s profit margins.
Companies need to create a formula for success by investing in programs to retain employees and create a culture that brings value to both the company and its employees.
The following samples are ways to start building a company’s retention program:
- Employee Engagement: Invite employees to suggest ideas about what they would like to learn to improve their performance or opportunities for advancement. Use this feedback to decide on better ways to keep employees engaged and keep them wanting to come to work each day.
- Career-Path: Work with employees to see what opportunities, within the company, that they are interested pursuing. Develop a plan that will give them the ability to learn new skills to prepare for future promotions.
- Employee Recognition: Employees like to be recognized for doing a good job or for their years of service to the company. Public recognition or a letter from the company’s president is an easy and effective way for an employee to feel appreciated. Regardless of how simple or extravagant the token of recognition may be, it is important that the recognition is genuine and the employee feels appreciated.
- Mentor Programs: Experienced and engaged employees can be a valuable resource to help new employees feel welcome and gain confidence as they develop the skills necessary to be a productive and engaged employee. Establishing Mentorship Programs will help to support and encourage team members and help in the learning process within the company.
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