There have been all sorts of employee turnover studies over the years – and some of the results are bordering on startling. For example, one found that turnover will typically cost a business $15,000 per worker, meaning that regardless of the size of your organization, it’s no laughing matter.
Of course, keeping workers happy is easier said than done. Everyone is different – and everyone has different requirements. The historic myth was that everyone was extrinsically motivated. However, if this were the case, retainment would never be an issue worth looking at. After all, we’d all be chasing the next big pay packet, and the world of work would not be a sustainable place.
Bearing this in mind, today’s article is all about looking at some of the best tactics you can follow to keep your employees for as long as can be. As you’ll soon find out, it’s not always about offering bumper pay rises.
Make your employees feel like owners
A great way to show your workers that you care about them is to treat them like an extension of the family. The added responsibility is something that breeds motivation. If an employee feels like they own a project or even a process, it can make their role feel much more worthwhile than if they are reeling through a list of tasks each day.
Throw a great Christmas party
Hopefully, you’ll understand the angle we’re coming at with this next point. Employees like to feel valued, and after a challenging year at work, not having a means to let their hair down can feel quite demotivating.
This is where the annual Christmas party comes into the picture. You don’t have to spend tens of thousands on the event, but you can let your workforce know you care. Recognition is critical when it comes to retaining employees, so think outside the box and throw them a thank-you celebration like no other.
Conduct regular employee engagement surveys
You might not think you’re doing anything wrong, but it’s always good to get an outside opinion. Conducting regular employee engagement surveys is an excellent way to get an unbiased look at what’s working and what’s not – and it’s also an excellent way to let your employees know that you’re listening to their needs.
Try to conduct one at least annually and abide by the top rule – keep them anonymous.
Hire right in the first place
If you’re a small business, you’re going to have limited resources. As a result, this is something you have to take advantage of. If you’re going to invest in a new hire, it’s important to make sure you get things right in the first place. Take the time to attract the best talent you can and be ready to negotiate from there. If someone doesn’t ‘feel’ right, they probably aren’t, and it’s time to move on to the next candidate.
As we’ve already alluded to, get this decision wrong, and it could be the equivalent of a $15,000 mistake.
