Employee retention: a key measure of organizational success
Employee turnover represents a significant cost for businesses.
Writing and posting job ads, vetting candidates, and training new hires is not only a direct cost for a business, but it also takes time away from regular operations when existing employees and managers are called on to assist with training and onboarding new hires.
A constant influx of new and less experienced workers creates an environment where senior employees and managers have to take time out of their own job duties to train new hires. High employee turnover creates inefficiencies while new hires get used to your organization’s internal processes and communication styles. High turnover can even lead to safety issues – when a majority of people working at an organization aren’t intimately familiar with company safety policies and regulations, they may not be as equipped to make quick decisions when a potential hazard arises.
This is all to say that the most successful organizations put time and effort not only into attracting skilled employees, but retaining their existing pool of talent.
While basic job elements such as compensation and benefits are relatively easy to implement, retaining employees is a delicate balance that can require different measures depending on your specific organization and the nature of the work you do.
Here are just a few things to consider if you’re concerned about employee retention.
Giving employees a voice
Your employees are people with unique needs and interests, and so what helps with retention can vary between individuals. A flexible schedule with work-from-home options may be ideal for some employees, while others may prefer in-office days and predictable hours. Making an effort to understand what your employees actually want is a great step toward maintaining a positive environment for everyone.
Collecting feedback regularly from employees is one of the easiest ways to gauge employee engagement, and find out what you could be doing better.
Feedback can be collected in the form of regular surveys, 1:1 conversations, organizational town halls, or any other open forum that works for your employees. Some formats may work better than others depending on your team’s culture, and whether you work on-site or remotely.
Just collecting feedback is only part of the job. You also need to have a process for implementing that feedback. Be prepared to hear employees out and have further discussions about how you can ensure that feedback leads to policy and process improvements. Employees should feel like they have a say in the development of processes that directly impact their work.
Providing proper training
Every new hire should be set up for success from the very beginning of their employment.
Proper training for all employees – including onboarding, refresher training, and opportunities for continued learning – is crucial for ensuring the success of your organization. Training is required not only to make work processes more efficient, but also to minimize risk of workplace injury. Though it may represent a smaller proportion of employee turnover, employee leave due to illness or injury still amounts to a large cost for a business.
Proper training also ensures that employees can work effectively as a team. Each person should understand the scope of their work, and where it intersects with other teams and individuals. Adequate training provides employees with the confidence to perform work independently, which in turn leaves management more free to oversee the broader scope of work rather than micromanaging, or becoming involved in workplace conflicts.
Training that includes cultural aspects such as respectfulness, conflict resolution, and communication skills can go a long way toward building a positive workplace culture, and ensuring that employees feel supported and comfortable in the workplace.
Building positive workplace culture
Workplace culture is extremely important for promoting employee retention. Many organizations make the mistake of believing that a high salary and office “perks” are all that is required to retain employees. Unfortunately, workplace culture is often the deciding factor for employees. Culture is difficult to replicate, while fair pay can be negotiated and found at many different companies.
If you want to set your organization apart, invest in your existing employees wherever possible. Some turnover is unavoidable, but if you show your employees that you value their contributions, you’re more likely to have a supportive, inclusive workplace environment – which will in turn attract a more diverse and talented range of applicants as you grow.
Looking for customized solutions for improving your employee retention? Fluent Motion can assist with internal training, policy development, and process improvement. Contact us to learn more.
