Employee retention is one of the most difficult and expensive challenges faced by business owners, managers, and HR departments. Although the keys to retention and low turnover aren’t easy, they are simple. And many research dollars have come to the same conclusion. To keep the right employees around, these three things are essential:
1. Pick the right people in the first place.
This means thoughtful recruiting and advertising and careful interviewing. Skills are important, but so is fit. The more time you and other employees can spend with candidates, the surer you’ll be that they’ll fit in at your workplace.
2. Make sure your compensation and benefits remain competitive.
This is a tall order and may squeeze your bottom line in ways that make you uncomfortable, but it’s absolutely necessary if retention is at the top of your priority list. Make it a goal to do a yearly analysis of employees’ total compensation package to ensure that it’s at least keeping up with the market.
3. Be appreciative.
A little gratitude can go a long way. And you can show it in a number of ways – from flexibility when employees need it, to a willingness to hear out ideas, to employee appreciation programs. The more you can treat employees like individuals rather than cogs in the machine, the happier they’ll be.
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