Employee turnover is a costly and time-consuming issue that many companies face. Not only is it costly to replace lost employees, but you can lose valuable experience. Even after you’ve trained your new employee in, they won’t have the organizational knowledge necessary for all aspects of their role at first. All retention efforts require an investment on your part, but this investment is not always monetary. Even if you do have to pay for some of them, in the long run implementing these measures will undoubtedly save you both money and time.
The causes and negative impacts that a high employee turnover rate can have were explored in more depth in our previous article ‘Main Causes of Employee Turnover’. This article will be going through the main causes that we’ve previously discovered and highlighting the best ways to retain employees in these situations.
Causes and Solutions
A lot of employees leave a company, even if they enjoy the role they are in, because they don’t like their boss. Now if this is just a personality clash there’s nothing you can do to fix it; however, if it is a result of bad management, there are solutions. You should be careful when hiring or promoting to a managerial or supervisory position that the personality of the individual is empathetic. Nobody will be happy with a manager that doesn’t understand when you have to go to a doctor’s appointment or a relative’s funeral. But bad management can take many different forms, such as a manager who doesn’t know how to cope with stress or deal with a particular situation. Another great solution to bad management is to invest in Managerial Training Initiatives. These training events can give managers the tools they need to deal with any situation, giving them confidence in what they’re doing, which will in turn decrease stress levels. Our free guide to employee retention includes a list of some upcoming training events that you can download below.
Lack of Growth and Progression:
If employees feel that they have become stagnant in their position, they may seek to progress their career by looking elsewhere. An easy solution to this problem is to have a clear path of progression. Make it clear to employees when they start how much their career could progress within your company. Let them know when promotions are available and what they will have to do to progress in their field. If promotions aren’t available in a particular role or sector, that doesn’t mean your staff should feel trapped and stagnated; offer staff development opportunities. Give them the chance to attend relevant training or events. This has the duel benefit of improving the employee’s skill and knowledge in their area, while also proving to your staff members that you are invested in their future at your company.
Team Members Being Treated Differently or Held to Different Standards:
With your newly well-trained managers this really shouldn’t happen; but being human, managers will undoubtedly have favourite team members. The best solution to this is to have policies in place so that everyone is treated fairly and held to the same standards. This means having policies in place for holidays, tardiness, absence, and a clear process for disciplinary measures. Realistic standards are important, everyone should be expected to perform to the same level, but this level should be achievable. If you've set achievable goals for your staff, then they can only exceed them!
The Best Ways To Retain Employees: An Ultimate Guide
This guide runs through the advice contained in both parts of this series and includes suggestions for training and social events for your staff.
For the remaining and perhaps most important two causes and solutions please check out the second part of this article here: ‘Best Ways to Retain Employees: Part 2’. Your company’s culture and the way you interact with your staff is important not just for staff retention, but also for how your customers view you. If you treat your staff well and have a good company culture, your customers will hear about it. The best way to retain employees is to make sure they are happy and engaged in their role. If employees are happy and engaged in your company, then they are less likely to look for alternatives. While it may be costly at first to implement these measures, in the long run it will save you time and effort.