One of the key challenges I hear from clients is the ability to find and retain good people. Especially during today’s times, when the economy is strong and unemployment is low, keeping good people becomes even more paramount and difficult.
The next couple of blogs will touch on how you can help increase retention. Along with the obvious of not wanting to lose good employees, as you know the cost is significant. When clients have actually analyzed that cost it can be staggering. For example, when you’re talking about front line employees, some of the costs include hiring, training, lost productivity, increased overtime along with mistakes and errors made by newer employees.
The key misses I see when it comes to retention are:
Because most companies and their staff are extremely busy and trying to keep up, numbers become the primary focus. This isn’t about minimizing the importance of hitting your numbers. The issue, if we lose focus on our people and only focus on the numbers, then when your employees feel like they are just a number all it takes for them to leave is to receive an offer with a higher number.
You want to be able to compete on a variety of levels so a better financial offer isn’t sufficient on its own for your good employees to leave. If your people know they have a future, potential growth and recognition, they’ll be more likely to stay. And it doesn’t just mean promotions. It means the ability to be challenged, to learn new skills and to make a meaningful difference for your company.
Certainly they’ll want to be rewarded and that takes numerous forms. It could certainly be promotions but could also mean increases or bonuses based on merit. Or it can be some simple things that don’t cost anything and don’t happen nearly often enough. A thank you. A compliment. Recognition, both privately and publicly.
In the next few blogs, I’ll go more into depth about development and mentorship. We’ll talk about what you can do, where most companies miss, and what you can do to separate yourself to increase your chances of retaining your team.