A recent study shows 85% of HR executives state the single greatest challenge they have in is being able to recruit AND retain good quality workers. There is a growing number of younger people joining the workforce, bringing different ideas and attitudes about work with them, particularly in the Middle East.
We know it is difficult to retain quality in your delivery to customers if your work-force move on almost as soon as they are trained. Not only does this waste your time, but it wastes your money. It typically costs $7,000 – $14,000 to replace an employee – does your company have money like that to burn? How can you help keep the employees you have invested in?
1. Improve employee recognition program
Or if you don’t have one already, then you should! Taking home a pay packet at the end of the month is one thing, but it does not fulfil our basic human need to be recognized and appreciated for what we do. This doesn’t need to be expensive – pumping more money into your employees isn’t what it’s about. In fact if it is more out of the ordinary, it is more likely to catch their attention, and be something they will remember. In one company, the manager hands over the keys to his convertible BMW M3 to the best performing employee for a week; he thinks that a bonus would be a drop in the ocean, but his employees do not forget driving his car.
2. Create a positive environment through managers
This starts at the top of the company and must work its way down through all the managers. Poor relationship between worker and line-manager is often cited as a reason for leaving. Many managers do not even realize the impact they have on workers underneath them. One way to combat this is through manager training. Managers need the skills to understand how they impact on the work environment and are a key part of the employee retention strategy.
3. Provide the chance for employee suggestions
Staff will feel valued if they know their input matters and has the chance to be heard. Try to involve your workers in decision making or in the development of new products. This can increase a sense of belonging to the company, and they will feel an invested interest in the business’ success too, as there is a sense of equality, no matter where in the company you work – everyone becomes valued and important.
4. Provide opportunities for growth and development
Did you know in a recent survey 40% of employees said they would leave their jobs if there was another role with the same benefits, but more chance for growth and challenges in their job? Your workers don’t show up just for the money, they will want to expand as people and add to their skillset, so you must be able to cater to that need. If there is an individual development plan for each employee, they won’t feel like they are stuck in a ‘dead-end’ job. Development is also of course a fantastic chance for you to boost the results your business is making, and improve motivation and morale in your workforce!