Let’s face it: hiring is expensive. First, you spend time (months?) and resources finding the right person. Let’s say you found her: Sarah. You transition Sarah to her new work environment, make her feel welcome, and provide her with what she needs to start contributing to the organization such as the right tools, technology, and training.
Turnover is also expensive. When an employee quits, the job doesn’t get done and costs rise as the hiring cycle kicks-in again. So, if you’ve taken the time to find, sort, and hire the best candidates like Sarah, then it makes sense to also invest in what will make your best employees stay with the company. In a recent blog, Marta Steele suggests steps you can take to help reduce your turnover:
- Practice a grateful mindset. Thank people for their work. Sincere appreciation and recognition matters a lot.
- Have regular conversations with each employee. Find out what’s important to him or her. Sarah may value autonomy and a promotion but Bob would prefer to start his day at 9 am instead of 8 am.
- Share what career progression could look like at your company. What skills do they need to develop? What lateral job moves are possible?.
- Listen and understand where and why people are stressed or overloaded. The stress might be alleviated by some guidance on where or how to delegate. Perhaps re-prioritizing or simplifying a process is in order. Some employees just want to know that you care.
- Communicate, communicate, communicate. How does the person’s work fit in the overall vision of the company? Let them see the value they bring to the team
- What about the managers and supervisors? Great pay, interesting work and a clear career path holds little meaning when you have a horrible boss to deal with every day.
Do your employees feel appreciated? Do they understand their career progression? If you don’t know, it would be a good idea to find out. Their answers can help you take the needed steps to make your valuable employees stay on your team.