Unhappy employees tend to go running to your competitors if they get a better offer from them. It's not rocket science.
After all, hiring talented employees is just the beginning of creating a tough workforce: it's pretty obvious why keeping these talented diamonds is crucial.
STEPPING UP AND KEEPING STAFF
With the economy picking up, being a middling manager and just giving stuff away to your employees isn't going to cut it. You might think the solutions to staff retention quandaries are easy but how do you know what works and what doesn't?
MOTIVATING YOUR WORKERS ISN'T ENOUGH
Offering your employees clear career paths = a retention winner. People like to know where they're going. They like their skills to be recognised and to develop those skills even more. This results in a more valuable employee and a more satisfied individual.
Lapses in internal communication helps employees' discontents fester into resentment, at which stage they'll be walking. Having a chat with your employees one on one can cost only 15 minutes a week. Not doing it could cost an awful lot more.
HIRE RIGHT IN THE FIRST PLACE
It makes sense that companies should be systematically finding talented workers...yet according to a Harvard Business Review article, only 9% of companies say they have a method. 89% of survey participants said that they had a largely informal selection scheme - in other words, one that results in mis-hires.
TRACK YOUR STAFF RETENTION
What gets measured gets done. How can you tell if something's working if you're not tracking it? An easy way to do this is to keep an eye on your current employee retention rate.
Figuring it out is simple.
Divide the number of employees who left during a period (last quarter, for instance) by the total number of employees at the end of a period to get the percentage.
Have we missed anything? Share your ideas in the comments!