Skip to content

September 28, 2018

Create An Environment Where Your Best Employees Thrive

Most managers would agree that it’s easier to retain good employees than to hire new ones. Employee retention is one of the most important factors in your ability to develop a positively productive team. According to Willis Towers Watson, more than 25% of employees, including key employees and top performers, are open to leaving their jobs. The cost to replace one of these employees can exceed 200 times their salary! While money is a key factor that contributes to employee retention, other factors also play a role.

  • Training and development. Departing employees often cite a lack of training and development opportunities as major factors in their decision to leave a company. As a manager, developing your employees, especially your star performers, helps you motivate and inspire them to continued excellence. It’s visible proof that you care about their careers and are willing to invest in them.
  • Flexibility. Just because a process or policy has been in place for a while doesn’t mean that it still makes sense. Consider being more flexible when it comes to work hours, how work is performed, and how team members collaborate. Are there jobs that don’t require full-time attendance to perform? Treat staff like the adults they are and let people decide to work how and where they are most productive, based on the results they need to deliver.
  • Customized recognition and rewards. While it’s important to recognize and reward the entire team when a milestone is reached, remember to honor individual employees for their accomplishments. Consider each employee’s preferences for rewards and personalize them. Make recognition immediate; don’t wait for the quarterly, all-staff meeting. See my blog post How to Thank Your Employees for more information.

Good employees can be hard to find and harder to retain. Create an environment where they flourish and want to build a career, trust them to deliver excellent results, give them opportunities to grow and develop, and recognize a job well done.

Read more from Uncategorized

Comments are closed.