Five Keys to Employee Retention

Research from the Bureau of Labor Statistics shows that the average American will hold around 11.3 jobs during their working years. Does that surprise you?  With that average on the rise, perhaps employee retention strategies will be placed higher on the priority list.  Turnover can be detrimental to an organization.  People decide to switch jobs for a wide variety of reasons. Sometimes hiring fresh faces with new perspectives is a good thing, but a constant turnover is detrimental to performance, morale, and the overall sustainability.  Below are 5 ways to help increase retention in your organization.

  • Assist employees in setting career goals with your organization. Ask questions to find out what motivates them.  It is important provide continuing educational opportunities, training, and coaching programs.  By focusing on a goal path with your organization and providing support in the achievement of those goals, retention rates will increase.
  • Good managers are a key ingredient. Statistics as claiming that as much as 80 percent of employee turnover resulted a negative work environment created by a manager rather than an issue with the entire organization. Therefore it is critical that managers are working collaboratively and positively with their employees.
  • Create a trustworthy environment. An organization with a large amount of office politics holds a much lower retention rate than organizations that have developed a culture of trust.  Keep the drama to a minimum to maximize retention.
  • Recognize good performance. Make sure employees are recognized when they achieve their goals and perform above and beyond. Different rewards have a different impact on the employees.  Some may appreciate recognition in front of their peers while others may be motivated by monetary rewards.  It is important to know your employees and what motivates each of them.  If you are unsure as to which is the best way to recognize and retain your employees, the best solution is to ask them.
  • Look for more than just skills in a new employee. A hiring manager must not only focus on the skills and talents of a candidate, but must also take into consideration how his or her personality will fit into the culture of the organization.  Keep in mind that a very talented individual with a negative attitude can quickly bring down the atmosphere of an organization which can drastically increase turnover.

What employee retention strategies do you use to engage and retain employees?