Recent stats show that 25% of employees intend to quit their jobs this year. The poor economic times leading to cutbacks and belt tightening have left morale very low. This can prove disastrous to a business. The loss of experienced workers, combined with the cost of retraining, leads to financial losses and a disruption to the business. The object is to not lose employees.
These 5 tips will help you retain your best employees.
1. Lead by Example
If you want your employees to be happy at work, you had better be happy too. If you want your employees to be productive then you had better be productive too. Your employees will take their cues from you and other management members so lead by example.
2. Be Fair and Consistent
Employees need to know what the rules of the game are and if they are changing continuously then it leads to unhappy employees. Your management style should be fair but consistent. Be predictable. Let them know what your expectations are, and how you will handle insubordination, commitments that aren’t met, as well as achievements. Interact and engage your employees continuously, and keep them challenged. If an employee needs time off f
3. Recognize Everyone is Unique
It’s important for management to recognize that every person is unique and therefore all of your employees are going to react differently to situations. Take the time to get to know your employees. Find out about their family, their interests, etc. Create a supportive environment for your employees and you will be rewarded with happy employees that stick around.
4. Provide Positive Reinforcement to Employees
A kind word of praise for a job well done goes a long way. A simple thank you lets an employee know they are appreciated. You can take it further and implement an employee recognition program. Whatever you do, provide positive feedback to your employees.
5. Offer Opportunities to Grow
A common reason for employees to leave is lack of opportunities to grow and boredom. Offer your employees’ opportunities to take courses that will better their skills, offer opportunities for promotion, and cross train employees to reduce boredom. To help reduce turnover you need be able to create passion within the workplace and one way of doing that is with opportunities.
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For a business to be profitable, it must control its costs. During tough economic times, businesses tighten their belts even more. For most businesses, employee costs are significant and employee turnover increases those costs. Just a few simple actions can ensure you have happy long-term employees.