4 Keys To Employee Retention
It is common knowledge that the work ethic and behaviour of employees can either make or break a business. It is therefore no surprise that the happiness of employees, and employee retention is at the forefront of many business owners’ minds. It only takes some very simple actions to make an employee feel valued and happy in the workplace, however many organisations still fail to do so. If you’d like to ensure you keep your employee retention rate high, look to follow the below four steps.
1. Make employees feel valued
When an employee does not feel like they are valued within their role, they are likely to look for other employment. Actions such as a simple ‘thank you’, or offering praise about their work are both very important. These actions shouldn’t always be praise though – a good employee will feel valued when their manager takes the time to provide them with constructive feedback. This will make the employee feel like the manager cares enough to discuss this with them, would like to see them grow and values their long-term contribution to the organisation.
2. Be open and approachable
It is very important to have an open relationship when it comes to communication with your employees. When employees feel like their manager is approachable, they will not hesitate to come forward with new ideas, potential issues, and how they are feeling. Without this ability to raise issues, it will be very difficult for a manager to judge what is going on inside the employee’s head. This can therefore lead to a shock resignation, which could have been avoided if the manager had known the issues that the employee was facing.
3. Offer a competitive salary
Whether people like to admit it or not, salary can be a deal breaker when it comes to staying at a particular job. Whether the employee works hard, has qualifications, or has been with your business for sometime, it is important to remunerate them adequately. A low remuneration rate can make the employee feel less valued, like they are not worthy of the job, and feel as if they are being used. It is also important to have yearly pay reviews, where employees can feel comfortable in asking for a pay rise if it is due.
4. Deal with conflicts privately
There are little actions less professional than dealing with conflict or providing negative feedback in front of peers. If you have an issue with an employee, ensure that you talk privately with them about it, rather than in an open plan office. The simple action of reserving a meeting room will prevent the employee feeling embarrassed and possibly bullied, and will contribute to the wider picture of retaining that employee after the issues have been resolved.
What do you think?
Do you have any further tactics to add to the list on employee retention? There are a number of ways to be a good manager, and ensure employees continue to feel valued. Share your ideas and experiences below and join the AIB conversation.
This article was written by Laura Hutton on behalf of the Australian Institute of Business. All opinions are that of the writer and do not necessarily reflect the opinion of AIB.