Forties People

Employee retention is vital to both the short and long-term success of your company. Most managers will attest to the fact that keeping hold of the best employees will ensure customer continuity and satisfaction, increased productivity, content reporting staff and the retention of key organisational knowledge and learning.

In any economic climate, the most talented will always find employment, so if you don't make that extra effort to do all you can to keep the best you've got, your business will suffer, and not just financially. Think of the time and investment you'll need to make to train new staff, the price of lost company knowledge, staff ‘mourning', insecure employees and costly search fees. Those factors notwithstanding, it has been estimated that losing a middle manager can cost an organisation up to 100% of his or her salary. Replacing a senior executive costs even more, so follow these tips on how to keep your best employees.

1. A contented employee will know what is expected of him or her on a daily or weekly basis - If you suddenly change expectations or job specifications, it robs the employee of their internal security and creates unhealthy stress.
2. Make sure supervision or management of the employee is of a high standard - Oftentimes, people leave companies or organisations because of their managers and supervisors, rather than because of the company itself.
3. Give your staff the freedom to express their thoughts and ideas in an open forum - Providing an environment where employees are comfortable giving feedback will prevent the most creative from constantly ‘biting their tongues' and subsequently leaving.
4. Use the skills and talent on offer to your advantage - How many of your employees could contribute much more to the company than they already do? Motivated employees will want to do more than simply what it says on their job spec.
5. Make certain every employee is treated fairly and equally - Staff morale can very quickly go downhill if it is thought or perceived that certain employees are being si ngled out for special treatment, financially or otherwise.
6. Every employee needs the tools provided to do his or her job properly - Whether it's training, relaxed time constraints or employer temperament, make sure they are properly equipped to fulfil his or her role to the fullest.
7. Take the time to get to know your staff on a professional level - Learn about their skills, talents and interests. A common reason for leaving a company is that the employee feels their bosses didn't know they existed.
8. Make sure you never make threats to an employee's income or job security - Even if you know redundancies are a possibility, never put a voice to those thoughts because if you do, morale will sink very quickly and everyone will start to update their CVs.
9. Make your staff feel like they are the most important part of the business - Because they are. Say ‘thank you', give them financial rewards, bonuses and gifts. They raise motivation and give the staff a sense that their employer is thinking about them.
10. Communicate with your staff - Open, informal and consistent communication can be the difference between a successful, productive and forward-thinking company and a culture of fear and uncertainty which will inevitably lead to lost productivity, decreased motivation and empty desks.