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Your company's biggest asset is your workforce: creative, engaged, and working hard on behalf of your company. The success you see is success they fought for, and the revenue you enjoy is earned on their timesheet, through countless hours of routine and not so routine work.
But what happens when your loyal workforce starts listening to competing offers, and employee turnover becomes a problem? The data shows that employee attrition hurts morale, it hurts productivity, and it can be incredibly expensive if it gets out of hand.
That's where employee retention techniques come into play. Employee retention techniques are nothing new to business owners. In fact, employee retention is the number one priority for HR professionals in today's workplace - particularly in industries where recruitment and training costs are high.
Employee attrition costs US companies a trillion dollars every year. Small potatoes, no? But that's not the only reason employee retention techniques are important. High employee turnover and a low retention rate is also linked to low employee morale, which has a major impact on your company's bottom line. Not only does the cost of recruitment and onboarding leave you feeling like you stuck the budget money in a leaking bucket, your existing employees also begin to wonder why they stayed. Half-hearted work is slow work, and a disengaged employee isn't able to do his or her best. Any company culture or team adhesiveness goes down the drain, and then you've got, yep, you guessed it -- more attrition. Vicious cycle, with your productivity levels going lower each time (and that onboarding bill getting higher)
Employee retention techniques are an effective tool for keeping employees in their roles and reducing employee attrition. But there's a difference between 'techniques' and 'tactics.' A tactic is great for short-term employee retention, but employee retention techniques are the key to making employee attrition a thing of the past. These techniques may take time to implement, they go to the core of your business practices, and have the potential to completely revolutionize your company culture, but when you’ve got them in place you’ll be where you want to be in terms of engagement, productivity, and, yes, retention.
So let's focus on long-term techniques, not short-term tactics. Here are 8 powerful techniques, based on employee feedback, that every business owner should use.
Remember that employee retention isn’t about you, it’s about your employee. You’re working to create a culture that breeds employee satisfaction and happiness, and there’s no one-size-fits-all. Take the time to get to know your teams and the individuals on them. Find out what they love about working for you and what they hate. On an individual level, find out about their career goals, family needs, or any unique preferences they may have. Knowledge is power, and when you’ve taken the time to really get to know your staff members you’ll have what you need to start a fully effective employee retention strategy.
Once you start, make sure you keep at it. Staff retention tactics are nice to show short-term gain, but we’re here for the long term, and we’d like to keep these employees here for the long term too. Use these employee retention techniques continuously, day in and day out. Make your work environment a place you’d have loved to hang out yourself as a junior employee. Make your benefits and compensation something that they can write home about. And make your company culture the talk of the town: happy, fun, and committed to employee development and fulfillment not just for one key employee but for every single person on the team. All while saving money on employee turnover.