[01.17 | Keywords: Human Resources, Engagement, Retention]
Employee turnover is a costly problem.
According to a study conducted by the Society for Human Resource Management, employers spend six to nine months of an employee’s salary to find and train his/her replacement. This represents a massive waste of resources and doesn’t even take into account the negative toll employee turnover has on productivity and the overall profitability of a business.
Poor leadership is often at the root of high employee turnover. According to an OfficeTeam study, nearly 50% of employees are likely to leave their jobs if they don’t feel recognized by their managers. So, what can you do to keep your employees satisfied and engaged?
It all starts with management. Your management team must lead by example and work to develop specific skills that support employee retention through increased performance, motivation, job satisfaction and more.
Following are some things management can do to help reduce employee turnover and enhance business results:
Recognize employees. When you recognize and reward your employees for a job well done, you positively impact both their performance and engagement. While this may seem like an easy thing to do, many leaders struggle to do it effectively. Take the time to acknowledge the success of your employees and find effective ways to let them know they are appreciated.
Create opportunities. Often, employees leave a job because they feel there is no room for growth. When you invest in your employees by creating new opportunities for education and career advancement, you provide them with a reason to stay.
Promote your vision. Employees who feel their work has meaning are driven by a sense of purpose and often are more dedicated to their jobs. Communicate and demonstrate your vision with your team, and inspire them to reach out and achieve their goals.
Cultivate respect. Treat your employees with respect, promote respect between team members and earn the respect of your employees by being responsive, admitting to your mistakes, demonstrating that you value their time and energy, and creating an inclusive culture.
Encourage employee development. Provide your employees with the opportunity to further develop their skills and education. Put together a development plan for each employee, provide the tools needed to meet their goals and cross train to create more variety in their job.
Communicate effectively. The ability to communicate effectively when delivering messages to your team is vital. Poor communication can lead to employee dissatisfaction and result in high employee turnover. Make clear and consistent communication a priority if you want to keep your workforce engaged for the long haul.
Provide clear feedback. While providing solid feedback about past performance is a must, it is also important to relay information throughout the process. Let your employees know what is expected of them and work with them to determine realistic timelines and results, so there are no surprises at the end of a project. Being left in the dark about their performance can lead to employee dissatisfaction and turnover.