According to Gallup, the cost of replacing an individual employee can range from one-half to two times the employee’s annual salary, and that is reporting conservatively. If, however, voluntary employee turnover is of significant concern, these costs may be the least of your organization’s concerns.

Uproot the bottlenecks, cultivate a strong culture, and plant your committed workforce.

The average worker will seek growth opportunities and a team that meshes well in order to stay engaged and fulfilled. The question is, are your employees finding this at your organization, or will they find it elsewhere?

Sincerity is the Master Key

Even for employees who are soon ready to move on, if their pain points are relieved, they might find a second wind of investment back into the organization. This is especially true if they recognize that the company is authentically investing into their present and future. When this is felt, the conversation shifts from a business arrangement to a relationship of growth and building futures — for both parties.

Employee Retention Is Not Supposed to be Perfect

If it’s time for an employee to move on, it is important to know how to enable a good departure. Having an effective offboarding process is also important for employee retention. When employees know they’ll be looked after in the future, they have no reason to rush away.

Opportunities

So long as there is what to strive for, there will be what to engage with. If an employee doesn’t see growth in their position or the organization, they will most probably have an exit plan in mind.

For an organization to stay healthy, employee development must be a natural part of the structure. Whether this is through training programs, job rotations & cross-training, promotion opportunities, or something unique to your organization, it is most important that the employees feel that there is a future for them to mature at the company. 

Do you have a worthwhile employee to promote without a position to elevate them into? Build a forward looking project around this worker’s skills. Organization‘s often have a surplus of projects and ideas, but lack the people to bring them to life. Whether it’s a project to support the core of the organization, or a venture into a new area entirely, empowering an existing employee could be the next exciting win-win.

Invest in Loyalty

A Little Goes a Long Way

It doesn’t have to be a company wide award, a major social media announcement, or an employee appreciation gala (although any of which could be effective). A simple and sincere “thank you” or “good work” reaches to that essential element of feeling needed. A small token of appreciation (i.e. brownies in the office or shipped to homes), a shoutout during a team meeting/company wide email, or even a short handwritten note reinforces that their efforts are aiding the organization beyond what they may be able to see.

A Listening Ear Goes an Even Longer Way

You may not know what an employee values or hopes to achieve. Asking well thought out and intentional questions, deeply listening (and holding back from speaking) will often build stronger and clearer bridges.

Transparent Communication

Ensuring open and honest communication to your organization will avoid surprises and unease. Tactful communication shows respect for employee needs and in turn builds confidence.

Additionally, employees should feel comfortable sharing their thoughts, ideas, and concerns. An anonymous suggestion box may make it possible for even the most intimidating of C-suites to receive critical and crucial feedback.

Competitive Compensation and Benefits

Providing competitive salaries and comprehensive benefits packages is critical for attracting and retaining top talent. This includes health insurance, retirement plans, paid time off, wellness programs, and other perks that demonstrate the company’s investment in its employees’ overall well-being.

Attention to Wellness

If employees sense that they are only worth their work contribution, it will become very easy to perceive the grass greener elsewhere. On the other hand, if employees sense that their home life, personal well-being, and life goals are being taken into account, they are much likelier to feel aligned with their current organization.

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If any of these approaches are done insincerely, it can have the reverse effect and quickly erode trust.

An employee who knows their job matters, has good coworkers, and gets paid fairly has good reasons to stay with their company.

If you were new to your organization, could you see yourself there for the foreseeable future?