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High Employee Retention – A Crucial Component a Successful Business

High Employee Retention – A Crucial Component  a Successful Business

In an era where young workers are no longer concerned about long-term employment with a specific company, maintaining a high employee retention rate can be challenging. An organization that can sustain its staff long-term reaps benefits such as utilizing fewer resources and time needed to retrain staff, higher production rates, and an overall improved image .

Continually having to fill positions can be hard on the company. It requires a lot of time to properly train new staff to successfully step into a new role. Clients and customers can also be affected by high turnover of staff due to mistakes of new employees and concerns over how the company is run.

That’s why maintaining a high employee retention rate is crucial for the success of a business. Employee retention efforts should begin from the moment new employees are recruited and should continue throughout their employment. If you wait until an employee hands in their resignation letter, you already missed multiple opportunities to discover the challenges your employees are facing that cause them to leave.

But how do you keep your employee retention rate up?

Start With the Hiring Process

Your employee retention rate starts with the individuals you hire. As you facilitate the screening process, taking a critical look at the work history and experience of a potential candidate is essential. That information will inform you of candidate loyalty as well as past problematic issues in the workplace.

That isn’t to say someone who hops from job to job wouldn’t be a good fit; they might be looking for the right company to settle into.

Screening potential employees also means finding those that fit into the company culture. If you hire team members who do not share the same work values as the rest of the staff, it won’t take long before they begin to butt heads. Employee relationships can be a significant factor in employee retention efforts.

Encourage Open Communication

Communication in an organization, at any level, is critical for the success of the business. When staff cannot communicate and work with one another, it will be difficult to complete assignments successfully and stay on task. If employees feel they cannot confide in and talk with their superiors, they may not feel comfortable in their work environment.

If you can keep an open line of communication between management and staff, as well as amongst the staff, a community and family-like feeling can be created within the workplace. If the staff feels comfortable contributing to their organization, there is an increased chance that they will want to remain working there. However, if they feel like they cannot participate due to lack of communication, or that they work in a hostile environment, it won’t take long before they offer their resignation.

Provide Needed Training and Encouragement

When team members feel that they cannot develop their skills at work, they may consider  locating an organization that promotes these efforts. More often than not, employees want to continue to advance in their career. If they feel like they have reached the end of the road regarding development and promotions (unless they are comfortable with where they are at), staff members will seek out opportunities that allow them to keep developing. Offering employee training is a key step to retaining staff members.

You also need to encourage your staff members. Whether it be a pat on the back, recognition at the next staff meeting, or creating incentives for a job well down, encouraging your employees in any way is a proactive step to keeping them on your team. When they feel valued and recognized for their work, your staff members will be more inclined to continue producing high-quality work for the company.

Utilize Team-Building Exercises

Whether you need to boost morale in the office or offer your employees a fun little break, team-building exercises are an excellent way to enhance office relationships. These types of activities allow staff members to work together to solve challenges. You’ll be able to watch your employees grow together while having a bit of fun.

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by Rebecca Jones // Contributor to Businessing Magazine.

Opinions expressed by contributors are their own.