"If you have poor retention, nothing else matters."
Employee retention is essential to any healthy company. A high level employee will cost up to twice his or her annual salary to replace and train! If we can help you retain 5% more of your employees, imagine the savings in losing, hiring, and training a new employee. It’s astronomical.
Here are some ways to retain your employees:
1. Start On Day One
Retaining your best employees begins on the first day. Amazingly, new employees who attended a ‘well-structured onboarding orientation’ were 69% more likely to stay at a company for over three years. This includes not just getting acquainted with job specifics, but also getting introduced to the core values and goals of the company.
2. Establish a Mentorship Program
There is a great opportunity within onboarding, or soon after, to introduce a mentor. A new team member can gain guidance from the mentor, and to the mentor, offer a fresh viewpoint and enthusiasm. The ecosystem of mentors, supervisors and team members is dependent on clear communication and feedback. ‘Siloing,’ or feeling alone, can very often lead to an employee leaving, even more than an interpersonal conflict. Communication paths need to remain open so that the employee feels heard and can communicate suggestions for success.
3. Practice Psychological Safety
Psychological safety is the #1 trait Google found across all teams. The ability for members to feel as though they are included, can learn and contribute, and especially dissent, without fear of retribution. The tone for psychological safety is set by leaders, and many are not trained in it or did not learn it growing up. This is singularly the best place for investment I can think of for an organization.
4. Teamwork Makes the Dream Work
In addition to the above suggestions, fostering teamwork - which includes clear roles, objectives and goals, creates a framework where a team can be more than a sum of parts. This creates the belongingness to the team, which retains, retains and retains. Also, a close team is better equipped to deal with change, whether it is a merger, layoffs or simply personal challenges.
5. Career Path Development
Sadly, we have seen top employees leave, costing hundreds of thousands of dollars in a simple rehire, because there was no learning path set forward. An employee from day 1 wants to see the path to ‘success.’ The path can change, but a lack of one can’t. Creating a strategic path for advancement and Continuing Ed is essential to retention.
6. Establish a Rewards Program
Finally, as goals are met, achievements can be celebrated in the most appropriate way the company sees fit. Some have standardized rewards, and others, are able to tailor to both interests and individual ‘love languages’ - words of appreciation, service/favors, etc.
It’s important to remember though, that achievement can come at a cost that must be recognized. There are always the ‘on call’ moments, but if you want them to stay, prioritize work/life balance for your employees. In addition, ways to mitigate a hard job well done are flexibilities such as late arrivals, remote work, extra compensation, or more flexible schedules.
Need help building employee retention? Contact Culture Theory.