Retention is huge for the growth and success of a company. Improved employee relations, an increase in collaboration, and higher profits are all long-term benefits of retention. Not to mention, you save money on turnover costs. Did you know the cost of turnover is about 33% of your employee’s salary? In today’s talent market that number could be doubled.
First things first: how do we reduce turnover costs by keeping our employees satisfied? Build relationships in the workplace by having regular check-ins or receiving feedback between managers and employees. Regular check-ins are proven to add value to your business and teams. They do not always have to be formal meetings. Have you heard of WorkTok – a simple and affordable solution to bridge that communication gap? Oftentimes employees are more willing to have open, honest conversations when there is not that stress of a ”formal meeting.” Keeping a pulse on how your employees are doing by checking in once a week allows you, as a manager, to get to the bottom of any underlying issues that may be bothering your employees. Whether that means workload pressures, scheduling pressures, or even personal stressors, you can provide support where you can if you are aware of the issue. We are human, we cannot expect our personal lives to drop at the door when we walk into work!
Why is employee feedback important and how does it play a role in retention?
- Regular communication helps to set expectations and clarify individual goals from the start. Employees feel confident when they know their expectations and oftentimes set goals for themselves.
- Employees feel seen, heard, and valued when you ask for their feedback. Employees want to feel part of a greater whole.
- Check-ins create a sense of trust with leaders.
With higher rates of feedback leading to satisfaction, motivation, and morale, your business needs to take that next step. Employees that feel confident and empowered in their roles often have a higher level of commitment to their job, more creativity in their role, and drive higher performance. A survey conducted by Indeed said 96% of the surveyed group responded they are more likely to stay at a company if they felt confident in their role.
Investing in your people is the best investment your business can make.
When you invest in your employees, you are showing them you care about their success. Research shows that it will improve your business performance and also is positively associated with higher retention rates. Our team at Leath HR Group has worked closely with newly hired talent in the current market and one of the main requests for a new career is professional development opportunities. Start listening to your teams more often and more intently and you will have highly skilled employees who are more motivated and more willing to be loyal to your business.
“Train people well enough so they can leave, treat them well enough so they don’t want to.” – Richard Branson
Key Benefits of Employee Retention:
- Increased employee loyalty.
- Increase business profits by saving on turnover costs.
- Highly skilled employees.
- Positive customer relations because of confidence in the role, leading to customer retention.
- Deeper connections among leadership and front-line employees.
Build better relationships, have better communication, invest in your people and they will want to stay!
At Leath HR Group, we are passionate about advancing culture in your business to ensure you and your teams are supported to grow. Let us handle HR so you can focus on your business! Tune into our Podcast, HR Nightmares, on YouTube or your favorite podcast platform, and don’t forget to download our Employee Retention Tool, WorkTok.