When you consider the intangible costs of employee turnover, the ramifications go far beyond monetary losses. You can’t ignore factors like loss of productivity, disruption to workflow, decreased engagement, reduced morale, and even gossip.
As a business leader, retaining your dream team is integral to the long-term success of your organization, and activating a strong employee retention strategy is vital to ensuring top talent sticks around.
Why Are Employees Leaving Their Jobs?
Recent research conducted by Gallup, identified the top five reasons employees are voluntarily leaving their jobs:
- Career growth opportunities
- Pay and benefits
- Manager or management
- Company culture
- Job fit
With these issues in mind, we’ve put together a list of employee retention strategies that will help you retain talented and motivated employees who truly want to play a role in furthering your organization’s success.
1. Provide Opportunities for Education and Advancement
According to Gallup, “56% of somewhat disengaged and 73% of actively disengaged employees are actively looking for a different job.” In other words, the more disengaged your employees feel, the more likely they are to job hop.
By investing in your employees’ personal and professional growth, they will feel valued and more loyal to the company long-term. Plus, as the world of work evolves, your organization will need people with new and emerging skill sets. Providing ongoing education opportunities and clear paths to advancement not only benefits your people but also provides your company with a competitive edge.
2. Offer Competitive Compensation Packages
Fair and competitive compensation sets the tone for long-term satisfaction and shows your employees that they are valued. Remember, money matters, but compensation goes beyond salary.
To increase retention, work with your employees to develop a customizable package that suits their unique needs.
Get creative with your tactics:
- Profit-sharing
- Bonus programs
- RRSP contributions
- Health spending accounts
- Paid time off
- Gym memberships
- On-site childcare
- Casual dress code
- Flexible schedules
- Annual company trip
- Employee discount program
3. Keep an Eye on Your Managers
People leave managers, not companies. If you see a turnover trend in a specific department, it may be time to evaluate your manager’s leadership and soft skills. A skilled manager knows how to encourage and motivate different types of people, can mitigate conflict, maintain productivity and morale, and effectively manage stress.
To avoid disengagement, make space for two-way feedback amongst the team and listen to what your employees have to say. If you’ve put the wrong person in charge, don’t wait for frustration and disengagement to build. To avoid the trickle-down effect of poor leadership, take action to correct your mistake.
4. Hire the Right Person the First Time
If you’ve hired the wrong person, no retention strategy will stop them from walking out the door. When hiring, start with a clear job description. Be transparent about the role, responsibilities, the hard and soft skills needed, and experience required. Put all of your expectations on the table, don’t sugar-coat the challenging aspects of the job, and know what type of person is going to fit into your company culture and team dynamics.
When evaluating a candidate’s resume, look for the signs:
- Does their work experience show longevity?
- Do they actively volunteer or engage in activities outside of work?
- Are they involved in any team sports?
When you read between the lines, a candidate’s resume can tell you a lot about whether they’ll stay the course and invest in your company long-term.
Retention starts with recruiting.
At BullsEye Recruitment, we’re known for creating win-win solutions for employers and employees, and have built a reputation for ‘finding the right person the first time!’ If your Calgary company needs a little help filling an accounting or finance role, one of our experienced, specialized recruiters would be pleased to create and execute a well-rounded strategy, tailored to your company’s unique needs.
To book your free consultation, call now!
P: 403.264.2242
E: trevor@bullseyerecruitment.com
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