Are You Losing Employees You Want to Keep?

Did you know that every three to four years, companies lose an average of 50 percent of their staff? While that is a staggering statistic, the cost to replace an employee who leaves is 50 percent of that person's salary. If you're losing employees you'd like to keep, exit interviews and feedback from current employees about their concerns will help you determine your best approach. There are several things you can do without touching base with your employees for specific feedback. Some are harder to employ than others and you may need to retrain yourself in some of your strategies.

For example, increase and improve communications. Tell employees periodically about the advantages of employment at your organization. You may have to set our specific dates to give company updates and schedule the opportunities to highlight the benefits of your company. Compare with your competitors and communicate the advantages. You could hold focus groups, create online databases and hotlines, and conduct attitude surveys. Demand that excellent communication be a priority for all managers and then document your progress.

Another strategy you can use is to develop a retention tool kit. In an earlier Friday Flash article series we suggested that you consider developing your tool kit to include employee relations, compensation, benefits, scheduling, and workplace enhancement tools. The tool kit applies to this discussion of how to retain good employees as because this is a creative process, one that you can customize for your organization, your market, and your employees. Keep your retention toolbox close at hand.

R-e-s-p-e-c-t. Loyalty and respect are reciprocal values in the workplace. We know that there is no substitute for respecting your employees. You can provide individualized work sites, promote the value of relationships with peers and supervisors, and provide valuable training to show your respect for employees.

Recognition. Here are some easy ideas that you can implement immediately to recognize your employees:

-Start the recognition right at the beginning - the new hire.