Employee Retention: 7 Tips
Published on - 01/09/2020
Worried about retaining employees in 2020? The economy is rocking, so you know supply chain recruiters are bound to come-a-knockin’.
How do you keep good talent? Here are a few tips for your talent retention program:
- Employee Satisfaction – An unhappy employee will leave, no matter what you pay or how good the benefits are. Make sure the grass is greener with you so you can retain employees.
- Employee Benefits and Perks – Stay on top of the competition in your industry. Find out what supply chain recruiters are offering your top performers. If you promise a perk, keep your word. Employees don’t forget your offers.
- Employee Salary – Don’t assume your people are happy with the status quo and don’t wait for them to ask for a raise. You have staff right now who feel they’re not being compensated fairly, but they may never tell you that. Be proactive with employee compensation. Employees read a lot into their compensation, especially in comparison with their peers. Salary dissatisfaction can be an emotional minefield for some, so don’t underestimate its importance.
- Office Culture – The best way to retain (and recruit) top talent is to create an enticing office culture. Think about it like a club employees want to join. Consider the different personalities in your office, not just their job description and work habits, but their hobbies, their passions. Younger employees may be more motivated by social/humanitarian/environmental causes than generations past. Many are seeking work/life balance with flexible work schedules and remote work options. Learn what matters to your employees and show them you share the same values.
- Set Clear Expectations – Now that you know what’s important to your staff, make sure they know what’s important for them to succeed in your organization. Punctuality? Attention to Detail? Speed? Perfect Attendance? Productivity? Creativity? Innovation? Conflict Resolution? Do you have an open-door policy or want them to handle problems on their own? Communicate your priorities so they can adjust accordingly. This is key to retaining employees.
- Ask for Feedback – Let employees answer anonymously to get the most honest responses. Ask them what they like about their job, the company and where they think improvements can be made. Keep it simple and brief, with multiple choice answers to get them thinking and room to contribute more if they choose. Then look for patterns to improve morale and retention. Take action and show them you’re listening.
- Remind Them – What’s your company’s mission and vision? Its purpose? Make sure employees know where they fit in, why the work they do is important and how you would miss them if they left the organization.
Employee turnover costs you money and time, in ways you won’t even realize right away. Be good to your staff. Listen to them, even if you don’t agree with them. Remind them how much they matter. You’re all on the same team. Make sure they know that, and you’ll enjoy higher employee retention rates and productivity.
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