Change is good but change can be bad for a business. However, change is inevitable.
When a company experiences a high turnover rate, it more often than not affects the business. However, when you begin to lose great talent, it definitely raises a few eyebrows on what issues there may be. Sometimes we may be able to prepare for the expected change but more often than not, we are not given adequate time to prepare for it or recruit the right talent immediately.
But what increases the turnover rate and how do you devise an effective retention strategy? How do you acquire and sustain a satisfied workforce?
Hire the right people. More often than not we hire quickly or ‘desperately’ in a bid to fill a vacant position hoping that the one we hire will blend in the role with time. While most times we may need to fill the vacant position immediately, we must always strive to hire the right people. Those who have similar work ethic as the other employees, are knowledgeable, skilled and have a positive attitude will be able to work efficiently in a company. I have always said that, I employ for attitude and train for skill. If you have a guy without the right attitude, their skill will not help you because they are irrelevant to your business.
Engage employees. Create an environment that engages workers and makes them feel appreciated. Listen to them and address their concerns. Engage them in team building activities, professional trainings, employee appraisals, coaching and other activities that show you value not only their career development but also their personal development.
Offer competitive remuneration packages. While it may not be practical to give salary increments annually, you may want to consider the market rate and offer competitive packages for your employees. This also includes benefits and incentives that will enhance their well-being because we spend most of our time at work. Remember, take care of your employees and they will take care of your business.
Provide growth opportunities. Creating a conducive environment at work does not necessarily mean it has to be fun or relaxed. Employers should be able to provide an environment that gives employees the freedom to be creative, explore ideas and develop new skills and responsibilities.
Manage efficiently. There is a saying that, employees quit managers not brands. Your best talent will work best with a manager who possesses interpersonal skills and involves them in their work routine. You can only stomach so many instructions. A good manager instructs but also involves him or herself in their employees work and keeps them motivated. Ensure your managers develop your employees and most importantly, lead by example.
The key thing is to keep strong employees engaged, challenged, properly managed and well-compensated if you want to increase loyalty. Give them a work purpose that will ensure they thrive. Once you show your employees that you value them then you should not have an issue retaining them.
Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients ~ Sir Richard Branson