As a business owner, you know the retention of key employees is essential to the success and long-term health of your company. Keeping clients happy may have always been one of your business goals, but perhaps you overlooked the company’s most important secret weapon – your employees. Studies have repeatedly shown that business owners and managers can use employee retention/happiness to keep their clients satisfied and their business thriving.
Employee retention is often seen as a gauge for the health of an organization. If you are losing key employees, you may be losing money in training days, idle time from insecure workers, client damage, and loss of employee experience and knowledge. Also, if a crack in the employee structure begins, it can often spiral out of control causing you to lose more than one valuable worker. By using exit interview results, experts have discovered the following retention tips:
When your employee feels his or her contribution to the company makes a difference, they can become a motivated employee. When workers feel motivated, they are often happier and more content which typically means they will stay. Sharing the personal talents and skills of team members can also improve company morale, offer much needed experience, and motivate other employees to become more involved.
While the growth of your company may be important to your bottom line, personal growth is often essential to employee retention/happiness. Without the opportunity to challenge themselves mentally, change daily routines, or be part of a team discussion, the worker may stagnate or become unsatisfied with their position. Another way to provide growth is by sending the employees to seminars or providing speakers that specialize in your particular field.
As with almost every aspect of life, appreciation is important for many individual’s sense of self-worth. When an employee feels they have been recognized or rewarded in some small way, the gesture goes a long way in telling the worker you appreciate their hard work and contributions. Your gift could be money, an employee of the month designation, a special parking spot, a bonus, or a plaque. The gift isn’t as important as the feeling of appreciation the award may leave behind.
The correlation between successful businesses and employee happiness is certainly not a new idea. What is new is the idea that you, as the employer, have the power to effect employee retention/happiness. You have the power to make the work environment one in which employees thrive. That means you also have the power to make your company a success.