It's every manager's nightmare: One of your best employees resigns out of the blue. Right away, you've got a number of challenges to tackle. Not only do you have to find a replacement for such a talented team member — no small feat when skilled professionals are in high demand, as they are today — but you also have to consider the impact this departure will have on the rest of your staff. Whenever someone walks out the door, people notice, and some will start wondering if they should follow suit. That's why employee retention should be on every company's radar. In fact, creating effective employee retention strategies is one of your most important jobs as a manager.
How to develop employee retention strategies
Succeeding in your employee retention efforts requires you to think about things from employees' point of view. All employees are different, of course, and each has unique desires and goals. But it's a safe bet to assume that virtually all of them want to know they are being paid well and given good benefits. They want to see that they are appreciated by their employer and treated fairly. They want to be challenged and excited by the job they're asked to do.
An effective employee retention program addresses all of these concerns. But it also goes beyond the basics. In fact, it's reasonable to say that your employee retention efforts should start on a new hire's first day on the job. The training and support you provide from Day One sets the tone for the employee's tenure at the company and immediately makes him or her think it was a good choice to join your firm.
Resources for creating employee retention strategies
Take a look at the articles we've prepared to provide step-by-step guidance for businesses aiming to develop effective employee retention strategies.
By developing strong employee retention strategies that build on these elements, any business can keep morale high among employees, contributing to its success.
More advice on retaining good employees
- Employee Retention: 4 Ways to Keep Top Talent Happy and Loyal
- Sure-Fire Ways to Boost Employee Job Satisfaction
- 9 Low-Cost Ways to Keep Employee Retention High
- Improving Employee Retention: 6 Ways to Keep Your Staff Happy
- The People Puzzle: Building and Retaining a Talented Accounting and Finance Team