One thing that many businesses have problems with is the retention of staff. When you’ve spent time and money training employees, it can be quite disheartening to have them just up and leave. However, your employees have to look after their own interests and if they are not getting what they want from their current jobs they are bound to want to move on.
Fortunately, there are steps that you can take to reduce the staff turnover at your business. While you may have to make some financial investment in this, compare this to the amount of money you lose on training up staff and then advertising for new staff. It is far better to invest in the employees you already have than constantly be spending time and money recruiting and training new members of staff.
Tips to help with staff retention
Professionals such as the msnbc business panel of experts are well aware of the financial implication of a high staff turnover. This is why experts recommend taking action to reduce turnover rather than just ignoring the problems and throwing money at recruiting new staff. When you lose valued members of staff with years of experience, the loss to your business is even greater. You therefore need to look at ways in which you can reduce the turnover of staff. Some of these include:
· Fair wages: Everyone needs to be able to earn a decent living, so you need to ensure that the wages you pay to your staff are fair. Look at what others are paying for similar roles to help guide you. If you underpay your staff, you cannot blame them for wanting to move on to a higher paid position.
· Provide training: You need to ensure that your staff receives the necessary training to carry out the job. Inability to do the work will invariably lead to low morale and stress for workers. In addition, provide training that will help them to progress within the company so they do not feel stuck in a rut.
· Regular meetings and feedback: Holding regular meetings with individuals is important. It not only enables you to monitor their progress and talk about the future but it also gives them an opportunity to speak with you about any concerns or issues. These can then be addressed rather than the individual just keeping them under their hat and then upping sticks and leaving.
· Give them responsibility: Your employees will quickly get bored if they are simply given jobs to do with no responsibility of their own. Look at each employee and look at the areas in which you could increase their responsibility. This makes them feel more valued and gives them more to aim for.
The key reasons people decide to move on include earning more money, having more responsibility, or getting more training. If you are able to provide your employees with these things, there is a far lower chance of them heading elsewhere.