Talent management matters. The ability to attract, develop, engage and retain talent accounts for 29% of the difference between high and low performing organizations.
Do
you want to know the secret to lowering turnover and increasing engagement?
It's all too simple. Treat your employees well. Increasing retention isn't a
complex web of 100 different metrics; increasing retention comes from treating
your employees like the people they are.
Retention
of top talent is essential to the bottom line. Every time you lose an employee,
you lose money, time and employee morale. Here are just some of the costs
associated with employee attrition:
- Lost business if they go to a competitor
- Lost engagement when retained employees see a peer
leaving
- Lost money and time hiring a replacement
- Lost money, time and team productivity while
training the new employee
- Lost productivity while the new employee is in the
early stages of the learning curve
- Lost business through inevitable learning errors
However,
if you can increase employee retention, you can eliminate
costs and reap additional benefits. Think of employees as an appreciating,
rather than a depreciating, asset; they are worth more to your company the
longer they work for you. Additionally, a consistent workforce is necessary to
build a high performance company culture and organizational health.
We
believe that people are at their best when they feel happy, healthy, and heard.
This is the key to retaining top talent-if you can make and support the best
version of a person's self, it will be near impossible to get them to leave.
5
Steps to Keep Employees Happy
- Hire right from the beginning. A lot of
workplace unrest comes from the mismatch between how the job/company was
presented and what the actual job/culture entails, or between the
capabilities of the new hire and what is actually needed to do the job.
These mismatches create anxiety and mistrust, both on the employee's and
employer's sides. Not only will properly informed and qualified candidates
be happier in their jobs, hiring the right candidate will also reduce the
number of people that leaders will have to let go.
- Provide challenging work and goals.
Employees are happy when they are making important contributions to the
team. Challenging work, and goals built around those challenges, provides
a sense of accomplishment and pride, both of which are important to
employee engagement and retention.
- Recognize your employees, and help them recognize
others. One of the most
meaningful gifts you can give an employee is recognition. Though there are
endless ways to accomplish this, a sincere "good job" in front
of peers is sometimes all that is needed.
- Give employees clear expectations, direction, and
purpose. Employees are happiest when
they are delivering on the expectations set for them. When they don't know
what the expectations are, they feel adrift, spending their work hours
checking boxes without knowing why. Connect your employees' tasks with the
company's overall direction and purpose, and they will be less likely to
leave.
About LSA Global
Founded in 1995, LSA Global is a leading performance consulting and training firm that helps high growth technology, services, and life-science companies create a competitive advantage by powerfully aligning their culture and talent with their strategy. Learn more about getting aligned
