Effective employee retention is based on the fact that people stay with something until the pain of staying exceeds the expected pain of leaving. Most people who are really good at something, like your top employees, have a low 'pain of leaving' because they know they can find something else quickly. So the trick to increased employee retention is to minimize the 'pain of staying'.
To Increase Employee Retention, Lower The Pain Of Staying
What are the pains of staying that you can change in order to increase employee retention? They are the things that employees go home after work and complain about. They don't complain about being well paid. They don't complain about good working conditions. Address the things they do complain about and you will increase employee retention.
Here are my top ten tips to reduce the pain of staying and increase employee retention:
- Treat each employee with respect and as an individual
- Provide fair compensation including benefits
- Clearly communicate expectations, goals, rules. Let them know what is expected of them.
- Put them in places and situations where they can succeed.
- Give honest feedback, both positive and negative.
- Actively listen to them
- Celebrate successes, big and little. Make the workplace fun.
- Get them involved and keep them informed - give them any information that tells them how their work fits into the overall company effort.
- Be flexible - whether that means specifically providing flex time or just letting them leave work early for a personal matter when appropriate.
- Provide training and show them advancement opportunities. Help them turn a job into a career.
What's your best tip for increasing employee retention?
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