Keeping your employees is important. When someone knows your procedures and policies leaves your company, you are going to have to recruit, hire and train to replace them. That’s time-consuming for you. It’s also costly. It can cost from 30% to 50% of an entry-level salary just to find a new person.
What are the best ways to raise your retention level for employees? Here are 3 tips:
Let’s face it; we all work for pay. If employees find out that a similar company in the next town pays more, out their resumes will go. Pay rates are the chief reasons companies lose people. It’s a very good idea to know what your competitors are offering.
Have a reward system
It’s a safe bet that all employees like to be rewarded for good work. It may not be possible to promote everyone. It’s a very good idea, though, to have a reward system in place for the team. This could be weekly pizza parties or donuts, or a free lunch for meeting manufacturing quotas. Advertise them as “Team Appreciation Days.”
You could also start an “employee of the month” contest. This gives everyone a reward in the form of praise. The beauty of doing it per month is that everyone has a chance to shine. If they weren’t employee of the month in June, they have a chance in July!
Do regular performance appraisals
Set up regular performance appraisals, either once a year or once every six months. How does this hike retention? Well, it increases the chances that workers will see the salary and promotional system as fair. Employees who see it as unfair tend to want to leave.
If employees need to bring their performance up a notch, they will know it through a regular performance appraisal. If they are valuable, they’ll be told that and feel valuable. If they are top performing employees, they will know that too.
Know their career goals
You can use the performance appraisal system as a springboard to discussing career goals. Another chief reason workers leave is the sense that there are no promotional opportunities and no career path. so they start looking for places with them.
If you have a forklift driver who would like to move into a foreperson role, the discussion around performance appraisals gives you a chance to know that. You and they will also know if the person’s performance warrants a promotion.
Contact a Staffing Firm Today
Do you need to retain employees longer? We can recruit and develop a retention plan. Staffing agencies are pros. We’re happy to help. Contact us today.