Just bear in mind that it's cheaper to keep your employees than to lose them…
Losing an employee will affect you in these three ways:
Luckily, you can avoid losing your employees if you implement these four policies.
Implement these four policies today to create a good retention culture
#1: Create leadership and an open corporate culture
Leadership is an extremely important aspect of a good retention strategy. If your staff doesn't respect your management team and your corporate culture is rotten from the top, they'll never respect each other and will follow the poor example set by management.
Let your staff raise issues of concern. This is vital to ensure your company doesn't become a negative and toxic environment.
Good whistle-blowing policies can create an open culture, as your employees will feel they can talk about any problems.
#2: Get your employees talking about your company brand
Whatever attracted your employees to your company in the first place is often what keeps them.
You probably spend a lot of money developing your brands for the marketplace, but internal branding should be where you start – your people can often be walking, talking advertisements for your company.
Remember that pride is a commitment driver.
#3: Set clear expectations for your staff
Most employees like to know what's expected of them. Very few employees are able to create their own job specs and even those employees require information about what the company wants them to do.
You should create expectations in the interviewing phase when you're recruiting.
#4: Give your employees rewards and recognition
Benefits aren't a retention factor. Place more emphasis on good communication tools and methods. Provide a link between performance and reward.
With these policies, you'll create a high-retention culture in your company and you'll maintain your competitive advantage.
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