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Want to create a high-retention culture in your company? Implement these four policies today!

by , 17 December 2013
People are the key differentiators between companies that are successful and those that aren't. If you want to create a healthy culture in your company, you need high staff retention. Simple as that. Implement these four policies, and you'll be well on your way to achieving this.

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:

  1. It takes time to look for someone suitable, and there are recruitment costs, time and cost of training and time lost to get the employee up to speed to consider. It might also result in the loss of talent, productivity and quality shortfalls, poor morale and customer dissatisfaction.
  2. A new recruit only achieves up to 60% output in the first three months of employment, says the Practical Guide to Human Resources Management.
  3. It takes at least six months for an employee to become 'value-adding' i.e. where he knows your business, your customers and his way around your systems and method of working.

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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