Staff retention

5 ways you can proactively work to improve your employee retention

The full and original article was published on TLNT by Bill Copeland

The Bureau of Labor Statistics reports that 2.8 million people quit their jobs in March 2015, putting it back to pre-recession levels.

This is expected to accelerate as employees grow more confident in the economy amid a rising number of job openings.

That’s why employee retention should really worry companies, from a talent drain perspective and from a competitive standpoint.

Why retention is so critical

For employees, this is now “their time” to make a move. They’ve worked in poor work environments, received a small or no raise at all, and have put up with pressure on productivity and high levels of stress in the workplace during the recession. Now the tables have turned and it’s fast becoming an employee-driven marketplace.

An increase in voluntary turnover is disruptive to the business, causes the organization to lose focus and increases recruiting time and costs. It also makes it far more difficult to meet your revenue target and other goals if the employees delivering on those goals are constantly churning.
Smart companies are looking at this trend and putting resources and programs in place to reduce their voluntary turnover levels. It is far more cost-effective to retain a good employee than search for a replacement.

Here are five (5) suggestions to help improve your employee retention (read them in more detail in the full article):

1. A compensation bump can increase your retention
2. Offer additional benefits as a retention strategy
3. Referral program
4. Training and learning programs
5. Review (and fix) internal procedures

The full and original article was published on TLNT by Bill Copeland

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