It is every company’s great goal to retain employees. Why? Besides obvious factors, every departure makes waves. Whether small or large. Not only do departures cause turmoil, but they are also a significant cost factor for companies. With employees who leave, internal know-how also goes. And often also a great personality.
That's why companies make it their goal to identify reasons for resignations, in order to reduce the number of resignations and fluctuation in the company. In today's article, we would like to inspire you with approaches on how you as a company can tackle the issue of "fluctuation" and implement the retention of employees.
1. Gift responsibility.
Show your employees that you trust them. The best way to show it? By giving them more responsibility. Employees grow by taking on responsible tasks and simultaneously become an even greater asset to your company. First of all, this is great for the individual employee’s confidence, and secondly, it creates a stronger bond with the company. This increase in responsibility is understood as trust.
While you're at it, give your employees promotions when they ask for it and clearly deserve them. This does not mean that inflationary promotions should be handed out on a regular basis, but be careful not to be too stingy with them.
2. Don't pay attention to turnover rates alone.
"Our turnover rate is low! Everything is fine on our end." This statement is reactive. A low turnover rate does not equate to job satisfaction. This is deceptive. A low turnover rate can be a result of tight labor markets, convenience, an unusually good compensation system, or external factors such as the location of the company. A low turnover rate can thus also be a product of a certain sedentariness. Therefore, question whether you are doing everything you can to prevent unwanted turnover constantly and proactively. Include “risks for fluctuation” in your regular management optimization processes. This in turn increases employee satisfaction and motivation.
3. Continuing education.
It's a classic: as soon as a manager is asked about a continuing education opportunity, questions come up. Why does he/she want further training? This further education is almost irrelevant to us. Does he/she need it for somewhere else? We’ll reveal a secret at this point: If this were the case, they would have left even without further training & education. Further training is also a sign of trust. You invest in the employee directly, and indirectly in your own company. Remember: every additional knowledge and know-how is an added value for your company. If you don't believe in it, believe us and take the plunge.
4. Watch out for signs of fatigue.
Act quickly to counteract signs of employee fatigue. The more you pay attention, the less likely an employee is to lose motivation. Be generous with time off for your employees. Constant 100 percent pressure is inappropriate. Every one of us needs time to catch our breath. Build small breaks into the work day, encourage team-building activities, or even consider whether a spontaneous day off could be helpful. In this context, as always, it's worth mentioning flexible working hours and conditions.
5. Don't wait for information from termination interviews.
If you, as a company, want to retain your employees, you should first and foremost also examine the reasons for their continued employment and retention. Work to strengthen them! Ask yourself (and your employees): Why do you want to stay? Let your employees tell you what they need.
Often, you don't find out about everything that could have been better until you receive that information from an exit interview. It is then that you realize that this termination could have been prevented with continuous communication. Therefore: proactively seek exchange of ideas and wishes with your employees.
6. Show gratitude.
Gratitude can come in a variety of forms. These forms range from employee events, to wellness days, to gift certificates or public expressions of gratitude. The key here is continuity. The monetary value of gifts is quickly forgotten. What remains is the authenticity of gratitude.
Business News Daily has listed some great ideas on how to communicate and show your gratitude to your employees. We encourage our partner companies to gather some inspiration here: https://www.businessnewsdaily.com/8152-employee-appreciation-tips.html
We find it inspiring how many companies have made employee satisfaction and retention their mission. Be a company that proactively addresses this issue too. Good luck from the whole team at Pickvogel!