You did it. It took years, but you’ve finally assembled an energetic, highly motivated, effective and efficient staff. But putting that team together is only half the battle. Now, you’ve got to keep it together.
There’s no doubt that you spent a lot of time, money and resources finding the right people for your company. So, if you lose an employee before he or she even has a chance to become truly effective, you’re losing a lot more than that employee. So, you have to take care of your people and get them to completely buy in to your company’s philosophy and culture. Employees who feel that they belong and are a part of something are more likely to stay with your company.
On top of that, the labor market has become increasingly smaller as the job market continues to widen. The population following the baby boomers will not be able to replace them in the work force. Simply stated, there are a lot fewer people available to work. This reality heightens the concern of employers who are already facing the challenge of recruiting and sustaining a high quality work force while maintaining costs.
“Today’s work force is also not as firmly rooted as they once were, with a large portion of the labor market having four to six jobs within a specific profession over the course of their career,” says Jessica Galardini, COO of JRG Advisors, the management company for ChamberChoice. “The stigma for workplace movement no longer exists, yet the cost to employers for lost productivity and replacement expenses continues.”
Smart Business spoke with Galardini about employee retention and ways an employer can keep employees happy and satisfied.
Why is employee retention so important?
The ability to hire and retain good employees is critical to any company’s bottom line. As employees grow so does your business and profitability. As the old adage states, an organization is only as good as the people it employs. Employers need to be creative and implement recruitment and retention techniques to attract potential employees and keep current employees passionate and committed.
Perks such as benefits, vacation days, bonuses and flexible hours reward employees for a job well done and will motivate them to produce similar results in the future. Recent studies show, however, that such perks only focus on about half of the picture. It is best to realize that motivators differ among individuals. Providing individually suited perks will keep employees most satisfied.
