When a trusted, hardworking employee decides to leave the company, the company is faced with the nightmare of finding a replacement.
Investopedia has released an article stating that it will take +/- 6 months for a new employee to be fully trained and in a natural routine in their position. According to the article, the productivity level during the first month or so, after initial training is completed, will be at about 25%, which means that the cost of lost productivity is 75% of the employee’s salary. Only around the fifth month can the company start expecting the employee to reach his or her full productivity.
Those stats are scary! They show just how much job security and an employee’s happiness mean to a business’s outcomes.
To prevent their best employees from leaving, managers have to ensure that these employees are treated properly – so that they are not tempted or forced to look for employment elsewhere. If you are a manager or business owner, here are some tips you can use to keep your best employees happy, and to discourage them from leaving:
Build trust with your employees:
Building and maintaining relationships are vital for the success of any business. Employees want to know that they are cared for and that they can ultimately trust their managers to make good decisions.
Employees spend so much of their time at work that they also want to feel like they are a part of something bigger, something special. This is why it is important for you to ensure that your employees are happy with their working environment.
Allow employees to give ideas:
If you want to keep your best employees, allow them to be a part of the decision making process. Allow the star players to shine; after all, they must be doing something right. Create a space where they are able to freely share ideas and give suggestions. Not every idea can be rolled out, but giving employees a voice will allow them to see that you value their opinion and work.
Acknowledge good work:
No one expects you to go around praising everyone every day. But when an employee performs a task well, or achieves something important, let them know. It’s that simple.
Remember that money talks:
To keep your best employees, you have to be willing to pay them accordingly. This does not mean that you have to pay them outrageously high salaries – that wouldn’t be realistic. Just ensure that they aren’t being paid below-average rates for their excellent work.
Encourage open communication:
Open communication with your employees will help you identify the factors that cause your best employees to decide whether to leave or to stay. In this context, Ellie Martin, on Tech.co, states that conducting “stay” interviews is informative and effective. In her article, she recommends the following: “Periodically have a formal interview with your employees and find out what it is that is making them stay. This will give you great feedback in terms of what is working; in addition to the feedback of what isn’t that you get from exit interviews.”
No manager wants to have to say goodbye to hardworking employees, as this only makes life harder for the hiring managers who have to find the replacements. But with the right principles and management strategies, this doesn’t have to be the case.