A high employee turnover is a serious problem for any company faced with it. Not only does the regular coming and going of employees pose an administrative nightmare, but it also disrupts the internal workflow of the organization. It is in the interest of every organization, therefore, to maintain an employee turnover that is as low as possible, by seeking out the best ideas to boost employee retention. Following are three time-tested strategies for keeping your workforce as relatively intact as possible.
1. The Right Environment
Amongst all the ideas to boost employee retention, this one is the most important, and for a good reason. The right working environment is not just about interior decoration of your offices or laboratories. It goes much farther than that; it is about cultivating the right emotions in each member of your workforce. This is what people refer to as company culture, a code of conduct between all members of the organization; that is acceptable to each and everyone. If you get this right, a powerful bond will be created between the workforce and the organization, and you will never have to worry about retaining a worker again.
2. Touch Lives
A friend in need is a friend indeed. There are many ways to touch a worker’s life that will deepen his or her bond to your organization. Apart from well thought-out gifts like birthday or wedding presents, you can offer the even greater gift of education to your employees. By offering or helping them out with training opportunities, you will be creating a bond that an ordinary increase in pay from a competing firm cannot break, making them prefer to stay with you.
3. Promote Competence
When thinking of ideas to boost employee retention, many managers or entrepreneurs overlook the simple, yet powerful technique of cultivating excellence in an organization. Managers and business owners tend to focus on struggling employees, and try to bring them to the same level with high performing employees. But then they overlook the high performers and fail to either encourage or push them forward. They may even fail to acknowledge their successes and achievements, leading their best employees to, therefore, feel unappreciated. They may then decide to find somewhere else where they can be appreciated.
Any business owner or manager who follows these three time-tested techniques for retaining members of a workforce will definitely be rewarded with high productivity rates. Sure you will have to pay your workers well, but it is not always about the money. All that has to be done is to foster the right company culture, invest in the training and general education of your workforce and promote competence; that’s it.