How to Improve Your Employee Retention

How to Manage Employees

Employee Magnet

Your company puts a lot of time, money and effort into finding and hiring the right employees. Shouldn't it invest equally in keeping them?

Author Tiffany Delmore thinks so. "Employee turnover has become one of businesses' most pressing problems in a tight job market," she writes in an article for "A recent Gallup report estimates that U.S. businesses are bleeding $1 trillion annually because of employees who leave voluntarily. What's worse, 52 percent of exiting workers said they might have stayed had their manager or organization done something to keep them from jumping ship."

But what, exactly, can be done? For starters, try giving your employees a path for advancement.

"A 2017 study by job site Hired revealed the top four reasons people give for disliking their jobs: few opportunities for advancement, company culture, low salaries, and unlikable managers and co-workers. Employee-development programs could improve the employee experience in at least two of those categories," Delmore says. "Management must have a conversation with each employee about his or her career interests and goals. An individualized development roadmap should establish measurable objectives for each employee and a feasible timeline for achieving them."

Also, never underestimate the power of a pat on the back. "Show appreciation for a job well done," Delmore continues. "High-performing employees often begin exploring their options when their managers fail to acknowledge their accomplishments. Keep in mind that the most effective recognition is prompt, authentic and in line with the actual achievement. That could mean a bonus or another financial reward, but sometimes writing a thank-you note … is the best way to go."

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