Retention is important to the success of your company because you want your best people to stay with you. If they aren’t engaged, they may leave. When your top talent leaves not only do you have to spend money on finding a replacement, you also risk having to settle for a less talented employee. Here are some secrets about employee retention that will help you retain your best employees:
Flexibility
Too many companies take a cookie cutter approach to employees. They treat them all the same even though each individual has different needs and different personalities. Employees of all generations need flexibility around things like children, school, caring for parents, and even pets. While equality is important, equal does not always mean the same. People have special circumstances for many different reasons. Companies who are overly rigid can end up marginalizing their best employees. You have to get to know your employees, have an open-mind and try to find ways to make sure they receive everything they need while still meeting the needs of their position.
Respect
Respect is crucial to retention. Employees need to feel appreciated. They need to feel like they are being heard and their opinions matter. They also want to feel like you care about their success. You have to show them you are invested in seeing them advance in their careers. You need to create an environment where people feel safe speaking up. Respect also means understanding that sometimes life gets in the way. For example, requiring an employee to make up hours when there’s a family emergency or personal matter can be disrespectful.
Scope
You have to consider the scope of your retention plan. It isn’t all about compensation and benefits. Employees care about opportunity for personal and professional growth and the chance to learn new skills. This is why constant training and professional development are both so important. It also means understanding not everyone contributes in the same way. You have to really focus on the individual and figure out what they want. Many companies hire MBAs, but some people want to pursue a different avenue that would be an equal but different contribution.
The most important thing to remember is that you can’t use a cookie cutter approach to retention. Every employee you have has unique goals so one size will never fit all. A good leader recognizes that employees know how they want to improve and adapts their retention strategies to fit each employee.
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