Employee retention is probably the most important notion companies are trying to implement when adopting the Management 2.0 method. Over time, many aspects regarding the organization, structure, and needs of employees have changed. Sadly, many managers still do not seem to grasp the importance of this issue.
How can you ensure that your managerial efforts will have a positive impact on your employees?
How can you spark a feeling of loyalty that will push them to surpass themselves and make them feel valued within the company?
There are many ways in which to achieve this. Here are three:
As a manager, why should you try to retain your employees?
First of all, companies have adapted their recruitment methods with the goal of attracting the best possible candidates. While many companies are very creative when it comes to recruitment, the majority of them stop their efforts after hiring and have no retention plan.
Did you know that the costs associated with a low employee retention rate can represent a very large sum? Indeed, an employee that no longer has any motivation or goals within a company is at risk of leaving to work for another employer. Long term, this can be very expensive.
Therefore, a company that makes efforts to retain its employees will come out on top and be much more profitable. It is an excellent way to retain your internal resources’ expertise. After all, keep in mind that retention adds value to your company.
1. Provide Your Employees with Growth Opportunities
What is a growth opportunity? In fact, it is the constant personal or professional improvement of employees. It consists of providing methods and tools to your employees in order to help them develop their skills and further their training.
Take the example of a young graduate newly hired to your company. Of course, his knowledge is good, but he could still benefit from specialized training helpful to his team. By widening his field of expertise, he will add value to your company.
When you provide your employees with the opportunity to deepen their knowledge in a field related to your company’s activities, you are contributing to the development of a feeling of loyalty on their part towards you and your organization.
2. Identify the Leaders within your Groups
In every company, there are some employees who are better than others. They may have more knowledge, learn more quickly, etc. However, there are many aspects to take into consideration other than an individual’s skills, such as:
- Their capacity to manage difficult situations
- Their capacity of collaborating with others
- The individual’s general behavior
It is therefore important to target these individuals in order to build teams of employees who complement each other and work well together.
Why? Because, they are the very essence of your retention plan. A good leader will ask the right questions to their peers and will be able to discover their motivations, or even the reasons that could eventually push them to want to change jobs.
Employees who are supported by a good leader are more inclined to stay, as they have the opportunity of working with people who help them develop their skills and self-esteem.
There are many advantages that you can offer to your key employees in order to motivate them to keep working for your company. Are you familiar with the Cost-Plus Program? It consists of an agreement aiming to reimburse the expenses usually not covered by healthcare or dental insurance plans. Do some research; it could be an interesting option to explore!3. Demonstrate your Trust and Appreciation
One of our most important needs is the need for esteem. Indeed, receiving positive feedback from a peer or manager regarding their work can have a very positive effect on an employee.
Are you wondering how to best demonstrate your appreciation to your employees?
In fact, as easy as it may seem, simply thanking them for completing their work or doing you a favor can have a big impact on your relationship. It is a small gesture that requires very little time on your part, but that can be very effective.
You can also give your employees more autonomy. As you know, trust is a powerful source of motivation. It shows your employees that they are important to you, and that they are not just a number within your company.
In conclusion, retention should be part of a series of values that your company offers to its employees. It allows you to stand out from the competition, while also attracting new talent. As a manager, you have the responsibility of finding solutions to develop your employees’ potential, identifying and supporting your best team members, and emphasizing the trust and appreciation you have for them.
The best managers know how to surround themselves with motivated and competent people in order to build the best teams.
Finally, employee retention takes time but its efficiency no longer needs to be proven. Your company can only benefit from it.
Samuel Verreault has been working in the business world, group insurance and personal insurance for over ten years. With a strong background in insurance, real estate, and online business, his experience allows him to assist his clients on many levels. Whether it is from a personal, tax, human resources or group insurance perspective, he is passionate and involved with his clients. He goes beyond the simple supplier relationship to become an essential partner in the growth of your business.