You can’t please 100% of the people 100% of the time… But if you’re a business owner you should try to aim for at least a 75-80% satisfaction rate from your employees. Otherwise? It’ll cost ya.
It’ll cost you time, energy and money. And a lot of it. These costs are translated in money lost from training, traveling, and time on the clock. We are talking about big bucks here, especially if the bulk of your employee turnover is in management roles…
On the flipside, keeping employees on long term is an incredibly valuable asset. They possess qualities and contextual knowledge of your company you can’t teach a new someone right away. They have the skill, familiarity, experience, and product knowledge to keep your company going strong.
So how do you keep these great employees happy?
It seems obvious, but, like parenting, there are a number of methods and strategies you can look at. Surprisingly it’s not all about money, either! Here are a few ways to retain great employees (inspired by this Forbes Article)
Communication – Like any relationship, communication is key to maintaining a healthy employee/employer relationship. And effective leadership communication is not just one-sided. Although it is important to have scheduled meetings to touch base with employees and update them on company progress, many successful companies find it helpful to hold “town hall” style gatherings where employees thoughts and concerns can be heard. This sets a tone of open communication and trust that will help employees to feel more secure in their employment.
Be a Coach – Knowledge is power, and most people feel empowered when they are absorbing the kind of knowledge that derives from seasoned experience. This is why it is so important for company leadership to coach employees, help them find valuable resources to better do their jobs – this will ultimately empower your company as a whole.
Set Goals, Hold Employees Accountable – It’s extremely difficult to reach goals without accountability, this idea is crucial to company success. But even more, employee morale is dependent on reaching goals and being successful in order to feel like they are growing WITH a company. When an employee is held accountable to and reaches that goal, you can bet that it will only fuel them to work harder towards more success – which is a win-win for all.
Conduct Performance Reviews – Performance reviews may sound like a scary idea to most people, but to company leadership they can help gain priceless insights into employee goals and aspirations. They also give a structured platform for growth opportunities and offer something tangible along with positive feedback.
Seems easy enough, right? Shockingly, these concepts are well beyond even the largest of companies. Some of the greatest offenders with the highest revolving door are huge companies like Google, Amazon and Aflac. The average time for their employees to stick around is one year. That’s pretty rough in comparison to fellow large companies like General Mills, Intel, and Hasbro with a 3% or less turnover rate in a given year. Kudos! I wonder if I took a look inside, I could see what their Lucky Charm is? I guess they’ve just taken the right path down through The Game of Life 😉
Megan Flanagan has been in the customer service business for over ten years hand in hand with several companies, large and local. She is a native of Syracuse New York where she lives with her fiancé, step daughter, and new addition, baby Eloise. New to the business blogging world, she has always had a passion for writing, communications, and the art of entertainment.
Top photo courtesy of thephotographymuse @ flickrcc.