As many organizations emerge from the recession, their leaders are concerned with retaining employees, especially high performers. Employee retention impacts bottom line results and therefore it\u2019s critical that leadership teams understand how valuable it is to retain the right employees and how they can improve employee retention.<\/p>\n
The cost of replacing an employee who leaves your organization can often be quite expensive, ranging between 50-300% of the employee\u2019s salary. If you can keep employees longer, you will be able reducing your cost to hire and the costs of getting new employees up to speed.<\/p>\n
With an ageing workforce, it becomes increasingly important to focus on employee retention so as to tap into their knowledge and expertise and minimize workforce gaps. Keeping experienced workers within your organization longer is often the key to sustainable business success.<\/p>\n
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| Transparent<\/strong> \nOpen, honest and forthcoming with information \nMotives and intentions are obvious \nShares information with all levels within the organization \nHighlights how individual roles, responsibilities and\/or accountabilities are impacted<\/td>\n<\/tr>\n Responsive<\/strong> | \nActively listens to its employee groups and commits to taking action in a timely manner \nCommunicates what can and cannot be done to meet employee expectations \nProactively manages expectations<\/td>\n<\/tr>\n Partnering<\/strong> | \nViews each employee as an investor \nNegotiates a \u2018win-win\u2019 relationship with employee groups and individual employees \nLeaders and managers are part of the team, not outside of it<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n The classic method of retaining employees has traditionally been through increased salaries and bonuses. In this method, employees who are unhappy, or who have voiced that they would like to leave, are offered more money to stay.<\/p>\n Obviously this can become quite expensive and it\u2019s not a sustainable strategy over the long term.<\/p>\n So how can you more effectively keep employees? Your ability to retain<\/strong> employees is linked to your ability to engage<\/strong> employees.<\/p>\n To increase retention, we recommend executing a total reward strategy (a blend of financial and non-financial rewards) as well as recognition programs that are robust and inclusive of all levels and roles. The execution of a well-constructed retention strategy will demonstrate transparency<\/strong>, responsiveness<\/strong> and partnering<\/strong>.<\/p>\n There are a number of key aspects of an effective total rewards program. By implementing such a program you will make it easier and more financially affordable to retain employees. Total rewards programs feature the following aspects:<\/p>\n These characteristics ensure that your program engages<\/strong> your employees and that it is transparent<\/strong> through strong communication and consistent execution. A robust total rewards program is also responsive<\/strong>, as it solicits and takes into account different elements that employee groups think are important. Finally, it fosters a partnering<\/strong> environment because the program contains a range of customizable options.<\/p>\n Implementing a total rewards program will allow you to retain employees in a practical, affordable way that is good for business.<\/p>\n","protected":false},"excerpt":{"rendered":" Keeping Your Talent: Employee Retention As many organizations emerge from the recession, their leaders are concerned with retaining employees, especially high performers. Employee retention impacts bottom line results and therefore it\u2019s critical that leadership teams understand how valuable it is … Continue reading |