With low unemployment and a growing economy, how do you keep the talent in your office from leaving your organization and finding greener pastures elsewhere?
Employees are an investment, plain and simple! Here are some of the ways an employee cost an organization money:
· Recruiting the employee
· Hiring the employee
· On-boarding the employee
· Paid time off (vacation, sick, etc.)
· Compensation (wage, benefits, bonuses, etc.)
When the country was going through a tough economy, the above list would be enough to keep most employees. However, things have changed. With low unemployment, the competition for talented and skilled employees is heating up! Employers are beginning to feel the pain in the quality and quantity of productivity as their talented and skilled employees are lured away by another organization who is offering some enticements are that too hard to pass up.
What can your organization do to keep from losing your valuable talent? Here is a list of the four main ways to keep your talent from leaving:
- Increase Wage – Employees are not volunteers! This is important to keep in mind when considering a wage increase for an employee. This is one of the main ways your competition is able to lure amazing talent to their organization. Stay ahead of your competition and pay an employee based on the worth they are to your organization. In addition, increasing an employee’s wage demonstrates your commitment to them and an appreciation for the work they do.
- Improved Management – This is the number one reason an employee leaves their current employer. Poor management will de-motivate an employee and make their work environment terrible to be a part of. Improve the skill level of your current managers or replace them with leaders who know how to build and strengthen a working relationship with your employees.
- Better Benefits – Investing in a better healthcare plan, offering a more flexible schedule option, and other such ideas are ways to entice employees to stay with your organization.
- Employee Development – One of the determining factors for employees to look for employment at another organization is the lack of professional development at their current job. Good employees want to learn new skills and develop weaker ones so that they can be more effective in their job. They also feel that developing their skills gives them an increased chance at a future promotion. When organizations do not take time to develop their employees, they are at great risk of losing their hard working employees who care about their job and the organization while only keeping the employees who are mediocre and don’t really care about much anyway.
Hiring a good employee is only the first step. In order to keep that good employee a part of your organization, it is important to invest time and resources . . . continuously. Having lesser talent within your organization will save money, but you will notice a drop in productivity, morale, and cohesiveness. As this occurs, more and more of your valuable talent will leave. You will eventually notice a big difference within your organization . . . and your customers will as well.