Retaining EmployeesJohn Traveler
July 9, 2009 — 2,535 views
It is considered expensive to employ a new employee and raise the employee to the level of the previous employee. When an employee leaves a company this means that the company has to incur un-budgeted expenses because of the missing headcount.
It also means that the company has to employee another worker to take up that position. Untimely employee turnovers affect the production levels of a company. What follows are uncertainties. It is critical for management to consider any staff turnover as an indication of problems in the company's operations. You need to structure your managerial role to focus on a number of factors such that the management relation with the subordinate is a core part of the managerial tactics. According to David Sirota, a NY based survey intelligence firm, the cost of loosing an employee will cost a company one-and-half times the person's compensation.
Open door policy a role to creating loyalty
Employee loyalty in company has to be emphasized at all times. Loyal employees are an asset to the company while employees that are not loyal are considered liabilities. Keeping employees not loyal could result to decreased productivity and increased cost of payments to leaving staff. Have a caring open door policy where employees are able to reach you as a manager and present their grievances. You should be able to discuss openly underlying critical issues that affect employee performance and that may result to demoralization and eventually employee resignation.
Consider an employee's needs
It is worth noting that employee will be happy and content with managers who show concerns on their needs. Employee performance will be influenced by the problems they have. A cash crisis with an employee may require a manager's attention. A manager may look critically at the problem and discuss it with the employee. If the employee has a problem in maintaining a home budget, they can advise the worker to go and seek advice for a credit advisory to address the situation. Provide the little support you can at that moment. Here the employee feels that the manager is concerned about the cash management issue of the employee.
Appreciate employees well done work
Show appreciation to the employee. Consider other ways to motivate the employee such as rewarding and organizing trainings for the employees. These are some of the ways to retaining employees in a company.
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