In the recent past, a new problem has come up in the field of employment which is termed as ‘Turnover’. Employees tend to turn their back towards the small scale businesses and firms as soon as they are lured by better opportunities of bigger companies.
Whatever may the reason be, this problem has been seen as a major issue for most of the small businesses and firms. According to a survey by The Wall Street Journal, it is estimated that the cost of finding a replacement and training him/her doubles or ends up being more than twice the amount of an employee’s salary.It should also be noted that turnover brings down a company’s productivity, increases the workload of the remaining staff and decreases institutional knowledge.
A harmony has to be maintained between an Employer and an Employee. According to it, the employer has to have a need and also a budget, while employee must have the ability and the desire to fulfill that need. If there is a discord between the two, people have no choice, but to leave.
Here are some must-read tips to keep your best employees:
It is very important to let your staff know that they are valued and needed by the company. It may be through a staff meeting or a “thank you” comment, but the employee should feel that he is a vital part of the company and is recognized as one.
- Relationship Building:
It is very important to know one’s employee in a personal level. Every being has his/her comfort zones, likes and dislikes and their personal space as well (which they would not want anyone to trespass). It is very important for the employer to know every employee to the maximum extent in order to find the best way out to deal with him/her.
- Priority Sharing:
They say, two heads are better than one and yes, no one can disagree to this. When a group of people working together discovers and knows what can be best for the company they are working for, it is really essential for the employer to think over it and if possible, implement it.
- Investment on your Employees:
The best way to retain an individual in a company is to lay focus on the employees and encourage them to drive their own development. This might require some investment. But assure you, making investments won’t go waste.
- Competitive benefit Packages:
People will always want and ask for more. It is a basic human nature to ask and desire for more. So, certain benefits like flexible schedules, different types of insurances and incentives make a difference in attracting and retaining employees.
All that your employees require is professional and personal satisfaction. If you succeed in judging the individuals and their expectation from you and the company, you have already solved half of the problem. Rest all lies in the way you approach.