Vistage Executive News – Top 5 Tips For Retaining Key Employees
Here’s the top 5 list of proven strategies to retain your key employees, compiled by fellow Vistage group member, Mark Mitford.
#5 – Create a great onboarding program for new hires
The first 100 days are critical to the retention of your employees. You invested a huge amount of time and money recruiting new team members, and that’s just the starting line. Creating a consistent and well thought-out onboarding process just makes good business sense. If a new hire doesn’t feel like they made the right decision joining your company and they don’t feel as if they truly “belong” in the first few months, the chance of your new team member leaving within the first 12-18 months of employment are 3-4 times higher than with companies that have a good onboarding process. Remember that your employees are your most valuable assets. Spend the time to onboard them successfully.
#4 – Create career paths for your employees
Show employees how they can grow in the company and give them the road map to do so. This is especially true if you have a large hourly workforce, or a younger workforce. If employees don’t see specific paths to grow in pay, responsibility, or challenging work, they may decide to leave for another opportunity where they see a career vs. a job. A simple job can be had anywhere; finding a career can be a bit more elusive. Show your team a career path to keep them excited about working for – and growing with – you.
#3 – Conduct employee engagement surveys annually
By doing simple engagement surveys you are not only keeping your finger on the organizational “pulse,” but at the same time, are providing your team with a chance to share praises or frustrations with leadership. Surveys are quick, inexpensive and can be conducted internally. Once the survey results are back, share them openly with your employees. Also, put high-potential employees in charge of any tiger teams you create to come up with solutions to areas that scored low on the survey. Key employees want the visibility and challenge, especially if they don’t get that in their current role.
#2 – Create a strong company culture
“Culture eats strategy for breakfast” – Peter Drucker, great quote from one of the top management gurus of all time. It is still true today. Build your culture on a strong purpose, vision or mission and set of core values you live by and use in running your business every day. Leaders needs to be very intentional about the culture they create and emulate it daily, a good culture doesn’t just happen, it is worked on.
And now, here’s #1…
#1 – Review your employees every quarter, or every month, give them feedback constantly!
In today’s instantaneous world, we want everything now, not later. The days of the annual employee review are dead. They have gone the way of the dinosaur folks! If you have a large percentage of millennials in your workforce, ask them when they want feedback – chances are they’ll want it today, not next January!
If you need help in creating and implementing any of the retention strategies referenced feel free to let us know!