Losing Employees? The Easiest — And Cheapest — Way to Improve Employee Retention
Employee retention is crucial for any successful business. But is it possible to keep your employees happy without spending money you don’t have?
With 2014 off to a fast start, most of us are happily focused on a productive path of goals, achievements, and completing projects.
But what about the 21% of employees who are planning to change their job in the next year or two? Management might want to keep an eye on these valuable people, because according to this Forbes article by Jacquelyn Smith, you can make changes at your company to not only improve employee retention, but make employees happier, overall, as well.
Don’t Pay the Heavy Price of Employee Turnover
It is costly to lose an employee — not only do you have to make a new hire to replace them, it also takes time and money to remove them from payroll and benefits, and productivity in their absence is lost.
It is in your best interest to understand why one in five of your workers is unsatisfied, and learn what it could take to improve employee retention.
The Surprising Top Reason for Employee Dissatisfaction (Hint: It Isn’t Money)
According to a recent survey from CareerBuilder, the following reasons are responses as to why employees are satisfied with their current employer:
- 54% – like the people they work with
- 50% – have a good work/life balance
- 49% – good benefits
- 43% – happy with salary
On the other hand, the following responses explain why employees are unhappy with their current employer:
- 65% – don’t feel valued
- 45% – are unsatisfied with work/life balance
The top answer here is not an uncompetitive salary, or poor benefits — things that cost a lot of cash. More than half of respondents who are looking to leave their job explain that the reason is because they don’t feel valued! It’s actually this intangible aspect to the job that is so crucial.
Making adjustments to your employees’ work/life balance is another management fix that doesn’t have to cost a fortune. As senior leadership, it is your responsibility to set the tone for your office or place of work. If you can help your employees feel more valued and have a satisfying work/life balance not only will you keep more them longer, you will also foster a happier environment in the office, resulting in higher productivity, as well.
What are some strategies you use to make your employees feel more valued in the workplace? Share your thoughts below!