How can your business eliminate retention issues in 2016?
Why is retention still an issue in 2016? Although many businesses do realize that keeping employees happy is important in terms of their success and productivity, being able to pinpoint exactly how can be difficult.
How can retention really be increased?
According to a recent study conducted by P&MM, a marketing sales company, simply recognizing employees for their hard work and dedication can make all the difference. The survey, involving more than 12,000 employees, found that average retention rates increasing greatly just by formally thanking workers for their daily activities and work completed.
For employees who had not been thanked for their work, retention rates ranged from 4.7-9.8 years in their current role. Compared to employees who were given some form of thank you, these numbers increased 8.16-14 years. This difference translates to an average growth of 3.7 years in employment.
Of the 12,000 staff members who answered this survey, up to one-third said they were thinking of leaving their current position.
Engagement is key.
Engagement is a crucial part of this recognition.
“Engaged employees understand and commit to the organisation’s mission and values and will tend to go above and beyond their basic job – making them more likely to be the recipient of recognition from their peers,” said director of P&MM John Sylvester. “These positive behaviours will drive high performance and ultimately impact on the bottom line of any organisation.”
What are some ways to increase engagement?
For better engagement and development, keep the following three tips in mind:
- Build in time for recognition and training: Be sure some time throughout the weeks and months of work is set aside for praise, upcoming changes or further development. Receiving a small company talk, free breakfast or other sense of acknowledgement can make all the difference.
- Create room to grow: If employees are not satisfied in their current position, give them some space to develop a new role. By enabling growth in the company, workers are more likely to stay and be happy.
- Listen to their needs: Above all, be willing to listen to employees. By encouraging feedback and listening to workers, real change can be created in an appropriate time frame.
Investing in employees enables better growth and development in future business roles.