Saving Talent: Tips to Engage and Lower Turnover Risks (Part 1)
High turnover affects your company’s performance and growth. It is very expensive to keep training employees who leave immediately after. When new employees leave, you lose consistency in customer service and in the systems you have in place. For example, when a loyal customer calls has to speak with a different account manager each time, they are going to lose confidence in the company and may stop shopping with you.
However, when you have a low turnover employees are able to engage customers and build long lasting relationships. These relationships have a ripple effect on the entire business from getting referrals to attracting great talent. So how do you ensure you can lower your turnover rates? Research shows that high levels of employee engagement lead to lower turnover rates.
In my experience, I have found nine key factors influence the levels of employee engagement. Today I will discuss four of these factors to help you engage your employees and saving top talent:
It all begins with getting the right people on board. Your recruitment process should thoroughly vet all candidates. During this process you shouldn’t just look at competence levels, but also get a feel for their fit within the company culture.
Another great indicator of an employee who may not be a flight risk is how long they have worked in previous companies. For example, someone who has a maximum of one-year experience in their last four companies is likely to work with you for an equal period.
It is better to take plenty of time in the recruitment stage to make sure you get the right employees; then invest in training the most qualified candidates.
Most employees say the main reason they quit their jobs is their bosses. They quit their manager not the company. The way managers treat employees has a direct relationship with their performance and time spent in the company. When employees feel that their manager is supportive, caring, and has their best interest at heart, they are more engaged.
Direct line managers should be developing close relationships with each employee. This communicates that the organization puts its people first. Communicate openly with them, give constructive criticism, and acknowledge good performance. Be their cheerleader.
Most importantly, do not micromanage your subordinates. Give them room to explore their creativity. This will lead to high engagement levels.
Leadership provides the direction of a company. How your employees feel about your management style matters a lot. Do you share with them the company goals? Do you listen to their input? Do you spend time with them to get to know them?
Being at the top is demanding yes, but employees feel more engaged with the company when the senior management is in touch with them. Important to note, mid-level managers will also work in line with the principles you put in place. Together you can engage employees more and work to make them loyal.
Get personal with your employees to build their trust and confidence in you and the senior management team. True leadership is about trust, and employees will follow you if they trust you.
The fourth factor incorporates your company culture. An open and positive culture provides your employees the opportunity to enjoy their work leading to employee loyalty. When an employee is comfortable with their job and company, they put more passion into their daily duties. These employees are more productive compared to those struggling to fit into a company.
Create a strong culture by giving employees job security, empowering them to make important decisions, communicating openly about all matters, and proving growth opportunities. Give them an opportunity to “own” the company and their engagement levels will increase.
These factors – recruitment process, manager’s engagement, leadership style, and company culture are connected and interdependent. To achieve true employee engagement all parties have to put their best foot forward. Engaged employees stick with the company and become better at their jobs, meaning they continually add value to the organization. Keep an eye out for Part 2 of this series for more tips on saving talent.