Given the costs of acquiring and hiring, training and maintaining, employee retention is central to the health and continuity of an organization. Why do employees leave and how can employers encourage them to stay?
Employees leave when they don’t feel valued or recognized. They feel anonymous, left out and uninformed. Whether it’s decision-making or news about the company, lack of communication causes discomfort and insecurity and fosters gossip. Employees who fear losing their job thrive on rumors and often act before they ask. Typical comments are: “No one is interested in what I think!” or “Why are we the last to know?” Shut down the rumor mill by providing updates and instituting a regular meeting schedule.
Employees stay when they are given timely information and their ideas are respected.
Employees leave because they harbor perceptions of unfairness and inequitable treatment. This is the “teacher’s pet syndrome.” For employees, equal opportunity translates into a shared workload, even-handed policies, a fair chance for advancement, and an opportunity to be heard. Otherwise, a worker feels compelled to look for a job where he or she will be fairly treated, listened to, and appreciated.
Employees stay when there’s an open door policy and the door is open to everyone.
Employees leave when they don’t havethe right benefits package. When they try to access their benefits, they realize that their coverage is inadequate for their needs. These employees are filled with confusion and unexpected expenses. They’re angry because they were not properly advised about their benefits package. They take their ill-will and painful lesson with them as they seek new jobs with attractive benefits packages.
Employees stay when they have the right benefits package for their needs.
Employees leave when they feel isolated. They are more likely to stay when they are part of a team or group, working towards common goals. The concept of team generates excitement, camaraderie and identity. Employees experience satisfaction and commitment when working together and sharing information and insights. Group celebrations and team approval – from donut breakfasts to pizza lunches to formal award recognition ceremonies – fosters an underlying commitment to the team, which is reflected in a loyalty to and pride in the company.
Employees stay when they feel part of a celebrated team.
How to improve employee retention?
Contact Kinloch. We have the knowledge, experience and expertise to create individualized packages that reflect the current and future needs of your employees. We listen to your employees, discuss their concerns, and create the best package to fit their needs. Build the right package, and they will stay.
If you'd like to learn how we can help you, please contact us.