Make 2016 The Year Of Employee Retention (And 3 Ways To Do It)
If you’re like many people I talk to, your New Year’s resolutions are still going strong. You’ve been working out on a regular basis (mostly), you’ve stayed away from sweets with ease (mostly), and you’ve kicked that bad habit for good (for now).
With all the positive momentum you have going for you, I thought I’d add another New Year’s resolution into the mix. And if you’ve already given up on your New Year’s resolutions, here’s a makeup resolution to hang your hat on. Keep your people in 2016.
Let’s make 2016 the year of employee retention. And why is that? Here’s one reason:
Turnover is expensive. The figures are frightening. In the U.S. alone $11 billion in losses are attributed to employee turnover each year. It costs somewhere between 1.5 – 3 times a departing employee’s salary to find a replacement and get them up to speed. That’s a lot of cheddar. So, unless you really need to let people go (and sometimes you do), fight to keep them around.
With that in mind, here are 3 simple actions to take right now to make sure 2016 is the year you keep your people:
Structure your onboardings. When new employees attend a well-structured onboarding program they are 69 percent more likely to remain at that company for up to three years. Sometimes the best way to ensure long-term success is to do everything you can in the beginning to ensure short-term success. Plan out your onboardings methodically and make sure they are helping you reach your long-term goals. And if you aren’t using automated onboarding tools, it may be time to consider doing so. Your new hires will appreciate it.
Work on the environment. Your people spend somewhere around 40 hours a week at work (and hopefully not too much more than that). Make sure that their workplace environment is an enjoyable one. Ensure they have all they need, from the right temperature (69-71 degrees), a good view, and the right seating arrangement. Learn how to use the right colors in your decor. And provide your people with the necessary tools to do their best work, whether that be comfy couches, lots of dry erase boards, or whatever. Just put thoughtful consideration into the environment.
Use the right technology. A quarter of employees globally say they would consider taking a new job if they were provided better technology elsewhere. This is a trend that will only become more relevant—especially as more and more millennials enter the workforce. While yearly budgets are still flexible, get those resources you need to help your people be productive. It’ll help their performance and their job satisfaction.
There are, of course, many ways to ensure that high turnover rates don’t handicap your ability to grow as a company. Start with these three and go from there. And if you have any ideas you’ve used successfully to retain your people in the past, please comment below. We’d love to hear all the good ideas out there.