An employee retention program will save your company a lot of money. High turn over can cost the company hundreds of dollars per person. It is imperative to have a program in place from the beginning to retain your current employees. If you are just starting an employee retention program, there are some things you need to do to implement the program successfully.
- Before you can develop a retention plan, you need to determine what areas need improvement. When an employee quits, it is a good idea to have the employees complete an exit interview if they are willing. An exit interview should be brief and to the point. Simple questions asking why an employee is leaving, and what could have been done to keep the employee are some examples.
- After you have compiled a list of areas that you want to work on, it is time for you to implement your new employee retention program.
- Most employees are quitting a manager or owner; they are not quitting the company per se. Start at the top, and get fellow managers involved in the retention program. If your managers need more education and training, that should be taken care of immediately.
- If wages seem to be the main reason for an employee quitting, is there anything you can do to change it? Sometimes if you can add benefits, an employee will work for lower wages. Things employees appreciate and will keep them happy do not always have to cost your company money. Some things to consider are set days off if employee needs it, have enough staff that employees are able to take days off without hurting the company, consistent performance reviews, and little things that show an employee they are valued and appreciated for their work.
- Other retention ideas may cost your company money, but if they lower the turnover you will be saving the company money in the long run. Paid sick days, vacation pay or bonuses may be very helpful in keeping an employee around.
When you are building an employee retention program, it is a good idea to examine the budget you have to work with. Create a plan that will give you the most bang for your buck. Most employees choose to leave a job because they do not feel appreciated. Appreciation can be shown with just a few words here and there, and this costs nothing to give.