Employee Retention and Why It’s Essential to Your Business
If there’s one simple truth about running a business, it’s that nothing is simple. Entrepreneurship is a constant game of chess, figuring out the best way to bring in revenue while keeping customers happy. At the end of the day, your workers play as big a role in your success as anything else. While you may focus first and foremost on your bottom line, employee retention could actually be the most essential factor in your company’s success.
Company Culture
This has become more and more important over the years, as pensions have disappeared and workers show an increasing inclination to find personal fulfillment in their work. You can’t expect to keep employees for long if they see greener pastures in all directions, so it’s up to the employer to incentivize workers to stay. This can be done through bonuses and benefits, but it’s just as important to create a work environment that everyone appreciates. When people can stand by their company’s motto and enjoy being with their colleagues, their efforts will improve and they become less likely to look for other opportunities.
Universal Ownership
The blame game is one of the biggest factors in diminished employee retention. Too many CEOs pass the buck to managers and assistants, exposing them to undeserved criticism. Responsibility is something that filters from the top down. If you own up to your mistakes and show your workers you know when you’re at fault, everyone at the company is more likely to do the same. When people are inclined to fix their errors instead of passing blame on to someone else, more work gets done and the staff feels supported by each other. That feeling of support goes a long way in creating a sense of unity.
Purpose
When people feel like filing or answering phones is the entire basis for their position, employee retention will usually suffer. While there are plenty of mundane tasks that need to be accomplished, workers should have a feeling of purpose when they clock in each day. Assign projects that matter so your employees feel valued while important tasks are completed. If you can give employees a sense of pride from the work being done, chances become much better they’ll want to continue doing that work.
Employee retention is much more important than just avoiding extra paperwork and training new workers. When people are motivated to do good work for your company, everyone benefits. Keep that in mind and take the necessary steps to keep your staff happy.
