Who comes to mind when you hear the word “retention”? Clients and customers or employees? In many organizations clients are the first priority, because without customers there’s no business. However, client retention doesn’t happen without good employees, and you need to retain your best employees. The important question is do you need to focus on your people or your clients first?
Retain Your Best Employees
The right balance requires the retention of good people. Many organizations brag about their average length of employment. While that certainly shows retention, is it what you really want? The answer lies in the quality of those who stay.
Managing people effectively from their first encounter with your organization is key to retaining the best individuals.
Hiring
Choose people with the right skillsets who will fit into your organizational culture. It can sometimes be more effective to choose a person capable of learning quickly, who will fit the culture, and be a great team player, rather than someone who comes with all the skills but who will not be a good fit.
Onboarding
Consider how new employees would like to be welcomed and made to feel part of the team. Little things like having everything ready for them when they arrive on the first day can be make a great first impression.
Coaching and Feedback
Spend time getting to know individuals. Provide regular coaching, learn how they are feeling, and what issues they face. Guide them toward their goals.
Provide regular, specific feedback about where they are excelling and areas for enhancement. A once-a-year formal evaluation does not cut it.
Continuous Learning
Ensure that there are formal and on-the-job opportunities for learning that help individuals to hone their skills. According to LinkedIn, 83% of employees report that improving their skills is a top priority.
Opportunities for Advancement
Identify and develop individuals so they can move into new positions. Even if it is not possible to promote, provide new, challenging experiences so that boredom doesn’t set in.
Fair Remuneration
Underpaying might help the bottom-line on a short-term basis, but it may be detrimental when individuals you have invested in and trained chose to leave for more money.
Listen and Care
Listen with an open mind and demonstrate empathy since the key to retaining good people is that they need to know you genuinely care. As a leader you demonstrate this with your actions as well as your words.
How people are treated and how valued they feel will determine how long they stay with your organization. It is true that sometimes people may outgrow your organization or choose a career path you cannot offer. However, when you treat people well you develop strong alumni who can support and serve you in the marketplace.
A great way to listen to your employees is to provide them a voice through a confidential employee engagement survey. You can learn more about our CORE Strengths survey here.