A key factor in reducing employee turnover and retaining top talent is ensuring that your staff members are engaged in their work and the company. Employees who are engaged are not only satisfied in their positions, but they often go above and beyond to help themselves and their organizations succeed. However, recent statistics show that the majority of American workers are currently disengaged with their jobs.
There are many factors that turn employees who were once top achievers into those who only complete their work to get it done. Some engagement drainers include lack of individual recognition, inadequate feedback or poor managerial practices. Organizations that do not take the necessary steps to connect their workforce with the company’s overall mission will have a hard time keeping their staff around. Companies that have a high level of employee engagement achieve better business results.
The following are measures your company can take to increase employee engagement and reduce workforce turnover:
- Why are People Leaving? Before rolling out an employee engagement plan, company leaders should actively research why people leave their organization. Knowing your turnover rate and the areas in which people leave the most will help you uncover issues that are affecting employee engagement.
- Find the Culprit Before the Exit Interview. Exit Interviews are beneficial because they reveal a number of reasons for why employees choose to resign. Unfortunately, supervisors and managers only get this information when the employee has put in his or her last-day notice. To keep staff members satisfied before they decide to depart, implement Stay Interviews at least once per year. This meeting allows employees to discuss with their supervisor the factors that could potentially cause them to search for a new job.
- Communicate! Communicate! Communicate! A lack of communication is often cited as a reason for why employees quit. Provide multiple communication channels for workers at all levels to utilize. Managers and supervisors should meet with their employees multiple times per year to provide and receive feedback. These meetings should encourage staff members to speak freely about their goals and concerns.
- Manage Job Expectations. Losing employees within the first year of their hire date is an incredible loss in time and money for an organization. Many times the reasons for a worker’s short tenure are inaccurate job descriptions and unrealistic expectations and goals. Clearly define positions and their accompanying responsibilities when soliciting new hires. Additionally, when interviewing candidates, make them well aware of the position’s potential unfavorable aspects. Do not sugar coat.
CAI’s 2011 Compensation and Benefits Conference will provide additional tips and information for retaining top employees and creating a more engaged work environment through a well-thought-out, total rewards strategy. Register today at www.capital.org/compconf.
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