As we approach full employment, it’s now a candidate’s market and employers wonder at the best ways to hold onto their people. The costs are high when people leave: replacement costs, loss of productivity and profitability, affect on customers and insecurity among co-workers. Here are some of the mistakes employers make.
- Not Bench Marking Employer Retention Rates and not using Proven Retention Strategies (A senior Executive can cost 2 times their salary to replace – Deloitte)
- Insufficient On-Board Training (In US studies, 58% of employees remained with the same company for three years because of the quality of the training they received when they joined)
- Not Articulating The Company’s Mission Clearly And Every Individual Employee’s Purpose and Value in that Mission (Employees need to feel that the organisation’s products and services MATTER and that they play a valuable part)
- Not Creating a Personal Growth Culture With Career Coaching and Mentoring(Global studies show investing in Continuous Personal Development Training leads to less attrition)
- Assuming Employees are Happy and Not Creating a High Feedback Environment (A US study reports that 65% of employees would prefer a change of boss to an increase in salary)
- Not Giving Employees Personalized Benefits (Pension, Healthcare, Flexible Hours, Company Shares, Gym Membership, Remote Working, Wellness At Work Programmes, Christmas Bonus, Gift Cards, Family Days)
- Not Creating A Caring Culture (Global studies show companies who invest in facilitating social connections have far less attrition: Company Social Clubs, Company CSR, Fitness Clubs, Parent Groups, LGBTQ, Family Days, Returners to Work)
- Not Advertising Promotions Internally (Career Advancement is among the biggest reasons people move job)
- Almost Total Focus on the Bottom Line or the Next Deadline (Scheduling regular in-formal catch-ups with employees creates a relationship of care and co-operation)
- Not Conducting Exit Interviews (This is the one chance to discover what the company is doing well and where it can do better)
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Maura Jakksen Byrne is a Senior Executive Coach, a Wellness At Work Coach and a Behavioural Analyst. Maura can be contacted on: maura@yourbusinesssmartcoach.net or www.yourbusinesssmartcoach.net