Important issues to consider if you want to maximize employee retention
Posted at 22/10/2018
An employee who resigns unexpectedly is a major headache for a manager. Not only does this mean that a competent replacement must be found quickly, but the impact that this sudden departure will have on the rest of the staff must also be minimized.
This is why employee retention and job satisfaction should be at the top of every organization's priority list. It also justifies why one of management's most important tasks should be to create effective strategies to reduce turnover.
Here are some important issues to consider if you want to maximize employee retention.
Work/life balance: an issue more relevant than ever
What message does your corporate culture convey? If you require the staff hired by your recruiters to work long hours on a regular basis and be readily available to you, it is likely that you will have staff retention problems. Burnout is a very real phenomenon! A good work-life balance is essential and employees appreciate management's awareness of its importance.
Encourage your staff to take a vacation. If overtime is required to complete a project, see if you can offer an extra day off to compensate and increase job satisfaction. Many companies also offer their employees the opportunity to work remotely or flexibly to improve work-life balance. It goes without saying that this strategy is also attractive for candidates who are considering working for you.
Training and development: incentives to stay employed longer
In any sector of activity, but particularly in financial jobs, professionals want to have opportunities for advancement. In this sense, the managers most involved in retaining their staff invest in the professional development of their employees and seek career growth opportunities for them.
You should therefore ask each of your subordinates what their short and long-term goals are to determine how you can help achieve them. Some companies pay for their employees' attendance at industry conferences or events each year, while others reimburse tuition fees or provide continuing education.
Communication and feedback: essential elements for staff retention
Maintaining open lines of communication between workers and their managers is essential to employee retention. Your direct subordinates should feel like they can share their ideas, questions and concerns with you. They also expect you to be honest and transparent with them about the performance improvements they need to make.
Be sure to regularly communicate with each staff member. Don't hesitate to start conversations that don't necessarily revolve around professional issues.
Advice that will help you retain your employees
If you are having difficulty retaining your employees, you can also seek help from recruitment experts. A qualified team like the one at Fed Finance understands many of the issues related to employee retention, especially in the fields of accounting and finance.