Keeping Good Employees
Do you have great employees? Hiring competent, capable people whom you can trust is essential to your success as a small business owner. But what about after the hire? Are you doing enough to make sure your valuable employees are committed to your business?
It may be tempting to think that with a down economy and a difficult job market, anyone who lands a job will be happy just to keep it. Unfortunately, this isn't truly the case.
In a recent survey of 1,000 full-time employees between the ages of 22 and 35, conducted by RecruitiFi, 86% of respondents expressed no concern over leaving a job to better pursue their professional or personal interests.
So what can you do? What types of strategies are successfully earning employee commitments beyond a year or two? Fortunately, there is data to help you make decisions.
LinkedIn has analyzed 10,000 people who have changed jobs this year and found that 42% could have been persuaded to stay.
Starting off on the right foot is critical. What happens during an employee's first few months at a company plays a major part in forming their long term opinions on staying. According to Gallup's latest State of the American Workplace report, employees become 44% less engaged with their work after 6 months. The key for employers is to continue to help employees develop skills that will allow them to grow into the type of role they desire.
From the LinkedIn data, we find that the number one reason why people change jobs is lack of advancement opportunity. The best performing employees will eventually become bored in their roles. As a business owner, you must provide them with new challenges to keep their interest. Consider placing them in a leadership position so that they can help to train others.
Another essential is providing employees with good feedback. RecruitiFi indicates that 31% of employees would quit their jobs to pursue something more fulfilling. No one wants to feel like a faceless assembly line worker. Receiving acknowledgment and feeling that their work is valued helps keep people committed to their jobs.
The final point we'll consider is the social side of work. Employees who develop meaningful relationship with their co-workers are much more likely to stay on board. As an owner, you can always promote positive social engagement among the staff.
Keeping employees committed to your company boils down to your commitment to them. A successful employer will continuously invest in employee development. That means offering the opportunities, feedback and social support they need to invest in a team of people committed to each other.