Now that the economy is picking up steam, more employees are looking at other job opportunities. Replacing a top performer can be difficult, so what can you do to keep your top talent?
You may be wondering if there are any innovative ways of keeping your talent, especially on a tight budget.
It’s good to be cost conscious, says consultant Leigh Branham, but investing in your employees now, especially top performers, could save you even more money down the road. Consider that the cost to replace an employee is between half to one and a half times their salary, plus months of lower productivity, Branham says.
He also points to some innovative ways companies are keeping their key workers. A hospital, for instance, wanted to hang on to its nurses, who are in demand, so it changed its procedures, giving nurses more decision-making responsibility, which reduced turnover.
Chik-fil-A gives store managers a part of each month’s profits, which has greatly reduced turnover.
Google has instituted a practice that has by now become well known – giving employees one day a week to work on a project of their own.
Branham also advises hiring an outside firm to do employee engagement surveys to get input. Ask employees directly what problems they have and what would make their job better. But the company needs to be prepared to act on the suggestions as well.
Most people, Branham says, leave a job for reasons other than money, while most companies assume money is the issue.
Employees leave often because the job is not what the company advertised it to be, because they are not getting any feedback or coaching, because they feel they are not valued, because they are not getting the opportunity to make the best use of their skills, or because of stress or burnout.
Managers, rather than human resources, are really the people who primarily should be dealing with these issues. They need to be trained in how to handle these issues, and evaluated on the job they do. Correcting these problems may not require a lot of money, but it does require the commitment, time and energy of company leadership.
When your company needs temporary, temporary-to-hire or direct-hire workers in the Anchorage area, send a message to the Opti Staffing Group. We would love to discuss how we can help your company with its contingent staffing needs