October 19, 2021 | By Esther Ellington
High-quality employees know they have market value. These employees may be happy with your company but, if presented with another offer, might be enticed if you're not offering everything you could.
Your competition keeps an eye on you and will know if your company offers your employees what's necessary to keep them on staff. They will not hesitate to try and take your best employees away from you.
To prevent this, you can put certain measures in place. While some turnover is inevitable, you can minimize turnover by performing an analysis and acting on your findings.
Your business is unique. You need solutions that fit your specific needs. Don't just adopt every best practice you find online. It's essential that you customize your preventative measures to your company.
Every manager and small business owner should know their top performers. While you don't want to play favorites with your employees, you do want to know who holds the most value to your organization.
There are many ways you can determine who your top performers are, the most convenient and efficient way being objective data. You cannot prevent poaching of your best employees if you don't know who they are.
Just like your competitors are likely keeping an eye on you, you should keep an eye on them. If you don't know what your competitors offer their employees, you don't know if you're being competitive in the marketplace.
It's entirely possible that you already have the best benefits package in the industry. But if you don't perform competitive analysis, you won't know that for sure and you risk losing your best employees. It's also possible that your competitors are outshining you in certain areas. With this information, you can be strategic about where you increase your benefits and spending.
One of the least used business tools is the exit interview. But it is also one of the most telling.
Exit interviews can identify weak points in your business. When employees are departing, they are more likely to be honest in their feedback, providing blunt guidance about why they decided to leave. You can use this information to make adjustments, working to prevent future turnover.
While conducting an analysis is highly recommended, even if you don't take that step, there are still moves you can make to prevent turnover. These proactive measures can make your employees feel valued and engaged, reducing the likelihood of them leaving for a competitor.
The two biggest factors for employees when deciding to take or leave a job are salary and benefits. An employee may love working for you, but if they can get the same workload and a substantial amount more pay, they are very likely to leave. You don't have to break the bank offering a best-in-class benefits package, either. Offering the four core benefits can have a positive impact by itself. But salary and benefits alone are not enough to retain your top performers. You need even more.
Some managers scoff at culture, but today's employees want a workplace where they feel valued and where they are proud to work. Having a workplace culture that provides inclusiveness and a team atmosphere can increase an employee's job satisfaction and engagement. With increased engagement also comes more loyalty and better work product.
We often only think of correcting inappropriate behavior when it comes to conversations with employees. But making sure that employees know they are valued is even more important. If employees don't hear that they are valued, they are more likely to leave. Even simple recognition programs like an "employee of the month" can help boost employee satisfaction, especially for top performers.
Employee perks do not cost much and can go a long way to increase employee satisfaction and engagement. Many perks have an outsized effect on retaining employees. These perks include:
Job satisfaction is extremely important to today's workforce. When employees are not satisfied in their role, much of that stems from not being engaged. Disengagement often leads to higher turnover.
Employee engagement is the emotional attachment and commitment an employee has to their employer. When employees are engaged, they provide high-quality work and can even act as cheerleaders for the organization. Disengaged employees, however, tend to be down and simply go through the motions, not providing quality work. Disengagement is contagious and doing everything in your power to spot it and stop it is crucial to keeping turnover rates low.
You don't have to lose your best employees. While you cannot stop all turnover from happening and some turnover is good for you, your company can take proactive steps to ensure that your top performers stick around. Combining analysis with preventative measures, your company can reduce your overall turnover rates and may even be able to increase your ability to attract and retain top talent in your industry. Instead of your competitors poaching your top performers, you can take steps to reverse that trend.
Esther Ellington is the Director of Client Services at Questco Companies. Leading the Client Services and Onboarding Teams to deliver an exceptional client experience from the beginning of the client relationship and beyond.