According to a recent Gallup survey, 51% of currently employed U.S. adults are searching for a new job or watching job opportunities.* That means, right now, it’s likely that half of your employees are considering leaving. Can you afford that level of turnover? If not, you may want to adopt business management strategies that will inspire your most vital employees to stay. Some of the best ways to retain employees include:
If you have employees who are disgruntled or otherwise frustrated with your business, the problem may be as simple as poor communication. To keep employees engaged, you need to ensure the lines of communication are open and that policies, tasks, and expectations are made clear. In particular, you should provide regular performance feedback, ensure meetings are structured and have a specific goal, keep employees informed on potential earning incentives, and provide quality supervision.
Create Opportunities for Internal Job Changes
According to Gallup, over 90% of employees who change jobs, change companies.* If some of your best employees have outgrown or have grown tired of their current job, they’re likely to leave unless you make it a policy to offer internal job changes. When a position opens anywhere in the company, open it up to employees of every division. Also, invest in training good employees for new jobs and providing management training for those who have the potential and desire to move from their current position to a leadership role.
Only one out of every three U.S. workers strongly agrees that they receive praise and recognition for their good work.† If you don’t take the time to recognize your best employees, they may go elsewhere to receive praise. Even if you do have a recognition program in place, you should review it and make sure it’s giving people the recognition they want. A public pat on the back during a company-wide meeting may be a lot more meaningful than a small, impersonal bonus. The more individualized and task-specific you can make recognition, the better.
Reinforce Benefits and Mission
Many companies inform employees about their benefits and teach the company’s mission/guiding principles during new employee orientations and then barely—if ever—mention them again. Take the time to do annual or semi-annual benefits reviews with your employees so they don’t lose track of what they’re entitled to and don’t miss out on benefits they may have earned through longevity with the company. This can help foster positive feelings toward the company. Likewise, make it a point to regularly enforce the company’s mission and principles so that everyone feels they are working toward a real and meaningful goal.
A good manager can make all the difference in whether employees are engaged and committed to their jobs or whether they’re ready to leave for someplace new. You may consider yourself a good manager, but even if you already have a business degree, you can likely improve your skills with a graduate degree, such as an MS in Management.
A master’s in management is a great way to gain the advanced management skills you need to realize employee potential and keep your best employees around. If you’re currently working full time, you might think earning a master’s degree will disrupt too much of your life. However, online education is making it more possible than ever for working professionals to earn a graduate degree from the best business schools.
Higher education is also a great benefit to extend to employees. It’s a great way to retain employees, as well as attract new ones. When you or one of your employees enroll in an online degree program, coursework can be completed from home or from anywhere else where internet access is available. Plus, an online degree program such as a master’s in management will let you take advantage of flexible scheduling, meaning you can attend class at whatever time of day works best for you.
You want to keep your best employees at your company. Thanks to online learning, you can offer employees the opportunity to enroll in a flexible degree program, while earning the MS degree you need to be the kind of manager people want to work for.
Walden University is an accredited institution offering an MS in Management degree program online. Expand your career options and earn your degree in a convenient, flexible format that fits your busy life.
*R. Pendell, Tomorrow Half Your Company Is Quitting (So Win Them Back), Gallup, on the internet at http://news.gallup.com/opinion/gallup/223025/tomorrow-half-company-quitting-win-back.aspx?g_source=link_newsv9&g_campaign=item_223478&g_medium=copy.
†A. Mann, et. al., Employee Recognition: Low Cost, High Impact, Gallup, on the internet at http://news.gallup.com/businessjournal/193238/employee-recognition-low-cost-high-impact.aspx?g_source=link_newsv9&g_campaign=item_223025&g_medium=copy.
Walden University is accredited by The Higher Learning Commission, www.hlcommission.org.