Keeping your employees shouldn’t be an option to bargain, it is a duty you must undertake. You want to know why? Continual employee turnover is actually more expensive than working out ways to keep them. The cost does not only beat your financial expenditure, it also beats your business competence and output generally.
Analysis from entrepreneurial experts indicates that getting new employee replacements could cost twice the former employee’s salary. Investing in employee is a better way to save cost, invest in your business and boost productivity while at the same time aligning their personal career goals with that of your organization.
While employees are expected to enhance their areas of expertise, much responsibility lies on the shoulders of the employer to inspire self-development by creating opportunities in a manner that will favor the business in return.
SO, how can you retain employees and reduce turnover?
Broaden employee learning curve:
The principle guiding learning curve implies that one gets better at what he does with the function of time. The best way to take care of that is to get them exposed to conventional trends in your industry through constant education, research and collaboration.
Quickly and as the day goes by, new routines, strategies and patterns for running businesses emerge and to keep track with the changes requires getting yourself and your employees equipped intellectually, technologically, socially and otherwise. The result is that, work becomes an adventure they need to embark knowing that there is more to unravel.
Draft a learning canvass:
Pushing employees to continued education is not enough, they need a template that will permit them to do their daily tasks while improving themselves. You have to do that yourself.
The model of this canvass could take a group task, individual adventure or in pairs. Whichever you choose, it should accommodate the interest of all the employees.
Create avenues for inter-departmental learning:
It becomes boring sometimes tolling the same learning path all the time. To make learning more interesting, set avenues for employees from various departments to learn from each other.
This strategy is very significant. It makes employees respect and value the duty of their colleagues while improving collaboration at work place. To your business, communication becomes more effective among inmates and without.
Encourage travels and adventure:
Learning at work place is not enough. If you want to explore your employee potentials the more, get them travel tickets from time to time, go for corporate visit to places, etc. This way you are, in a very subtle way, making them reason outside the box.
It shouldn’t be about business all the time, give them time to cool off and clear their minds; new ideas and incentives will be let in and soon, your business will hit.
Learning is a never ending life adventure and bringing it into business is a huge and priceless investment. Working towards retaining your employees is wisdom than spending on replacements. Do all you can to encourage collaboration, greater output and boost work interest among employees.