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Employee retention is a hot topic in a tight candidate market. If you can retain your best people, you don’t have to worry about replacing them. If you’re looking to improve your retention rates, start here.

Feedback Feeds Engagement

If employees only get feedback once a year or when they do something wrong, they are not going to feel engaged. Employees who have a clear set of goal and are provided with ongoing feedback are very clear about where to focus their energy, what they are doing well and where they need to improve.

Feedback fuels engagement and according to a recent Gallup study, companies with engaged employees outperform the competition in a host of areas, posting satisfaction rates that are:

  • 10 percent higher in customer ratings
  • 21 percent higher in profitability
  • 20 percent higher in productivity
  • 24 – 59 percent lower in turnover
  • 41 percent lower in absenteeism

Feedback doesn’t just fuel retention, it fuels the success of the entire organization.

Show Appreciation

People do not leave jobs, they leave bosses. Saying “thank you” and showing appreciation is one of the easiest ways managers can make employees feel valued, but it is often the most overlooked. However, showing appreciation impacts retention. Sixty-six percent of employees say they would “likely leave their job if they didn’t feel appreciated” and that number jumps to 76 percent among millennials.  Developing a culture of appreciation, where leaders say “thank you” to their staff, publicly recognize achievement and reward people for a job well done will boost retention.

Provide Development Opportunities

Talented people want to grow in their careers and feel challenged in the work they do each day. People who feel bored and stagnant will look for a new job. It is important to provide people with opportunities to try new things, earn new responsibilities and take on leadership roles.

Whether it’s cross-training employees on new functions, sponsoring their attendance at seminars, providing tuition reimbursement or developing an in-house training and development program, providing growth opportunities strengthens loyalty and boosts retention.

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