This article shares some best practices that an effective manager can take to reduce employee attrition rates and improve employee retention.
Employee attrition rate is the rate that employees are changing at a company over a course of a month's time. Often referred to as employee turnover, it is becoming an increasingly costly part of running any company. Losing any employee after spending time training them and acclimating them to your company systems, procedure, policies and culture can be quite disappointing for any manager. When one employee leaves, the same lengthy recruitment cycle has to be undertaken to fill the same position.
Below are a list of recommended behaviors to reduce employee attrition and improve employee retention.
Make Everyone Feel Wanted and Appreciated
Employee Recognition is one of the best ways to retain talented employees. Diligent employees who go the "extra mile" to reach department or company goals need to be recognized.
As their Manager, you should be seeking opportunities to reward employees who are creative, who take initiative without being told and who demonstrate teamwork.
Many ideas for recognizing employees are free or low cost. Simply taking the time to mention a particular contribution of a team member in a group setting can create a greater sense of belonging.
Recognition whether formal or informal creates pride and ignites zeal in employees to excel in their work. Making an employee feel wanted and appreciated goes a long way towards increasing company loyalty and reducing employee retention.
Recognize and Encourage Teamwork
Teambuilding is a core element of effective management. It creates a healthy workplace atmosphere where people can excel together.
Establish routine team meetings and encourage employees to rely upon each other and not attempt to solve problems alone. Establish both team and individual goals and openly acknowledge members who display good teamwork.
It is not always necessary to appoint a team leader. Usually the team will find its own leadership. People will work hard not to let the team down.
Teams create a sense of belonging that can transcend not just your department but your entire company.
Give and Solicit Feedback
Feedback is a critical part of communication in any relationship. Without it no one can understand if they are meeting expectations.
An effective management tool is to establish a routine meeting schedule for a one-on-one meeting with your employees. This should be at least quarterly. Do not wait until annual performance review time. That's too long of a period. The more frequent, the better!
This meeting should be a two way dialog with both parties giving feedback. Employees really appreciate it when the boss asks " How can I improve to help you do your job better ?".
Remember each employee is an individual and may have some particular things that work better for them.
For instance, I once had an employee who always wanted to meet in my office and not in theirs. Because English was a second language, they would read my lips better in person versus attempting to understand my accent over the phone. Additionally, from a cultural aspect, they considered coming to the supervisor's office as a sign of respect. So we adjusted how we communicated. I would never have found that out without asking during a dialog session.
Practicing these behaviors will go a long way in reducing the attrition rates and improving the retention of your work group. They each create a sense of belonging which makes it emotionally difficult for the employee to start looking for other opportunities.
Why not give them a try?