Wednesday, December 22, 2010

Why Good Employees Leave

Companies are constantly striving to retain their best people. But in a market where labor is scarce, as the U.S. Bureau of Labor Statistics projects for the next decade, employee retention will become even more critical. There are extra steps employers can take to keep the talent.

Compensation. Although it is not the main reason for loyalty, compensation plays a huge role in retention.
Stay informed on salary trends by using industry surveys and other tools. Tie increases in pay into meeting specific goals. By doing so, you’ll be benefiting the employee and the company. In addition, survey employees on what benefits other than money will keep them on board.

Management. One important reason employees stay in their jobs is the relationships they have, primarily with their supervisor. Update manager’s leadership, communication and interpersonal skills through coaching, training and feedback. Use evaluations to rate these skills and tie performance to their compensation as well. Create an environment that is safe for employees to bring up concerns, and ensure the process is efficient and problems are addressed quickly.

Communication. Unclear goals and performance expectations leave many employees unsure and unhappy. Communicating and listening can prevent this. Provide clear visions and consistent communication. Share the mission of the company clearly and regularly.

Before finding yourself in a staffing shortage, take the time to address retention issues now. Review current strategies used to preserve and develop your company’s most valuable asset: Its people.

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