Having Trouble Retaining Employees?

Particularly in today’s competitive environment, attracting and holding on to your top-performing employees can be difficult.  If you find yourself in the unenviable position of having lost too many valuable employees over the years, it may be time to examine some of your company’s managerial practices. 

Losing your best people can hurt the business.  It now means you will have to search for new employees that are equally as talented and then take the time to train them.  All of this costs the business both money and lost productivity.  Experts generally agree that one reason for high employee turn-over can be attributed directly to management.  This does not necessarily mean that you or your managers are doing a bad job but more likely that you could be doing a better job of it. 

Satisfied employees are made to feel that they are being listened to and that their needs are being taken into consideration and fulfilled whenever possible.  Good managers provide employees with the resources they need to do their job well and make sure they receive the proper training.  A business should make every effort to treat employees as a valuable part of the team and seek input from them that may be used to further the company’s success. 

Moreover it is important to have developed and then communicate the company’s mission statement and strategy to employees.  Be sure to hold frequent company meetings and encourage participation from all staff.  Additionally allow employees to feel that there is room for advancement by promoting from within the company whenever possible.   Reward employees that do stay with financial compensation in the form of pay raises, bonuses, or stock options.  If you really want to retain good employees offer competitive benefits and retirement plans. 

Remember that good managers also need to make sure that employees fully understand their responsibilities and duties and are held accountable for delivering them.  A recent survey from Gallop sums it up by saying, “The best workplaces give their employees a sense of purpose, help them feel they belong, and enable them to make a difference.”

http://www.bls.gov/spotlight/2013/tenure/home.htm

http://www.forbes.com/sites/louisefron/2013/06/24/six-reasons-your-best-employees-quit-you/

 

For over 60 years, Rabin Worldwide has been assisting companies with creating liquidity through innovative solutions. We specialize in complex manufacturing facilities with idle or marginally productive assets. Rabin’s operations include selling surplus individual items, entire plants, or multiple plant locations by auction or liquidation and much more. When you need to sell assets, realize your maximum value by using the services of highly experienced commercial liquidators.