It costs at least 20% of a person’s annual salary to replace an employee.
That cost includes productivity loss during training, recruiting, and lost work while the position is vacant.
The cost of losing an executive employee can be up to 213% of their salary.
Here are 6 tactics for increasing employee engagement and decreasing turnover. Give them a Try!
1. Set Expectations
We have each employee create a list of expectations for their supervisor and their supervisor creates a list of expectations for the employee. This provides clarity between the two individuals. When someone clearly knows what the standards are, they know what they must do to succeed and what it means to go above and beyond the call of duty.
2. Create a Culture Based on Values
You can’t expect a company culture to appear out of thin air. There must be a foundation upon which to build. We created a list of values we are not willing to sacrifice and it is the cornerstone to our company culture. We believe every employee should be a role-model for the company culture they want. Each person is individually accountable to uphold the values with their peers, reports, and superiors.
3. Implement a Values-Based Hiring Process
Hiring is a key step to maintaining a strong company culture. Your values should be an integral part of the hiring process. When you hire someone who is not a culture fit because you “have to have one,” they can become poisonous to the group and do more damage than having the position remain open while you find the right person.
4. Provide Training Opportunities
Training is equally necessary. Employees who cannot succeed at their job will become disengaged over time. Everyone knows you must be good at what you do to advance in the workforce. Employees who aren’t properly trained are not able to perform well. When someone is not able to be good at what they do, their job satisfaction plummets.
5. Make Them Want to do Better
Survey your employees and find out how they like to be recognized. When an employee is recognized in the way they find meaningful, their engagement with the company increases because they are driven to seek out recognition.
6. Give Them What They Can’t Live Without
Employees need to be excited about the opportunity in front of them. If they’re engaged with the job they have and the company they work for, the grass will never appear greener somewhere else. Offer growth opportunities and quality time with their supervisor to create an environment that is too good to leave.
The truth is sometimes hard to swallow. It never hurts to ask your employees what they like and dislike about their current employment. Be sure to let them know there are no repercussions for candid responses and you’re willing to consider their opinions seriously. Just being asked for their input will be a good sign to any employee.