Employee retention i.e. “Keeping good employees” is essential for any company to succeed. If you lose a good employee, finding and training a replacement can take a lot of time and money. Although this applies in any type of economic environment it is especially true in a tight labor market like we are experiencing now.
Employee Recognition = Employee Retention
- Monetarily: By giving a raise or bonus
- More Responsibility: By giving a promotion
- Public recognition: By giving awards or certificates.
Employees who feel recognized are more likely to stay with the company.
Employee Engagement
Another way to keep your employees is to engage them from time to time. This means talking to them about their work, goals, and progress. It also means asking for their input on decisions that affect them. Constant employee engagement makes your employees feel like they are part of the company and are more likely to stay.
Employee engagement involves talking to employees about their work and goals. Employees whose opinion is valued are more likely to stay with the company. [Read more…] about 4 Ways to Keep Good Employees at Your Company for Longer