A new study released by the not-for-profit organization WorldatWork reveals that companies are increasingly worried about retaining top talent, particularly as the economy starts to improve.
Understanding the reasons why key employees leave is important to developing effective retention strategies. According to those surveyed, the main reasons for turnover include opportunities for better pay, lack of promotional opportunities, dissatisfaction with work, and perceptions regarding unfair pay.
Ways to Increase Retention
Consider the following strategies to help reduce turnover and increase satisfaction among your company’s valued employees:
- Make sure your compensation package is fair and competitive.
- Acknowledge and reward your employees’ contributions and provide regular, constructive feedback.
- Provide a forum to encourage new ideas and open communication.
- Offer training programs and mentoring to enhance skills development, learning and career growth.
- Provide employee assistance, wellness and health programs.
- Support work-life balance and offer flexible work arrangements, such as varied hours and the possibility of telecommuting.
- Provide leadership opportunities.
A high rate of employee turnover can result in a loss of knowledge and skills, as well as have a direct impact on a company’s bottom line. Creating a work environment which includes a range of motivators can result in improved performance as well as increased retention and enthusiasm for the company.