One of the biggest issues many companies face is replacing skilled, tenured employees who decide to move on from the business for one reason or another. Whether it's because they think the grass is greener elsewhere, they are retiring or are moving for personal reasons, employee turnover can be costly in a number of ways. For that reason, it's important to continually do more to retain talented workers.
How can companies do that? The following steps should help them increase retention rates:
1) Start by hiring the right people
First and foremost, it's a good idea to make sure the people you hire are those who seem likely to stick around for many years to come, according to CIO magazine. If a hire has a history of bouncing between jobs, they may not be the right person to bring aboard. That age-old interview question, "Where do you see yourself in five years?" is popular for this very reason.
2) Give workers the chance to develop their skills and advance within your company
However, you can't just expect even the most committed employee to stick around if you don't offer them the chance to grow within their careers, CIO said. Since you operate in the manufacturing sphere, training is probably already playing a role in your regular operations, but you should always encourage workers to pursue their career goals with your guidance and assistance, and give them the chance to move up your corporate ladder when it works for all involved.
3) Commit to maintaining high rates of job satisfaction
Along similar lines to allowing people to move up the ranks within your company, you should also ensure you are doing more to meet their expectations in other ways, according to the Society for Human Resource Management. If someone hasn't gotten a raise in a year or two, they might be looking to move on to an opportunity where more money is available. It's just a good idea to check in with employees and see what might keep them happy.
4) Build up camaraderie
Your employees may be less likely to look for greener pastures if there is a sense of community and friendship within your company, the SHRM advised. When coworkers start to feel like family, retention rates tend to rise. Finding ways to create that kind of connection is therefore vital for your business.
5) Give and receive feedback
Workers like to know where they're at, in management's estimation, and regular reviews can help them feel like they're always informed of how things are going, according to the Forbes Human Resources Council. However, they also like the confidence that comes with knowing their own feedback is being heard and actually considered, so talkback sessions are a good idea as well.
6) Check in with workers
Part and parcel with many of the above ideas, it's also wise to check in with workers informally to see how they're feeling about the state of their jobs lately, or the company as a whole, the Forbes Human Resources Council noted. When it's not in a formal setting, you might get some important answers you weren't expecting.