Retention rates can be a big problem for a company, especially when the top talent is leaving in droves. No matter how many individuals are employed, losing key, talented professionals can seriously hamper operations. If you're just getting your business off the ground, check out these five reasons from Business News Daily. Once you find an employee who exceeds all expectations, it's important to keep them onboard. If you happen to be a veteran looking for work, keep a sharp eye out for the first four points. These may be signs that your employer is slipping up.
1. Career Paths Aren't Clear – Most employees prefer understanding their place in a company and where they might eventually go. This is especially true for those who are passionate about their profession. Understanding how hard work might eventually pay off is integral to keeping an employee motivated. It's important to make sure that each employee knows what their options are, and how they can advance as a professional and within the company.
2. No Training Provided – There's always an expected degree of competency before someone is hired, but taking a completely hands-off approach can be disastrous. Savvy workers might be able to learn the ropes entirely on their own, but a lack of training can translate to a lack of care from their boss. Don't let anything stand on merit alone: even if a new hire knows how to do everything that's required of them, a little guidance, even about the office culture, can demonstrate a vested interest in their success.
3. Lack of Custom Recognition – No one wants to feel like their work goes unnoticed. It's important to recognize the specific accomplishments of professionals who have in fact earned recognition. More often than not, a general “good job team” helps, but knowing what each individual is responsible for demonstrates that a boss is paying attention to what they do and recognizing them for their successes.
4. Not Listening – Being in charge of someone doesn't give the boss carte blanche authority over every situation. Sometimes, the best employees are the ones who can identify potential weak points in a project or company strategy. It would be unadvisable to listen to everything, but ignoring good advice will make employees feel unnecessary and ineffective.
5. Retention Stats aren't Tracked – Tracking retention stats is one of the best ways to understand who your best people are and why they left or are still with you. This information will let you know at what rate you are losing your employees, and which managers are in charge of the most problematic departments. Using this data can lead to much higher retention rates for the best employees.