According to a survey conducted by Harvard Business School, the time required for newly joined mid-level managers to meet their break-even point in the company is 6.2 months. Not to mention the real cost, training a new employee is always costly. It is not 100% preventable, but the rate of losing the current employees and talent can be decreased and reduced. This content will be explaining about 3 ways to retain the valuable staffs of yours.
1. Provide feedback on regular basis
Not only the positive ones, but also the negative ones can be highly encouraging. You might wonder when you hear and read that negative feedback is motivational, but there are quite number of researches on this issue. It is said that positive reviews help in increasing commitment to the work, while negative ones tend to be informative and lead the receivers to know which directions and goals they should pursue. At the right time, to the right people, and during the right situation, both the positive and negative will motivate and encourage employees in great amount. It is also recommended to give feedback on regular basis, to show that their jobs matter. However, try not to be too public about it and give too much pressure.
2. Create an open and trustworthy environment for work
Employees, especially Millennials, consider the level of communications as one of many important factors to determine a good company. A survey conducted in US had shown that 81% of employees prefer open communication to high-end benefits. Open communication will create trust within the organization, and this can eventually lead to sharing goals and missions, and working as a genuine team. Proper delegation of responsibility can also help in building trust between managers and employees.
3. Invest in right supplies and equipment
Outdated technology and tools decrease the productivity of employees, this is widely known fact. However, it can also change the whole impression of the company’s attitude that employees have in mind. It may be seen as the company cares very little in the trends of technology and give an idea as a short-sighted one. Adequate amount of investment in equipment whenever needed can encourage the staffs to work more efficiently and with devotion to their workplaces. Using high-end tools with modern technology, such as Albam, from clocking in to out is highly recommendable.
What is Albam?
Albam is an all in one Human Resource solution system that allows you to manage and centralize every aspect of your staffing needs. From attendance to automated payroll. Backed by cutting-edge cloud computing system, clock in anywhere and anytime to access, personalize and download your data.