Do you have a retention strategy in place?
Here are some tips to inspire you to develop your own plan:
1. Knowledge is power
You won’t be able to stop employees from leaving if you don’t know why they want to go. There are well documented reasons most workers leave, but it’s not enough to just know the most common reasons. You must know which reasons apply to your company. Approach current and former employees and ask them for honest feedback. Be prepared not only to not punish your current employees for honest feedback, but to make real change where it is needed.
2. Craft your environment
You hear a lot about workplace culture now, but that’s a difficult facet of your business to manage. Focusing on honest communication is a start. Be willing to implement innovative arrangements that enable your employees to have the best work-life balance possible. One of the biggest reasons for the shortage is that many skilled workers are aging out of the industry. Consider a progressive approach that will allow these people to remain involved, such as working part-time hours. If they’re ready to retire, offer them an opportunity to be part of a mentoring program for younger workers, or be a trainer.
3. Be aggressive about apprenticeship
Get the word out to potential employees. Apprenticeship programs are a great way to bring someone on board at the ground level and train them up to where you want them to be. If there’s a trade school nearby, develop a relationship with instructors so they will be willing to send graduates your way. Offer incentives to current employees for successful referrals.
Developing a good retention strategy costs nothing, but the benefits are innumerable.
Whatever your strategy, always remember the best way to keep an employee around is to make them feel appreciated. Always use those two magic words: “thank you.”
