Many HR industry resources will quote the cost of replacing a member of your staff at one-half to a full-year’s salary for that given position. This makes the real cost of replacing leadership employees much more than other staff members. Working with your HR department, you can increase the chances of retaining that top talent.

Feeling good about the boss.

The old adage of people quitting manager, not companies, helps to set the stage of why top talents stays and why it leaves your company. Even with a growing trend to lower the heiarchy effect of having layers and layers of managers going by the wayside, employees usually still wind up with some kind of authority, or guiding, figure at the workplace. This figure can help the company retain employees through the way they treat and interact with staff. These supervisors should be encouraged to learn about things like how specific employees want to be:
  • Praised (publicy or privately)
  • Informed about company news and changes
  • Rewarded (money, time off, benefits?)
  • Allowed to work from home

Do you have what you need?

Many times, lack of communication creates a senario where employees vent frustrations about their work tools to others, but not up the chain. Make sure your employees are asked whether they feel they have the tools to do their jobs well. It’s amazing how many times supervisors are surprized by the answers when they ask. Many times, employees feel they need to just do their best with the tools, working areas and software they were given. It’s not uncommon for an employee to see the potential benefit of some simple additions, or changes, to these things. Little things like different gloves, or rearranging a work station can have a big effect on both productivity and moral. The big mistake here is to assume they have what they need. Take a minute to ask them.

Be honest about careers

We’ve all had a boss that says that the only thing they ask is for warning if you ever want to leave. In the real world, this rarely happens because the employee finds no benefit in sharing information about their job search. Employees will always come and go. If an employee is not happy with their work situation, you probably don’t want them working at your company, anyway. One of the best routes here is to be honest with your employees and let them know that you want them to be happy and if that is with the company, great. If it is elsewhere, you’re happy to support them. Any employee that leaves the company should leave as a recruiting friend of your company. This also gives you the rare chance to understand the true reason they are leaving, which helps you retain other valued employees. The opposite of this is to have employees leave unhappy and bad-mouth your company to all their new friends at their new workplace.
Modern Business Associates is an HR company that focuses on payroll and HR outsourcing. We routinely work with clients on employee compensation and benefits. As a Professional Payroll and HR outsource organization, our clients rely on us to help them effectively deal with these kinds of topics.