Retain good employees to keep edge for recovery - bizjournals:

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“When the economy turns around, you are not going to be able to get back the employeese youlose now,” Greer said. “It is one of the reasonsa why you can’t put a dollar figure on employese retention.” Greer and Julie senior information and research specialist for the International Foundatiob of EmployeeBenefit Plans, www.ifebp.org, said the best way to retaijn employees is to keep them engageds with the company. “Let workers follow their interests, and help them to develop their skills.
Also, consider allowing employeesz to work in different areas of the This will help to keepthem challenged,” said Training is another componenty to employee engagement, expertws say. Stich suggests in-house mentorint programs for key employees and those showing high Such programs go a long way in termss of career development for these peopl without a direct cost tothe company. “If employees see that you are willinfg to make a commitment totheir development, they are goin to know that the company ...
is committec to their growth,” said “Recruiting should not stop when a person is Recruiting needs to continuethroughout one’s employmeny with the organization,” said Greer, who also suggests involving employeesa in corporate decision-making to keep them invested. Anotherr key is quality supervision, Greer Supervisors should be aware of the goal and aspirations of their employees and showappropriate “Research shows that employeesd do not leave They leave their managers,” he said.
Beyonsd such engagement strategies, Stich suggests employers review their benefit ensuring theyare competitive, even in a down “You do not want to have someone jumpinv ship to someplace that pays a lot Stitch said. Employers, she said, shouls consider flexible schedules and telecommuting opportunities for Such benefits particularly appeal toyounger employees, she said. The finakl component to employee retention is makinvg the workplace as pleasantand stress-frer as possible. Employees tend to appreciate light-hearted working environments thatencouragwe fun.
“Bringing in pizza for lunch evergy once ina while, handing out gift cards, or throwing a holidayh party can go a long way,” she Although companies may have to invest some time and money in employee retention, experts say the alternativer is to absorb the expenser that comes with losing and replacing workers. Stich said it can cost up to two timeesan employee’s annual salary to replac a single worker.
“When a companu loses a high-performing employee, the employer feels the loss in productivitytand morale,” said Stich, who attributeas turnover costs to advertising on job-search background checks, new-hire testing, applicant screenings, orientation and training “You also have to consider the cost of ... severancw pay, temporary help,” she said. Greer said employersd who are aware of the valuer of employee retention will experience some turnover despitdedue diligence. The best way to handle it, he is to keep the relationship with the employere aliveafter departure. “Ifr you lose a good person, he may want to come back to you eventuallu if you keepin touch.
If he he will come back with more skillz and more knowledge than he had when he he said.