How to improve employee retention and stop the January job search surge
Employee retention is always crucial to business success. But when a new year is looming on the horizon, the history of job search data tells us there is always a surge of job searches as people return to work.
The holiday period is time for reflection and resolution and prime time for great employees to start considering their options if they are not getting what they want from their job with you.
If you are running a growing SME, this is bad news as churning through your people sets you back significantly.
- Productivity nosedives. If someone has decided to leave, even before they officially hand in their notice, they have already checked out, even those who promise to give you the best hand over ever, have turned off their radar for future opportunities to grow your business. Onboarding new people and getting them up to speed takes time.
- It costs you, a lot. Two currencies get affected here, your time and your money. If you choose to do your own recruitment the opportunity cost is time that could be spent growing your customer base. If you choose a recruiter, it’s money you could have invested elsewhere. Stats show on average it costs 150% of someone’s salary to replace them.
It takes your eye off the bigger picture. Every time a people issue comes up it distracts your focus, it can stop you implementing a strategy, from reaching goals and from being able to see the great work the rest of your team are delivering. (which may lead them to consider that their contribution isn’t noticed…causing poor engagement). And so it continues.
“A huge thank you for all your efforts in 2016!”
This one little sentence could make all the difference to how your people feel about their jobs as they end the year. It’s often the smallest moments of positivity in the workplace can enhance efficiency, motivation, creativity, and productivity.
Studies show that managers who provide frequent recognition and encouragement see a substantial increase in their employees’ productivity. And not just by some small amount; one study found that project teams with encouraging managers performed 31 percent better than teams whose managers were less positive and less open with praise.(1)
Employee Retention can be achieved applying best practice employee recognition:
- Employee Recognition creates positive emotions.
- Positive employees are more productive and healthier.
- Healthy, productive and engaged employees drive the growth of your business.
- Their positivity will filter down to your customers.
- They are less likely to leave.
“I have always believed that the way you treat your employees is the way they will treat your customers, and that people flourish when they are praised.” Sir” ― Richard Branson
To find out more about how the RedBalloon for Business team can help you reward and recognise your people, contact us today.