Employer Resources: Employee Retention
The retention of key employees is critical to the success, growth and profitability of your company. There is much value in retaining employees who have demonstrated consistency, productivity, and the ability to satisfy customers.
The failure of a company to retain key employees results in high turnover, general insecurity, and costly replacement searches.
One can measure the "health" of a company by the tenure/longevity of its most successful members. The consequences of excessive turnover range from financial loss to the potential for damage to the company's reputation.
There are numerous ways to reward and motivate long term employees. The obvious is monetarily; however, it appears equally important that recognition and positive feedback also make a difference.
There are less tangible methods to encourage and reward the input of long-time employees. It has been proven that those employees who can freely speak their mind - to offer suggestions and constructive criticism to management - will ultimately feel more loyal and secure in their positions. People want to know that their feedback and ideas matter to those who lead the organization.
Employees must be given the tools to succeed in their business: this includes training, and the time and resources to effectively do their jobs.
Employees must know that there is room to grow within their company - both professionally and personally. Career-oriented individuals must recognize that growth opportunities exist within the organization.