Turnover can cost your company big money. By some estimates, it can cost double an employee’s salary to replace them. If you have a revolving door of employees coming in and out, those costs significantly eat into the bottom line. If you’ve got a turnover challenge, here are five retention strategies to help keep your top talent.
One: Pay Competitively
Make no mistake, talented people know what they are worth in the market. If you aren’t offering competitive salary and benefits packages, it will be very easy for competitors to lure them. You don’t have to overpay, but your pay rates should be in line with the job title, responsibilities and your local market rates for similar jobs. Furthermore, you should reward good work with performance-based raises so employees know that you value their contributions.
Two: Only Promote The Best People
There are still companies that promote solely on seniority and there are many leaders who tend to promote their friends first. Practices like these can lead to a toxic culture that culminates in turnover. Hard-working, talented people want to work for managers they look up to and promoting the wrong people will destroy employee morale.
Only promote people who have shown real leadership potential, who work hard, make valuable contributions and who inspire those around them. Creating a formal development program for talented employees who want to advance can boost retention by showing a commitment to career advancement and strong leadership.
Three: Ban Micromanaging
Micromanagement is a common problem because it is easy to fall into. However, it can wreck engagement and damage culture. If you’ve made wise hiring decisions, your team should be given the space to do their jobs well with managers acting as coaches along the way. If someone is constantly standing over a talented employee’s shoulder and second-guessing their work, those people will search for greener pastures.
Four: Embrace Flexibility
Today, work can be done anywhere, at any time and employees know this. Employees also prioritize work-life balance when it comes to job satisfaction. While there are times when flexible scheduling and remote work are impossible, there are also plenty of ways to make work and scheduling a little more free-flowing to give employees better balance. To boost retention, it pays to shake off some rigidity and look for ways to be more flexible.
Five: Get Rid Of Toxic Employees and Managers
When you keep losing top contributors and you’re left with negative people and poor performers, you have a culture problem. Toxic employees and bosses will run off your best people every time because those talented employees have options. Negativity, poor performance, office politics, and backstabbing are workplace cancer. Take a close look at what’s happening in your culture and cut the dead weight so top employees can thrive.
If you are looking for highly motivated sales and marketing talent for your ag business, contact the agricultural industry staffing experts at Morris Bixby Group.