Four Tips to Retain Your Workforce

If you attend enough management development conferences online and off-line, you will soon come across the subject of employee retention. Because a manager’s true role is to delegate tasks and responsibilities, the topic of employee engagement and retention is a key managerial topic for most managers.

When addressing this subject then, you first need to determine why employees quit and then look at the reasons why they will stay. Employees can leave a company for a large number of reasons, some of which might actually surprise a manager. Therefore, keeping the lines of communication open is an important consideration if you want to foster trust and keep your employees all on the same page with respect to departmental initiatives.

Workforce

According to recent findings of the Department of Labour, employees only stick around about 1.5 years on average. Plus, most employees do not quit for a lack of money, they leave a department when they feel they cannot make a difference or feel underappreciated.

#1 – Sell Employees on the Idea of Vision

If management does not offer any sort of vision for the future, staff members can soon become dissatisfied. Therefore, to successfully retain a staff, you have to sell your subordinates on the idea of vision and the advantages associated with working with their company both now and in the future.

#2 – Give Your Employees a Sense of Purpose – Provide a Mission Statement

One Gallup survey conducted in 2012 asked employees if their company’s mission and purpose made them feel like their job was important. Follow-up research showed that there is, indeed, a direct connection between how an employee rates that question and whether or not he stays with a company. Employees want to work in a place where, by doing their job, they feel they have made a difference.

#3 – Learn How to Listen

While most employees or employers do not expect employees to stay 50 years with one company, employees are more likely to stay at least 20 years if they feel their managers are empathetic. According to Forbes Magazine, employees are more likely to stay with a company if they feel they can voice their concerns or suggestions with their manager. Therefore, managers in the corporate sector who take time to listen to their employees typically experience a lower turnover rate.

#4 – Focus on the Extrinsic Motivators

In the book, entitled, “Drive,” written in 2009, the author Daniel Pink examined intrinsic and extrinsic motivators on the job. Extrinsic motivators make up such rewards as cash bonuses while intrinsic motivators are internal desires that develop out of a need to produce a successful product line or to, basically, do good work.

The author states that, in the modern workplace, intrinsic motivators are more often emphasised in the minds of the staff. However, managers still tend to believe financial compensation is enough of an incentive to drive a workforce.

Management training seminars that cover the subject of intrinsic motivation provide valuable information for managers who would like to enjoy a better employee retention rate. You might want to consider the psychology of retention over financial incentives if you want to minimise the churn rate in your office.