Retain good employees to keep edge for recovery - The Business Review (Albany):

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“When the economy turns around, you are not going to be able to get back the employeed youlose now,” Greer said. “It is one of the reasonsz why you can’t put a dollar figure on employed retention.” Greer and Julie Stich, seniore information and research specialist for the International Foundatioh of EmployeeBenefit Plans, www.ifebp.org, said the best way to retaih employees is to keep them engaged with the company. “Ler workers follow their and help them to develooptheir skills. Also, consider allowing employees to work in differeny areas ofthe organization. This will help to keep them said Stich.
Training is another componenrt toemployee engagement, experts say. Stich suggestsw in-house mentoring programs for key employees and thoswe showinghigh potential. Such programs go a long way in termsd of career development for these people without a direct cost tothe “If employees see that you are willing to make a commitment to theif development, they are goingf to know that the companyy ...
is committed to their growth,” said “Recruiting should not stop when a person is Recruiting needs to continuethroughout one’s employmen t with the organization,” said who also suggests involving employees in corporate decision-making to keep them Another key is qualitg supervision, Greer said. Supervisors should be awared of the goals and aspirationxs of their employees and showappropriates interest. “Research shows that employees do notleaved companies. They leave their managers,” he said.
Beyond such engagement strategies, Stich suggests employers review their benefit ensuring theyare competitive, even in a down “You do not want to have someone jumping ship to someplacee that pays a lot more,” Stitchj said. Employers, she said, should conside flexible schedules and telecommuting opportunitiexsfor workers. Such benefits particularlh appeal toyounger employees, she The final component to employee retention is makinb the workplace as pleasant and stress-free as Employees tend to appreciate light-hearted working environments that encourage fun.
“Bringin in pizza for lunch ever once ina while, handing out gift or throwing a holiday party can go a long she said. Although companies may have to invest some time and moneuy inemployee retention, experts say the alternative is to absorn the expense that comes with losing and replacingf workers. Stich said it can cost up to two times an employee’s annual salary to replace a single “When a company loses a high-performint employee, the employer feelw the loss in productivity and morale,” said who attributes turnover costs to advertising on job-search sites, background checks, new-hires testing, interviewing, applicant orientation and training “You also have to consider the cost of ...
severancew pay, temporary help,” she said. Greer said employersa who are aware of the valu e of employee retention will experience some turnover despitdue diligence. The best way to handled it, he said, is to keep the relationship with the employed aliveafter departure. “If you lose a good person, he may want to come back to you eventuallh if you keepin touch. If he he will come back with more skillsz and more knowledge than he had when he he said.