Retention is huge for the growth and success of a company. Improved employee relations, an increase in collaboration, and higher profits are all long-term benefits of retention. Not to mention, you save money on turnover costs. Did you know the cost of turnover is about 33% of your employee’s salary? In today’s talent market that number could be doubled.
First things first: how do we reduce turnover costs by keeping our employees satisfied? Build relationships in the workplace by having regular check-ins or receiving feedback between managers and employees. Regular check-ins are proven to add value to your business and teams. They do not always have to be formal meetings. Have you heard of WorkTok - a simple and affordable solution to bridge that communication gap? Oftentimes employees are more willing to have open, honest conversations when there is not that stress of a ”formal meeting.” Keeping a pulse on how your employees are doing by checking in once a week allows you, as a manager, to get to the bottom of any underlying issues that may be bothering your employees. Whether that means workload pressures, scheduling pressures, or even personal stressors, you can provide support where you can if you are aware of the issue. We are human, we cannot expect our personal lives to drop at the door when we walk into work!
Why is employee feedback important and how does it play a role in retention?
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The 2023 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.