Businesses have to do many things in order to be successful. Retaining employees is one of them. Darius Fisher, the co-founder and president of Status Labs, has published an article on Forbes’ website pointing out a few ways companies can keep employees from bolting to another company. Fisher also points out why it is necessary to keep employees in the fold. Sometimes, businesses lost site of the importance of employee retention.
Cost is one of the main reasons to reduce employee turnover. From entry level to executive management, the costs of replacing an employee are enormous. And think of all the downtime associated with the vacancy being filled. Without a knowledgeable and experienced person handling the day-to-day tasks of the job, businesses cannot effectively meet mission goals.
Darius Fisher points out there are a few – often simple – steps that can be taken to greatly improve employee retention.
Improving communications in the office is one step. Employees are able to better function in the work environment when they clearly understand what is required of them. Getting updates on overall office-related news definitely enhances their ability to be informed.
Expand the use of social media to connect with employees. This goes in concert with the previously mentioned point about keeping employees informed. All the top social media sites can be used to disseminate information. Creating a private group ensures information stays where it is supposed to remain. No one outside the company gains access.
Reward and acknowledge good employees. Anything from a cash bonus to an employee of the month certificate can greatly help with increasing motivation. Boosted motivation does support greater retention. As the saying goes, it is the thought that counts. The amount of the reward isn’t always that important. The fact that the employee is being acknowledged has such a positive impact. Among those positive impacts is increased employee retention.
Darius Fisher is a very active manager of Status Labs, one of the top reputation management firms in the world. Knowing how to retain employees has surely helped his company grow to the heights it has risen.