Employee turnover is a common challenge for organizations and can have a major impact on your success.
Turnover is disruptive, costs money, and impacts employee morale. The actual cost is difficult to measure but may include increased workloads, overtime expenses, and reduced productivity associated with low employee morale. Not to mention the recruitment costs and time and resources needed to train new people.
But turnover is preventable—or at least manageable.
Employees who receive recognition for their talents and skills generally have higher levels of job satisfaction, are more likely to be motivated, and exhibit better retention rates.
Start with these ideas:
- A sincere “thank you” goes a long way. Don’t avoid it because you are nervous about appearing awkward or insincere, or embarrassing the employee. Practice makes perfect.
- Send simple appreciation emails at the completion of a project. Consider reporting individual accomplishments up the chain to the Board.
- Pass the bucks. Hand out Bonus Bucks (think Monopoly Money) to employees that have done something outstanding. The bucks can eventually be traded in for real goods, time off, or gift cards.
- Send monthly memos outlining the achievements of your team (no negatives, only positives).
- Start a Clutch Award program by recognizing staff members who have come through in the clutch in supporting the organization in a special way.
- Offer a “Boss Does Your Chores” pass, where the management team is responsible for performing the more menial duties of its staff members.
Employees who feel appreciated are more productive and loyal. Step outside of your comfort zone and see how it goes.