When your employees leave for greener pastures, it’s not only the obvious problems – payouts, unemployment taxes, severance pay – that can drag your company down. The hit to morale and the strain on employees who have to take up the slack of the missing worker can lead to a decrease in productivity and job satisfaction and to even more turnover.
It has been shown again and again that it’s less expensive to keep employees than to replace them. The hard costs of hiring a new employee include job listings, recruiters, screening, interviewing, even relocation packages and signing bonuses. And no matter how great the new hire is, or how effective the onboarding and training process is, some knowledge, such as an understanding of the people involved and how the institutional culture functions, only comes with time on the job.
To keep employees happy, you can’t keep them in a box. You must let them grow their skill sets and meet new challenges — and you may be surprised at the loyalty and productivity that builds.
As hiring expert Eyal Gutentag says, “Roles must evolve frequently — measured in months, not years. Org charts become obsolete quickly.” If you’re unable to embrace opportunities because you’re mired in bureaucracy, it’s time for an overhaul. As Gutentag points out, “Mentorship and rapid advancement of high achievers and leaders not only requires a strategy but a culture to enable it.”
Transparency is the number one predictor of employee happiness. Honest communication is key when it comes to individual and company goals, challenges and successes.
Your company blog can offer workers the opportunity to learn everything about what the company is up to, and to share in the excitement and sense of accomplishment. The flow of information can lead to surprising and rewarding results, as employees incorporate the full, big picture into their minds and their work.
Transparency and professional development are two of the simplest but most powerful ways to decrease employee turnover. They require little or no financial investment, only a commitment to thinking outside the box.