Retain good employees to keep edge for recovery - bizjournals:

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“When the economy turns around, you are not goinyg to be able to get back the employeesa youlose now,” Greer said. “It is one of the reasonas why you can’t put a dollar figure on employee Greer and Julie senior information and research specialist for the International Foundationm of EmployeeBenefit www.ifebp.org, said the best way to retain employees is to keep them engaged with the “Let workers follow their and help them to develop theirt skills. Also, consider allowing employeea to work in different areas of the This will help to keep them said Stich. Training is anotherf component toemployee engagement, experts say.
Stich suggestd in-house mentoring programs for key employeese and those showinghigh potential. Such programs go a long way in termzs of career development for these people without a direct cost tothe “If employees see that you are willinhg to make a commitment to theire development, they are goiny to know that the company ... is committec to their growth,” said Greer. “Recruiting should not stop when a personmis hired. Recruiting needss to continue throughout one’s employment with the organization,” said who also suggests involving employees incorporatd decision-making to keep them invested. Another key is qualityy supervision, Greer said.
Supervisors should be awares of the goals and aspirations of their employee and showappropriate interest. “Research shows that employeeas do notleave companies. They leave their managers,” he said. Beyonde such engagement strategies, Stich suggestse employers review theirbenefig packages, ensuring they are even in a down “You do not want to have someone jumpinbg ship to someplace that pays a lot Stitch said. Employers, she said, should considef flexible schedules and telecommuting opportunitieszfor workers. Such benefits particularluy appeal toyounger employees, she said.
The final componentr to employee retention is making the workplace as pleasanftand stress-free as possible. Employees tend to appreciate light-heartecd working environments thatencourage fun. “Bringinb in pizza for lunch every once ina while, handing out gift or throwing a holiday party can go a long way,” she Although companies may have to invest some time and money in employeed retention, experts say the alternative is to absorh the expense that comes with losingy and replacing workers. Stich said it can cost up to two timeswan employee’s annual salary to replacee a single worker.
“When a company losee a high-performing employee, the employer feelss the loss in productivityand morale,” said Stich, who attributee turnover costs to advertising on job-search background checks, new-hire testing, interviewing, applicant screenings, orientation and traininf materials. “You also have to conside r the costof ... severancre pay, temporary help,” she said. Greer said employerw who are aware of the value of employee retention will experience some turnover despite due The best way tohandle it, he is to keep the relationship with the employee alivre after departure.
“If you lose a good he may want to come back to you eventuallyh if you keep in Ifhe does, he will come back with more skill s and more knowledge than he had when he he said.