03 May Two Simple Steps to Improving Employee Retention
Employee retention has always been a fundamental factor in company profitability. The less turnover you have, the less you’re paying in recruitment and training costs. That’s why employers should use surveys and exit interviews to determine how current employees feel—and why ex-employees chose to leave.
Exit Interviews – Most companies already use some form of exit interview, however, the problem lies in that people rarely are completely honest when it’s their former employer asking the questions. This is an obstacle easily overcome by working with a third-party company like Quantum who will contact employees and find out what they really think. How does an exit interview help retention? It can identify people who are willing to comeback as rehires if you fix whatever it was that made them unhappy. It also identifies problems that might drive away other valued employees.
Employee Surveys – Another effective way to track employee attitudes is to survey them periodically. By evaluating their level of job satisfaction at regular intervals, you can pinpoint exactly what employees value and what they dislike. This gives you the ability to implement improvement programs before employees become too dissatisfied. The cost of such surveys easily pays for itself in saved training and the cost of recruiting new employees.
So with these simple methods, not only can you begin to address areas in need of improvement as identified by your own employees, but you can better cultivate a work environment that breeds job satisfaction, diligence, and, above all, loyalty.
If you’d like to learn more about improving retention or want to put Quantum’s HR expertise to work for your company, call Linda at 502.568.6633.