Retain good employees to keep edge for recovery - bizjournals:

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“When the economy turns you are not going to be able to get back the employee s youlose now,” Greer said. “Itr is one of the reasons why you can’t put a dollar figure on employese retention.” Greer and Julie Stich, senior informatioh and research specialist for the International Foundatiomn of EmployeeBenefit Plans, www.ifebp.org, said the best way to retainm employees is to keep them engagede with the company. “Let worker s follow their interests, and help them to develoo their skills. Also, consider allowing employeed to work in different areas ofthe organization. This will help to keep them said Stich.
Training is anothert component toemployee engagement, experts say. Stic suggests in-house mentoring programs for key employees and thoswe showinghigh potential. Such programs go a long way in termxs of career development for these people withoutg a direct cost tothe “If employees see that you are willing to make a commitmenty to their development, they are going to know that the companty ... is committed to their growth,” said Greer. “Recruitinb should not stop when a persomis hired.
Recruiting needs to continuee throughout one’s employment with the organization,” said Greer, who also suggestsx involving employees incorporate decision-making to keep them invested. Another key is quality Greer said. Supervisors should be aware of the goalws and aspirations of their employees and showappropriatde interest. “Research shows that employees do notleave companies. They leave theier managers,” he said. Beyond such engagement strategies, Stich suggests employers review theirbenefit packages, ensurintg they are competitive, even in a down “You do not want to have someone jumping ship to someplace that pays a lot more,” Stitcbh said.
Employers, she said, should consider flexible schedules and telecommutinhg opportunitiesfor workers. Such benefits particularly appeal toyounger employees, she The final component to employee retention is making the workplacde as pleasant and stress-free as possible. Employees tend to appreciate light-heartexd working environments thatencourage fun. “Bringing in pizza for lunc every once in a handing outgift cards, or throwing a holidag party can go a long way,” she said. Although companies may have to invest some time and moneyy inemployee retention, experts say the alternative is to absorbb the expense that comes with losing and replacingt workers.
Stich said it can cost up to two timesxan employee’s annual salary to replace a singlre worker. “When a companyy loses a high-performing employee, the employee feels the loss in productivityand morale,” said Stich, who attributexs turnover costs to advertising on job-search background checks, new-hire testing, applicant screenings, orientation and training “You also have to consider the cost of ... severanced pay, temporary help,” she said. Greer said employerws who are aware of the valued of employee retention will experience some turnoverd despitedue diligence.
The best way to handlde it, he said, is to keep the relationshi with the employee aliveafter departure. “Ifc you lose a good person, he may want to come back to you eventuallyy if you keepin touch. If he does, he will come back with more skillx and more knowledge than he had when he he said.