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5 ways to retain good employees

Posted on April 1st, 2015 Read time: 2 minutes

No matter what industry you're in, employee turnover is not good for business. If workers quit all the time, it can cost your business a lot of money. According to a study conducted by the Center for American Progress, for all jobs earning less than $50,000 annually, the average cost of replacing an employee is 20 percent of the individual's yearly salary. If you want to retain your best employees, it is essential to keep them happy in the workplace. Here are five ways to retain good employees.

  1. Conduct stay interviews
    Instead of using exit interviews to find out how your business can reduce employee turnover, ask your workers what they do and don't like about the organization on an ongoing basis. Monster suggests conducting stay interviews at least once a year. During the interviews, listen carefully to each employee's concerns and address them in the best way you can. If a worker makes a request you cannot reasonably fulfill, be honest. For example, if an employee requests a job he doesn't have the skills for, discuss employee training opportunities with him.
  2. Create a comfortable working environment
    If you want your employees to enjoy their time at work, you have to create a comfortable environment. In addition to keeping the office well-lit and at a comfortable temperature, design a break room that your workers will love. Providing tables, comfortable chairs and even a television can give staff members an opportunity to relax in the middle of the day. 
  3. Recognize employee achievements
    Acknowledging a worker's accomplishments can go a long way in keeping her around for a while. For example, if an employee exceeded her sales goals for the month, thank her for doing such a good job. If you recognize your employees' achievements, they will feel appreciated and work hard for you.
  4. Provide advancement opportunities 
    Most employees want to advance within a company, so it is important to offer growth opportunities. When a position becomes vacant, look for candidates inside the organization first. If you believe a worker possesses the skills to succeed in the position you are trying to fill, encourage him to apply for the opportunity. If your employees know that promotion opportunities exist, they will be more likely to stay with the company.
  5. Offer Flextime
    People who live busy lives may have trouble sticking to a typical 9-to-5 work day. If you let your employees have more flexible schedules, they will feel less stressed and perform better in the workplace. For instance, if one of your workers has a doctor's appointment in the morning, allow her to come in a littler later. Allowing your employees to work from home occasionally also shows them that you are willing to accommodate their schedules.

If you take the necessary steps to keep your employees happy, they will be less likely to search for other job opportunities. 

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