The 5 Rs of Employee Retention
“To win the marketplace, you must first win the workplace.” ― Doug Contant, business leader
Every time you lose an employee, it may cost you weeks and even months in wages just to replace them. That can add up to a significant chunk of change!
So, what can you do to stop this from happening? Good employees don’t leave without a good reason. They may be seeking higher wages, improved benefits, development opportunities, better hours or schedule flexibility.
Do you know how your employees feel about their jobs? You can’t fix what’s not working for them if you don’t know what needs fixing. Regularly scheduled pulse checks keep you tuned in to employees’ feelings about their jobs.
Here are my 5 Rs – proven practices that will tip the scales in your favor when employees are deciding whether to stay or leave.
1. Respect Treat everyone who works for you with respect and foster respect in your workplace.
2. Recognition and rewards Create company traditions where you acknowledge employees’ contributions and achievements.
3. Relaxation Allow employees to truly take time off when they are away from work for holidays, weekends and scheduled time off. The break allows them to cultivate a healthy work-life balance, which in turn provides a healthy mindset when they’re back on the job.
4. Responsibility Giving trusted employees new challenges with increased responsibility helps them feel more engaged with their job and instills a sense of purpose and pride. They will feel they are growing with the job, not growing out of the job.
5. Responsiveness When you show your employees that you hear them, you build stronger relationships. Practice good listening skills when your employees do speak up and always offer a response. Show real interest in what they have to say and be sure you demonstrate that you are looking at things from their perspective, too. An empathetic boss is a major reason employees like their jobs.
If you would like to learn more about how this might apply to your business, let’s talk: