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The Top 3
With the cost of staff turnover being estimated at up to 150% of a staff member’s annual salary, it is easy to see why staff retention is a hot issue for HR professionals. Furthermore, the current tough economic times make throwing more money into staff salaries and benefits even less feasible for many companies (and I would question whether it was ever the main game, anyway). So how do HR executives actively improve their company’s retention rates in tough economic times? The answer is to focus on what matters most to people in general.
- Improve the emotional intelligence of your managers. Research shows that optimistic, enthusiastic leaders retain more staff than their sombre or quick-to-anger colleagues.
- Get your managers to offer conversational feedback and coaching to staff as part of their day-to-day routines.
- Invest in programs that strengthen social connections and deepen understanding between staff.
These strategies made my list because they all tap into people’s inherent desire to be valued, to connect with others and to make a difference. Are there only three? Of course not, but these are my top three.
What would you change in your top three?
