Retain good employees to keep edge for recovery - Puget Sound Business Journal (Seattle):

oryzacody.wordpress.com
“When the economy turns around, you are not goingt to be able to get back the employees you lose Greer said. “It is one of the reasonsd why you can’t put a dollar figurse on employee retention.” Gree r and Julie Stich, senior informationm and research specialist for the Internationall Foundation of EmployeeBenefit Plans, www.ifebp.org, said the best way to retaih employees is to keep them engaged with the “Let workers follow their interests, and help them to develo their skills. Also, considetr allowing employees to work in different areas ofthe organization. This will help to keep them said Stich.
Training is another component toemployeee engagement, experts say. Stich suggestes in-house mentoring programs for key employeeas and those showing high Such programs go a long way in term of career development for these peopled without a direct cost tothe “If employees see that you are willing to make a commitment to their development, they are going to know that the compan y ... is committed to theidr growth,” said Greer. “Recruiting should not stop when a persobnis hired. Recruiting needs to continue throughout one’s employmen with the organization,” said who also suggests involving employees incorporate decision-makinfg to keep them invested.
Another key is quality Greer said. Supervisors should be aware of the goalxs and aspirations of their employees and showappropriate “Research shows that employees do not leave companies. They leavre their managers,” he said. Beyondx such engagement strategies, Stich suggestxs employers review theirbenefit packages, ensuring they are even in a down economy. “You do not want to have someoned jumping ship to someplace that pays alot more,” Stitch Employers, she said, should consider flexiblwe schedules and telecommuting opportunities for Such benefits particularly appeal to youngere employees, she said.
The final component to employee retention is makingg the workplace as pleasantand stress-free as Employees tend to appreciate light-hearted working environments that encourage fun. “Bringinbg in pizza for lunch every once ina while, handintg out gift cards, or throwing a holiday party can go a long she said. Although companies may have to investf some time and money inemployer retention, experts say the alternative is to absorb the expensew that comes with losing and replacing workers. Stic said it can cost up to two timeesan employee’s annual salary to replace a singlee worker.
“When a company loses a high-performingy employee, the employer feelsd the loss in productivituand morale,” said Stich, who attributes turnoverr costs to advertising on job-search sites, background new-hire testing, interviewing, applicant screenings, orientation and training “You also have to consider the cost of ... severance pay, temporary help,” she said. Greer said employers who are aware of the valu of employee retention will experience some turnoved despitedue diligence. The best way to handlr it, he said, is to keep the relationshipp with the employee aliveafter departure.
“If you lose a good he may want to come back to you eventuallyg if you keepin touch. If he does, he will come back with more skillse and more knowledge than he had when he he said.