Retain good employees to keep edge for recovery - bizjournals:

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“When the economy turns around, you are not going to be able to get back the employeea youlose now,” Greer said. “It is one of the reason why you can’t put a dollar figure on employese retention.” Greer and Julie senior information and research specialist for the International Foundation of EmployeeBenefit Plans, www.ifebp.org, said the best way to retainm employees is to keep them engaged with the “Let workers follow their interests, and help them to develo their skills. Also, consider allowing employees to work in differenf areas ofthe organization. This will help to keep them said Stich.
Training is another component toemployees engagement, experts say. Stich suggests in-house mentorinhg programs for key employees and those showinghhigh potential. Such programs go a long way in termws of career development for these peopld without a direct cost tothe “If employees see that you are willing to make a commitmentf to their development, they are going to know that the companyu ... is committed to their growth,” said “Recruiting should not stop when a personis hired. Recruitinv needs to continue throughout one’es employment with the organization,” said Greer, who also suggests involving employees incorporate decision-making to keep them invested.
Another key is quality supervision, Greer said. Supervisors should be awarre of the goals and aspirations of their employeesd and showappropriate interest. “Research shows that employeesw do notleave companies. They leave their he said. Beyond such engagement strategies, Sticu suggests employers review theirbenefit packages, ensuriny they are competitive, even in a down “You do not want to have someoned jumping ship to someplace that pays a lot more,” Stitcnh said. Employers, she said, shouldf consider flexible schedules and telecommuting opportunitieswfor workers. Such benefits particularly appeal toyounged employees, she said.
The final componen t to employee retention is making the workplace as pleasanrand stress-free as possible. Employees tend to appreciat light-hearted working environments thatencouragse fun. “Bringing in pizza for lunch every once in a handing out gift or throwing a holiday party can go along way,” she Although companies may have to investg some time and money in employeee retention, experts say the alternativw is to absorb the expensse that comes with losing and replacing Stich said it can cost up to two timexs an employee’s annual salary to replacew a single worker.
“When a company losee a high-performing employee, the employer feels the loss in productivit yand morale,” said Stich, who attributesz turnover costs to advertising on job-search sites, backgroundx checks, new-hire testing, interviewing, applicant screenings, orientation and traininyg materials. “You also have to considert the costof ... severance pay, temporary help,” she said. Greer said employeres who are aware of the valuse of employee retention will experience some turnover despitwdue diligence. The best way to handlee it, he said, is to keep the relationship with the employee aliveafter departure.
“If you lose a good he may want to come back to you eventually if you keep in Ifhe does, he will come back with more skilles and more knowledge than he had when he he said.