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Retaining top Team Members is one of the most significant factors of running a successful business. Failing to keep key Team Members is costly to your bottom line. Turnover creates organizational issues such as training time and investment, lost knowledge, insecure coworkers and an often expensive search for replacements. HR experts estimate that the loss of a good Team Member can cost up to 60% of their annual salary.
Competitive pay will make them come, but what will make them stay?
It is a common misconception that Team Members leave a job for money alone; however, money becomes an issue after Team Members experience other problems in the work environment that cause dissatisfaction.
Here are 3 top factors that can impact the retention of your Team Members.
- The quality of the Manager is critical to retaining Team Members. Just because someone can cut hair well, does not mean they possess adequate leadership skills. People leave Managers more often than they leave jobs. It is not enough that the supervisor is well-liked or a nice person. The supervisor has a critical role to play in retention, starting with setting clear expectations, holding Team Members accountable and recognizing success.
- Your Team Members need to feel rewarded, recognized and appreciated. Recognition doesn’t have to be costly. A simple “thank you” can go a long way. Thank you cards, certificates of appreciation and being recognized in front of the team, are all simple ways to have your Team Members feel valued.
- Empower all Team Members to do their best. Provide the leadership, resources, and training your Team Members need to realize their potential. Most importantly, you need to understand that a career-oriented Team Member must experience growth opportunities within your organization. Without the chance to grow, a good Team Member will look for these opportunities elsewhere.
These simple retention techniques go a long way in creating a culture that retains top talent. For more helpful tips, contact Pinnacle’s HR Department. We provide training and other resources to help Managers create the ideal working environment.