The importance of retaining employees cannot be underestimated, especially for a new business. Knowledgeable and loyal employees can contribute greatly to its success. Preventing employees from leaving requires using the right strategies and practices and this doesn’t just mean offering large salaries.
A constant turnover of employees is bad for any business. It causes a number of problems, such as low productivity, less customer satisfaction, higher costs and time wastage. It also creates a loss of institutional knowledge and lower morale.
Increase productivity
Actively investing in your employees will help you to retain them. If you can find top talent and hold on to it, you will increase productivity. A lack of opportunity for growth is often one of the main reasons businesses lose employees. If employees have opportunities to grow and advance within a company, they are less likely to leave.
Training courses offered by 6Sigma.com are very beneficial for employees and can help them to advance their careers. Certification is based on a belt system and the belt color determines the level of expertise. A collection of methodologies are used throughout the Six Sigma Project Management process that can significantly improve the planning, executing, controlling and closing of projects.
Improve customer satisfaction
When employees aren’t trained properly and aren’t motivated to grow, this reflects in every aspect of their work, including how they deal with customers. When customers are dissatisfied, this affects a business. Employees who have been around for some time often have the expertise to solve more complicated issues and boost customer satisfaction.
When customers are treated poorly, they may write negative reviews, which can influence other consumers. If customers have a positive experience with your employees, they are likely to spread the word and this will improve your brand image and increase your profits.
Lower expenses
If you aren’t able to retain employees, you constantly need to recruit and train new employees, which can be a very expensive exercise. When employees leave, they take their knowledge with them unless they have relayed it to others in the company.
They have already had the opportunity to develop their abilities and this means they can accomplish their work within a shorter amount of time. Employees who are new to a job may be less productive at the beginning, which equals more costs to the company.
Save time
Constantly recruiting and training new employees can take up a great deal of time. You need to advertise, interview, onboard and train them, which can take many hours. It takes a while for new recruits to get up to speed and become as proficient in their roles as long-term employees.
If you want to maximize your investment in your employees, you need to give them the opportunity to grow and develop their skill sets. By assessing the strengths of employees and what motivates them, you can offer them the right opportunities to improve their skills and advance their careers. Taking the time to do this will eventually result in time savings for your business as they will become more efficient and committed to the company.
Improve morale
A constant turnover of employees can negatively affect morale in the workplace. When a position is unfilled for a time, there’s a loss in productivity and if other employees have to take up the slack, they may get burned out and productivity can plummet even further.
When employee morale is low, the workplace becomes a less happy place. If employees feel more engaged, their morale is higher and they are more motivated. Everyone feels more positive and happy about their work. Happy employees are more productive, more likely to stay, and may even recruit other top talent.
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