Manufacturing companies that hope to remain competitive and profitable can’t afford to underestimate the importance of employee retention. High turnover creates a significant expense for any organization, as it can lead to decreased productivity and substantial hiring and training costs. It can also hurt employee morale, as the remaining workers often must assume additional responsibilities until the company can hire and train someone to fill the opening.
Developing and Implementing an Effective Employee Retention Plan for Your Organization
How can you keep your valued workers from jumping ship and leaving you in the lurch? Implementing the following employee retention techniques can help:
- Improve your hiring practices: Bringing the right people into the fold can go a long way toward increasing retention. Keep in mind that the hiring process is a two-way street. Make sure you give the candidates a realistic expectation of what the job entails to prevent them from becoming disheartened and quitting after a few months. Also, establish the foundation for a satisfactory employee experience by enhancing your onboarding and training practices.
- Offer competitive salaries and benefits: While money isn’t everything to employees, a Glassdoor survey indicates that nearly half of workers who leave an organization do so for economic reasons. In a time when the job market is strong and unemployment is low, it’s essential to evaluate your compensation programs to make sure they’re in line with your industry.
- Solicit feedback: Using tools such as surveys and suggestion boxes can help you learn more about what your employees want and need to improve their work life and environment. While you won’t be able to fulfill every request, you’ll at least let your team know you’re listening and that you value their input. You’ll also receive useful information regarding what needs correcting within the organization.
- Show appreciation: All workers want to feel that their employer appreciates their efforts. Raises are important, but public recognition of a job well done also makes employees understand that their roles matter. Don’t limit your focus to the high achievers — encourage and reward everyone who is working hard to improve their performance.
- Promote employee engagement: Studies show that engaged employees stay with an organization longer than disengaged workers. Providing additional learning and training opportunities is an excellent way to make your team feel that they have a bright future with your organization.
Why Are Employee Evaluations Important?
Your employee evaluation process also plays a vital role in your retention efforts. Executed properly, the assessment will help you gauge the level of satisfaction of each worker. You can also uncover opportunities for changes or improvements that can lead to happier, more productive and engaged employees.
Contact MANTEC to Learn More
As leading manufacturing consultants in South Central PA, MANTEC offers the best training and educational resources that will bolster your employee retention plan. We can also help you improve your employee assessment process. Call us today at 717-843-5054 or reach out to us online for more information.