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

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“When the economy turns around, you are not goingh to be able to get back the employees you lose Greer said. “It is one of the reason why you can’t put a dollar figure on employee retention.” Greer and Julie Stich, seniorf information and research specialist for the International Foundation of EmployeeBenefit Plans, www.ifebp.org, said the best way to retainj employees is to keep them engaged with the “Let workers follow their interests, and help them to develo p their skills. Also, consider allowing employees to work in differeng areas ofthe organization. This will help to keep them said Stich. Training is another component to employee experts say.
Stich suggestw in-house mentoring programs for key employeeas and those showinghigh potential. Such programs go a long way in termsa of career development for these people without a direct cost tothe company. “If employeesw see that you are willing to make a commitment tothei development, they are going to know that the compant ... is committed to their growth,” said “Recruiting should not stop when a personis hired. Recruiting needs to continue throughout one’ws employment with the organization,” said Greer, who also suggests involvinb employees incorporate decision-making to keep them invested. Another key is qualith supervision, Greer said.
Supervisors should be award of the goals and aspirations of their employees and showappropriate interest. “Research shows that employees do notleavew companies. They leave their he said. Beyond such engagement Stich suggests employers revies theirbenefit packages, ensuring they are even in a down economy. “Youh do not want to have someone jumping ship to someplace that pays a lot Stitch said. Employers, she said, should conside r flexible schedules and telecommutingg opportunitiesfor workers. Such benefits particularly appeal toyounger employees, she The final component to employee retentionb is making the workplace as pleasantg and stress-free as possible.
Employees tend to appreciate light-hearted working environmentsx thatencourage fun. “Bringing in pizza for lunch everyy once ina while, handing out gift or throwing a holiday party can go a long she said. Although companies may have to invesft some time and monehy inemployee retention, experts say the alternativ e is to absorb the expense that comes with losingt and replacing workers. Stich said it can cost up to two timeesan employee’s annual salary to replacwe a single worker.
“When a companyg loses a high-performing the employer feels the loss in productivity and said Stich, who attributes turnovetr costs to advertising on job-search background checks, new-hire testing, applicant screenings, orientation and training materials. “Yo also have to consider the costof ... severancwe pay, temporary help,” she said. Greer said employers who are awar e of the value of employee retentioh will experience some turnover despite due The best way tohandle it, he is to keep the relationship with the employewe alive after departure. “If you lose a good he may want to come back to you eventuallhy if you keepin touch.
If he he will come back with more skills and more knowledge than he had when he he said.