Encourage employee development. Provide your employees with the opportunity to further develop their skills and education. Put together a development plan for each employee, provide the tools needed to meet their goals and cross train to create more variety in their job.
Communicate effectively. The ability to communicate effectively when delivering messages to your team is vital. Poor communication can lead to employee dissatisfaction and result in high employee turnover. Make clear and consistent communication a priority if you want to keep your workforce engaged for the long haul.
Provide clear feedback. While providing solid feedback about past performance is a must, it is also important to relay information throughout the process. Let your employees know what is expected of them and work with them to determine realistic timelines and results, so there are no surprises at the end of a project. Being left in the dark about their performance can lead to employee dissatisfaction and turnover.
Employers need to spend the equivalent of six to nine months of an employee’s salary in order to find and train his/her replacement.
Losing an employee can cost anywhere from 16% of the person’s salary for hourly, unsalaried employees, to 213% of the salary for a highly trained position.
[Society for Human Resource Management]
[Center for American Progress]
A recent study by economists at the University of Warwick found that happiness led to a 12% spike in productivity, while unhappy workers proved 10% less productive.
12% 10%
A new employee can take up to two full years to reach the same level of productivity as an existing staff member.
Up to 2 Years! [University of Warwick] [Bersin by Deloitte]
10 | The Retailer Magazine | Jan/Feb
ER COST: 6-9 months of EE’s salary
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