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

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“When the economy turns you are not goingt to be able to get back the employees you lose Greer said. “It is one of the reasone why you can’t put a dollar figurse on employee retention.” Greer and Julie senior information and researcbh specialist for the International Foundation of EmployeeeBenefit Plans, www.ifebp.org, said the best way to retaij employees is to keep them engagedr with the company. “Let workers follow their interests, and help them to develop theirt skills. Also, consider allowing employees to work in differenf areas ofthe organization. This will help to keep them said Stich. Training is another component toemployees engagement, experts say.
Stich suggests in-house mentoring programs for key employeesd and those showinghigh potential. Such programs go a long way in terms of caree r development for these people withouft a direct cost tothe company. “I f employees see that you are willing to make a commitmeng totheir development, they are goin g to know that the company ... is committed to theitr growth,” said Greer. “Recruiting should not stop when a persobis hired. Recruiting needs to continud throughout one’s employment with the said Greer, who also suggests involving employees in corporate decision-making to keep them invested. Another key is qualityy supervision, Greer said.
Supervisors should be aware of the goals and aspirations of their employeesx and showappropriate interest. “Research showsx that employees do notleave companies. They leave theifr managers,” he said. Beyond such engagement strategies, Sticjh suggests employers review theirbenefit packages, ensurinfg they are competitive, even in a down “You do not want to have someone jumpingf ship to someplace that pays a lot more,” Stitcn said. Employers, she said, should considert flexible schedules and telecommuting opportunitiesfor workers. Such benefitss particularly appeal to younger she said.
The final component to employee retentiomn is making the workplace as pleasantand stress-free as Employees tend to appreciate light-hearted working environments that encourage fun. “Bringing in pizzas for lunch every once in a handing outgift cards, or throwing a holiday party can go a long she said. Although companies may have to invest some time and monet inemployee retention, expertas say the alternative is to absorb the expense that comesx with losing and replacing workers.
Stich said it can cost up to two timeswan employee’s annual salary to replace a single “When a company loses a high-performinf employee, the employer feels the loss in productivituy and morale,” said Stich, who attributes turnover costxs to advertising on job-search background checks, new-hire interviewing, applicant screenings, orientation and training materials. “You also have to consider the costof ... severance pay, temporarh help,” she said. Greer said employers who are awarw of the value of employee retention will experience some turnove r despitedue diligence.
The best way to handlee it, he said, is to keep the relationship with the employee aliveafter departure. “If you lose a good he may want to come back to you eventuall if you keepin touch. If he does, he will come back with more skillsa and more knowledge than he had when he he said.