10 Employee Retention Resolutions

http://blog.hr360.com/hr-blog/10-empl... Video Highlights: 00:13 Employee retention has a huge impact on your bottom line–and now is a great time to make some employee retention resolutions that will pay off all year long. 00:45 Poor employee retention can be a pricey problem for any business. High turnover rates result in lost productivity and additional expenses such as recruiting, hiring, and training replacement employees. 01:21 Hire smart. Taking the time to draft job descriptions, recruit candidates, and interview thoroughly will pay off. 01:34 Offer a fair and competitive compensation package. Know the norm for the position, your industry, and your area of the country. 01:47 Offer an attractive benefits program, including items such as medical insurance, a 401(k) or other retirement savings plan, or even perks such as subsidized health club memberships. 01:58 Train and mentor your employees. Help them set goals for both their role in the company and overall career, and provide support to help them get there. 02:14 Put a priority on work/life balance for your employees. This can take the form of flexible work hours or even the ability to work at home for some positions. 02:31 Recognize employee achievements and contributions that go over and above regular job performance. You can do this through regular, formal programs, such as “Employee of the Month,” or on an ad hoc basis. 02:49 Leadership opportunities are also great motivators for empowering employees and increasing satisfaction. Give your employees the chance to take ownership of projects and to be engaged at higher, strategic levels when possible. 03:03 Offer regular feedback throughout the year on performance rather than holding it all for the formal review. This gives your employees the opportunity to change or amend any shortfalls or issues, and reduces the likelihood that they will be unpleasantly surprised at review time. 03:18 Solicit feedback from employees through such means as employee attitude surveys where employees can give confidential feedback on their opinions of your company in terms of satisfaction with the job, and suggestions on how their jobs and work environment might be improved. 03:44 Foster teamwork both in and out of the office. You can engage in formal team-building training at work, or coordinate outside opportunities such as a company softball league or recreational outings.