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 going to be able to get back the employees youlose now,” Greer said. “It is one of the reasones why you can’t put a dollar figure on employee Greer andJulie Stich, senior informationm and research specialist for the International Foundation of Employeee Benefit Plans, www.ifebp.org, said the best way to retainb employees is to keep them engagedd with the company. “Let workers follow their interests, and help them to develop theif skills. Also, consider allowing employees to work in differenty areas ofthe organization. This will help to keep them said Stich. Training is another component to employee experts say.
Stich suggests in-house mentoring programsz for key employees and those showinhigh potential. Such programs go a long way in terms of careerr development for these people without a direct cost tothe company. “I employees see that you are willingy to make a commitment to their they are going to know that thecompany ... is committecd to their growth,” said Greer. “Recruiting shouls not stop when a personis hired. Recruiting needs to continuw throughout one’s employment with the organization,” said who also suggests involving employees incorporate decision-makinf to keep them invested. Another key is quality Greer said.
Supervisors should be awar of the goals and aspirations of thei r employees and showappropriate interest. “Research showw that employees do notleave companies. They leave theire managers,” he said. Beyond such engagement Stich suggests employers review theidrbenefit packages, ensuring they are competitive, even in a down “You do not want to have someone jumping ship to someplace that pays a lot more,” Stitch said. she said, should consider flexibl schedules and telecommuting opportunitiesfor workers. Such benefitxs particularly appeal toyounger employees, she said.
The final componen t to employee retention is making the workplacre as pleasantand stress-free as possible. Employees tend to appreciate light-hearted working environments thatencourage fun. “Bringing in pizzw for lunch every once ina while, handintg out gift cards, or throwing a holiday party can go a long way,” she said. Althougjh companies may have to invesrt some time and money in employee experts say the alternative is to absorb the expense that comes with losing and replacing Stich said it can cost up to two timessan employee’s annual salary to replace a singlew worker.
“When a company losesa a high-performing employee, the employer feels the loss in productivityand morale,” said Stich, who attributexs turnover costs to advertising on job-searcbh sites, background checks, new-hire testing, interviewing, applicantg screenings, orientation and training materials. “You also have to considerd the costof ... severance pay, temporary she said. Greer said employers who are awares of the value of employer retention will experience some turnover despite due The best way tohandle it, he is to keep the relationship with the employer alive after departure.
“If you lose a good person, he may want to come back to you eventuallg if you keepin touch. If he he will come back with more skillss and more knowledge than he had when he he said.