What is Retention?
Retention is all about keeping good people and how you manage them. You can use many different strategies to improve your retention rates by looking at the following areas of your business:
- Work environment (location, variety, flexibility, culture)
- Financial (base salary, incentive, bonuses, options, benefits, recognition)
- Personal (quality of work, skills, training, self-leadership, opportunities
- Relationships (owners, managers, peers, mentors, customers)
A retention program might include asking employees for input before making decisions that affect their work, or keeping in touch with seasonal employees year-round.
WHAT WILL IT DO FOR MY BUSINESS?
Retention strategies have a direct effect on more than just the culture at your business. Staff who are more content tend to work harder and stay longer, while high retention rates also lower the costs associated with turnover, such as expenditures on recruitment and training. The net effect for your business can be higher spending by guests or customers, repeat business and positive word of mouth.