Keeping top employees is vital to successDate posted: 5/28/14 02:15:00 PM
There's a new method that some companies around the country are using in order to retain their top employees. According to Edward Fleischman, the CEO of staffing and recruiting firm ExecuSearch, companies should carry out "stay interviews" throughout the course of the year.
"You never want to wait until someone resigns to get feedback on why they have decided to leave for another opportunity," Fleischman told Forbes.
But as it is a relatively new approach, many small business owners are wondering what a stay interview entails. Fleischman said it's an informal meeting between an employee and manager that spurs discussion of ideas, progress and other feedback.
Typically, it's best for the manager to do more listening than speaking, allowing the employee to vent concerns they have with the company or give ideas on how work situations might be improved. According to Forbes, companies that are deploying this procedure have found it helps decrease employee turnover by a large amount.
Get the ball rolling
In order to initiate this plan within your company, when you hire a new employee, pick three dates throughout the year where you set up a meeting for these interviews. By setting up a stay interview in advance, both the employee and manager are impelled to prepare their feedback for each other, making for a well-prepared interview.
By giving and receiving feedback early and often, the employee and manager are able to right the ship if anything is off point, allowing a company to learn about any problems before an employee leaves for greener pastures.
Forbes reported these informal interviews should be candid, meaning the employee-manager relationship must be strong and built on trust. If a manager or business owner wants to retain a particular employee, they must be able to respectfully explain to the individual what they need to improve on and what is required for a promotion.
Other ways to attract and retain top talent
Stay interviews are just the tip of the iceberg when it comes to keeping those hard-working employees. A recent Gallup poll revealed that 20 percent of the workforce is not happy in their current positions.
According to HR.BLR.com, a compliance site for human resource professionals, a pair of crucial aspects sure to lure top talent to your company are the abilities to identify with a brand culture and positive social engagement in the workplace.
Employees want to work for an organization they can get behind, so employers should do their best to be as transparent as possible. By doing this, workers better understand the ins and outs of the company and tend to feel like they are doing something positive to help the greater good. When a business builds a strong brand that supports both individual and company needs, it helps harbor a team environment that's long lasting.
For social engagement purposes, employees want to work in a setting that encourages communication between employees, both inside and outside of work. It can be detrimental for a company's employee retaining rate when workers don't have time during business hours to bond with their coworkers.
Long hours? Bring on the fun
According to HR.BLR.com, the average American worker spends roughly 46 hours per week at work. That means, by the end of the year, Americans are working 378 hours more than the average German worker.
Consequently, with American workers putting in so much time at the office, a workplace should urge its employees to enjoy time throughout the day in order to maximize the working capacity.
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