Many business people underestimate the effect poor employee retention can have on their bottom line, says Heather Peters, certified coach and senior consultant with Knightsbridge Robertson Surrette in St. John’s.
While it’s easy to get caught up in serving your clients, neglecting your employees can hurt you in the long run. “Managing the fine balance between serving your employees and serving your business is key,” Peters says.
High staff turnover means a loss of knowledge and can severely impede the growth of your business. That is why it’s important to create an environment that engages employees and encourages them to stay.
Here are three tips for retaining staff:
1. Connect the dots
Inspire your team by helping them understand the connection between their particular role and the company’s mission. Employees need to know the value they bring to an organization, Peters says.
For example, an assistant folding client letters may not immediately see how that task relates to the big picture. It’s your job as leader to show your staff member how his or her work affects the bottom line.
2. Lead by example
Employees tend to mirror their leader’s behavior, so it’s best to lead with the type of actions that you expect to see in return. By demonstrating strong leadership skills, you’ll be inspiring growth — and commitment — in others.
“The leader sets the standard for the team,” Peters says.
3. Follow through
Your integrity plays a large role in engaging employees and retaining staff. Always keep your promises, Peters says, to build trust and show that you’re genuinely invested in your team.
If you want your team to go the extra mile for the firm, you have to be willing to go the extra mile, too.
This is the second part in a two-part series on retaining staff.