Effective Employee Retention Strategies

It's every manager's nightmare: One of your best employees resigns out of the blue. Right away, you've got a number of challenges to tackle on top of your daily responsibilities. Not only do you have to find a replacement for such a talented team member — no small feat when skilled professionals are in high demand, as they are today — but you also have to consider the impact this departure will have on the rest of your staff.

Whenever someone walks out the door, people notice. Some will even start wondering if they should start looking for a new job, too. That's why employee retention and employee job satisfaction should be high on every organization's list of priorities, and why creating effective retention strategies to decrease turnover should be one of management's most important jobs. Read on for our tips on building strategies that are right for your company.

On what high-performing companies should be striving to create:
A great place for great people to do great work.

- Marilyn Carlson, former CEO of Carlson Companies

Succeeding in your employee retention efforts requires you to think about things from the team's point of view. All employees are different, of course, and each has unique desires and goals. But it's a safe bet to assume that all of them want to know they are being paid at or above market rates and have good benefits. They want to feel that they are appreciated by their employer and treated fairly. They want to be challenged and excited by the job they're asked to do.

An effective employee retention program addresses all of these concerns. But it also goes beyond the basics. In fact, your efforts should start on a new hire's first day on the job. The training and support you provide from Day One sets the tone for the employee's  tenure at the company and boosts job satisfaction.