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How to Keep Your Staff from Jumping Ship

As the U.S. job market continues its slow and steady recovery, employers are growing increasingly worried about rising turnover rates.  Even Fortune 500 companies like Amazon and Google are having a tough time hanging onto employees for more than one year!  Employee Turnover

The days when a worker would pledge undying loyalty to his/her employer have long since come and gone. It seems that job hopping is here to stay, which could spell trouble for companies of all sizes.  If you have valued employees that you’d like to hang onto, however, read on for some helpful tips.

Why it Hurts

No matter the business, on-the-job training is almost always required for new staff members. Depending on the industry, that initial investment might range from hundreds to thousands of dollars; an investment that is obviously lost when a worker leaves.

Then, you must consider the cost it takes to replace that employee through recruiting, interviews, and retraining. Last but not least, high-performing workers are more likely to leave than low-performing ones, since they often have more career options. These skilled and highly competent team members are much more expensive and difficult to replace.

How to Keep Them

Money may be the main reason most workers leave, but there are often other motivating factors at play.  Employees that feel unappreciated and/or interchangeable almost always have much lower levels of job satisfaction. This can have a huge effect on their performance and even on the morale of the entire office.

For obvious reasons, it can be difficult to keep everyone happy all the time; and really, that's not a boss's job. However, there are little things nearly any leader can do to motivate his/her troops.  Here are three simple tips.

1. Make work fun and rewarding

Nobody wants to leave a warm bed early in the morning to work at a place they hate for eight-plus hours a day. Yet for some strange, unknown reason, bosses consistently underestimate the value of a positive working environment. How do we define our ideal workplace?

First and most importantly, every employee, no matter their title or pay should treat each other with respect. Secondly, teamwork should be encouraged, rather than constant, take-no-prisoners competition. That may have worked in the 1980s, but it's simply not the best way to build a strong, effective team in the modern age. Lastly, it is important for Accepting Awardbosses to recognize individual achievements as often as possible in several different ways.

2. Give Awards

Easily the most popular individual prize given at companies around the world is the Employee of the Month (EOM) award. Whether it involves a plaque and a picture, a gift certificate, or a slight bump in pay, this program can help create a positive working environment that encourages healthy competition. How? Instead of backbiting and infighting, ambitious employees often try to learn from previous EOM winners, which actually helps foster dialogue and teamwork through competition.

3. Give Informal Praise

Because not everyone can win a big monthly award, it is often a good idea to send the other members of your staff short messages of praise, when deserved. A simple email congratulating them for a job well done is generally well received by modern workers, most of whom crave positive feedback and encouragement from their bosses.

Following these three simple tips can help nearly any business reduce employee turnover. Best of all, they hardly cost a thing!