Employees are the most important part of a business. Anyone who says otherwise hasn’t built and scaled a growth business from scratch. With the economy slightly improving and demand for talented team members continually increasing, it’s just as important to focus on employee retention as it is on the recruiting and hiring proces.
Here are seven ways to increase employee retention:
- Build an environment of autonomy, mastery, and purpose (see Drive by Dan Pink)
- Be the best place to work and the best place to be a customer
- Have all managers read Patrick Lencioni’s book Three Signs of a Miserable Job
- Define the culture and religiously enforce it (everyone has a culture but it’s rarely defined and consciously strengthened)
- Implement a consistent meeting rhythm and over communicate
- Regularly celebrate the small and large wins as a team, regardless of other challenges
- Anonymously survey the team members every quarter looking for ways to improve and asking the ultimate question to get a net promoter score
Here’s my prediction: as the unemployment rate drops, employee retention will become a more popular topic. My recommendation is to create the best place to work and make employee retention a non-issue.
What else? What are some other ideas to increase employee retention?