A recent Gallup poll reveals amazing statistics about companies that work on improving their company culture. They achieve 19% higher sales, 29% higher profit, and a 72% lower attrition rate.
For happier employees that will stick around for the long haul, you must consider common employee retention mistakes. High employee turnover hurts productivity and negatively affects the bottom line.
Eliminating these errors makes companies flourish from the top all the way down, and here is why.
1. Being Okay With Poor Performance
Top employees do not appreciate the fact that lazy workers stay on the payroll. It makes their hard work seem unappreciated.
Especially if there is not much room for advancement opportunities, and you are devoting too much time to make up for certain employees slacking instead of providing rewards for hard work, you risk a negative company culture. Negative company cultures have high employee turnover.
Further, hardworking talent will be resentful if they must take on a bigger workload to make up for their colleagues’ slacking. Hard-working talent will flee, looking for a better employer who appreciates them.
2. Lack of Recognition
This leads to our next point, that lack of recognition for a job well done will also send good workers fleeing. This could be the biggest error, too. When employees are working hard and feel invisible, they will also become resentful, making your retention rate suffer.
The government sees that retention is important for companies to survive and thrive during economic turmoil. That was the reason behind the employee retention credit for American employers. You can learn more about employee retention credit here.
3. Not Caring About Your Employees
Your employees have lives outside of work. Their personal life is important to them. They do not want their work to make a negative impact on them personally.
This includes remembering that workers have families to care for. Also, if the role itself is stressful, this can make a negative impact on their personal life and health.
If you do not care about employee appreciation, keep in mind that they certainly do, and they will not want to associate with an employer that is negatively affecting their personal life.
4. Managers Who Do Not Care About Fun
An overly serious work culture that is incredibly competitive could suddenly turn hostile. You cannot have pressure without balancing some fun, too. Further, if your workers do not enjoy some fun, they will disengage themselves from their work.
Once you lose engagement, it can be a tough road to rebuild.
5. Too Many Rules
To that extent, when rules and policies are too rigid, it creates a challenging employer-employee relationship. Employees are unhappy when you lack flexibility because it also means you lack trust. This creates tension that leads to lower retention rates.
A good employee retention strategy can be as simple as creating a culture that is built on mutual trust and respect.
Common Employee Retention Mistakes
To save time, money, and productivity, treat your employees well. Otherwise, common employee retention mistakes will make a revolving door spin unnecessarily, destroying your business and your brand.
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