Employee retention strategies
Hiring employees is an art. You want to make sure you’re properly screening someone to ensure they not only have the skills needed for the job, but that their personality will be a good cultural fit for the office. Perhaps even more difficult than hiring incredible employees is retaining them. What employee retention strategies does your business use?
Every business owner knows that turnover is inevitable, but it’s important to notice how high your turnover rate is. A high turnover rate costs a business more than money – it also costs time and productivity. From finding a new skilled employee to training them, if you find yourself in this constant cycle, it’s time to reevaluate your business.
To keep employees engaged, Tony Robbins developed a principle called The Success Cycle, which lays out how to retain employees and keep your best team members working efficiently. Succeeding in your employee retention strategies requires approaching things from an employee’s perspective. Once you understand what keeps an employee motivated, you can align your business strategy to guarantee you are meeting your employees’ needs.
These are four steps to The Success Cycle.
Step 1: Belief and attitude
It’s easy to get so caught up in moving your company forward that you forget to celebrate success along the way. When you gloss over the success of your team, though, you risk negatively impacting how your team views the company. Why would people want to work somewhere that they feel doesn’t acknowledge their hard work? By creating an internal culture that shows gratitude to each and every member of your team, you’ll empower your employees to remain at your company and work harder.
Step 2: Potential
The second step to retaining employees is tapping into your team’s potential. The truth is, every single person has unlimited potential, but we often forget this. It’s sometimes simpler to recognize those who are more outspoken or successful right off the bat, but in doing so, you risk overlooking others whose talents might not be as visible at first glance.
So, how do you tap into your team’s potential? Challenge them by asking them to tackle new tasks. Create interactive bonding activities that build their confidence and encourage cross-department interaction. When you give your employees a chance to succeed, and see themselves in a new way, you’re building momentum that will propel your team forward.
Step 3: Action
With this momentum comes inevitable plateaus, as described in The Training Effect. How do you let your employees know they can break down plateaus and find new success at work? A large factor in employee retention is creating a company that allows for unlimited room for growth. Invest in opportunities for learning and growth when these plateaus happen. Whether this is individual training or seminars that occur at the office, or funding external classes at local colleges, show your employees that you are dedicated to helping them reach their next level.
Step 4: Results
The final step in The Success Cycle hinges on results. Success feeds on success and generates even more success. The more success your employees experience, the more they’ll create the belief and momentum to succeed on an even higher scale. And when they succeed more, the more likely they’ll want to stay and continue improving at your company.
When something goes wrong and an employee messes up, how do you react? Do you punish them and crush their spirit? Or do you evaluate the problem and determine an effective solution? Mistakes happen. No employee wants to work for a company that treats them unkindly – they want to work for a company they believe in, who also believes in them.
Hiring employees is just a start to creating a strong team – keeping them is everything. Implementing The Success Cycle in your business will help you master employee retention and create a winning team that launches your business forward.
YOUR PEAK PERFORMANCE WORKSHOP
Are you ready to get started? The Peak Performance Workshop is a complimentary training designed to massively improve the areas every business struggles with, including dealing with effective employee retention strategies. Expertly trained to ignite that inner fire and create a winning team for your business, working with a Peak Performance Strategist is the catalyst your business needs to grow.