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Employee retention lies at the heart of every successful business. It's the lifeline that keeps productivity high and morale even higher, making your team feel valued and appreciated, and motivating them to do their best.
Yet, many companies struggle with keeping their best talent. Even businesses that seem great on paper often face high turnover rates. So why is it becoming harder to retain your employees? Why is this a recurring issue? What makes people want to leave? And what can you do to really show you appreciate them in a personal and relevant way?
In this episode, Kristie Holmes and I talk about what it takes to retain great talent in small businesses. She shares the basics of employee retention strategies and provides practical tips for businesses aiming to build and maintain strong teams.
Kristie is the dynamic force behind The HR Dept. With over 15 years of profound experience in recruiting and Human Resources across a spectrum of industries, she embodies the spirit of innovation and dedication. Her mission to provide tailored HR services ensures that small businesses not only survive but thrive in today's competitive landscape.
Download her HR templates to help you get your recruitment process in place:
https://thehrdeptky.com/resources/
We discuss: (timestamps)
02:49 Why a good retention strategy is important
04:14 Common issues affecting employee retention
07:36 The perceived appreciation gap between managers and employees
08:34 Practical ways for managers to show appreciation to employees
10:02 The impact of public appreciation on company culture
11:07 Monetary and non-monetary methods to appreciate employees
16:09 Showing appreciation to remote teams
17:37 Effective methods for remote team appreciation
21:45 Employee training and development on a tight budget
24:04 Implementing an official mentorship program
25:29 Rewarding employees who mentor others
27:41 Encouraging employee-to-employee appreciation
30:19 Examples of successful employee retention strategies
36:16 Actionable steps to take to foster appreciation and gratitude
Resources:
Kristie Holmes, Owner, The HR Dept, LLC
https://thehrdeptky.com/
LinkedIn:
https://www.linkedin.com/company/the-hr-dept-llc/
Instagram:
https://www.instagram.com/thehrdeptky/
Facebook:
https://www.facebook.com/thehrdeptky
Kathy Svetina, Fractional CFO:
https://www.newcastlefinance.us/
Blog post | How to Retain Your Best Employees
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