The following is a guest blog post from our partners at Statflo.
After putting in so much effort to research, attract, screen, interview, hire and train the right person for the job, it’s devastating when they decide to leave prematurely. And yet, it happens all the time.
The wireless retail industry, in particular, suffers from insane levels of employee turnover. One recent study showed that the average loss of employees from wireless retail stores rose to 82% in a four year time period.
That is a lot of wasted resources. Retailers are putting time and money into assets that are simply walking out the door.
It doesn't need to be like this.
Follow these 8 principles to ensure your employees not only want to stick around, but are delighted to do so.
Offer competitive pay and benefits packages
This one’s obvious, but often overlooked. Keep an eye on what your competitors are offering before they start luring your team away from you.
That said, many businesses make the mistake of assuming their employees always just want more money. But there are a few things employees often value more than cash.
Give regular feedback
There’s nothing worse than feeling like you’re stuck in a rut. Personal growth is a necessity of being human, and that includes our work.
Provide regular feedback to your employees. Praise them when they kill it, and show them where they can improve when they fail to meet expectations.
You can’t get better if you don’t know what you’re doing wrong.
Create trust and transparency
Millennial workers value trust and transparency. They want to be entrusted with creative freedom and feel like they’re an important part of the business, not just a “worker bee”.
Show your employees how you run your business. The day-to-days, the managing principles, marketing strategies, and even the finances when appropriate. Provide open communication between your team of reps and management.
Provide financial rewards and incentives
Again, while financial incentives don’t have the weight they once had, they can still be effective when used properly and selectively.
Offer up some perks
Little things like free pizza on Wednesdays and Netflix hour on Fridays may seem insignificant to you, but they can add a lot of joy to a workplace.
Look for opportunities to add a little fun to your work environment.
Perform exit interviews to find out why employees have chosen to leave. Even more importantly, conduct “stay” interviews with members of your team who have been there for years.
Both of these methods will help you determine what you’re doing right and wrong
Hire an HR professional
If your company has over 30 employees, you may want to consider hiring a HR professional to manage your employees.
Having someone dedicated to retaining your team and keeping them happy is a huge load off your own back.
Create room to grow
It’s not always about the money. One of the biggest reasons employees leave a company is because they found new opportunities elsewhere.
Make sure you have a clear roadmap of advancement for your team. This reminds them that they don’t have to be “stuck” in the same job for the next 10 years.
They have the opportunity to grow with the business, and be a part of something bigger than themselves.
Bonus round! Two awesome tools that will help you implement these retention strategies:
It’s clear that millennial workers are more interested in receiving recognition and feedback than previous generations.
Here’s a few simple ways you can give them what they need:
Slack is a team communication and collaboration tool that has swept the tech world off its feet.
It organizes group chats into “channels”. Slack is fast, efficient, organized, and fun. For many businesses, it has even finally replaced the old-fashioned email.
Here’s 6 ways you can use Slack to give your associates the recognition they deserve, and help make the workplace more fun:
- Dedicate a channel to praise and shout-outs
- Create a custom welcome message for new recruits
- Create automated Slackbot replies announcing new milestones to the rest of the team
- Add custom emojis
- Welcome each new employee in the #General channel
- Integrate a variety of bots to simplify and automate mundane tasks
Small Improvements is a tool that encourages goal-setting, personal development, and fosters open communication between associates and managers.
Here's how you can use Small Improvements to improve employee retention:
- Schedule regular 1:1 meetings with your team associates
- Give your associates the ability to schedule 1:1 on meetings with you whenever they feel the need
- Set goals and objectives that are customized for each individual’s unique needs
- Request regular feedback from your team members
- Offer a safe place for both praise and constructive criticism
- Celebrate your team’s success stories, together
So many retailers focus all of their attention on recruiting amazing associates, while neglecting their biggest asset: the ones they already have.
Retaining a top retail sales team is a lot of work. There’s no way around that. But, when done right, it’s an important investment that will pay off big in the long run.
Wanna know how Statflo can help your business? View their partner listing to learn more.