5 Techniques to Help Retain Quality Employees During an Economic Turndown
Managing a business is a lot like juggling. There are always multiple balls in the air waiting to fall to the ground. And it’s your job to keep them all afloat. Employee retention is one of those balls that should be relatively easy to manage, but an economic turndown adds another level of challenge.
In this post, we’re going to review five techniques to help retain quality employees during an economic turndown.
Recruiting is an important process, but let’s not forget to maintain relationships with the employees who are already working hard for you. Keep an open-door policy where people can enter and talk to you about any issues or conflicts they may be facing in the workplace or at home.
If you can, consider scheduling lunch with your employees on a regular basis. It doesn’t have to be every day, but it’s important to maintain a relationship with your employees.
In difficult economic times, you may not be able to offer raises or promotions, but you can offer a level of autonomy that keeps employees feeling like they’re a part of a bigger picture.
Involve them in the challenges you face and ask for their input on how things can run more efficiently. And avoid micromanaging at all costs. Once an employee has been assigned a task, give them space and resources to successfully complete it.
When times are tough, it’s natural for everyone to be stressed out. But instead of focusing on the problems, focus on the things you’re thankful for.
For example, when an employee goes above and beyond, be sure to recognize their effort. And when an employee stands out for consistent reliability, celebrate that as well.
One simple thing you can do to maintain employee satisfaction is to hire from within. When employees see that they have a chance for forward movement, they’re going to feel more optimistic about their role in your company. And it’s much easier to submit an internal position resume than to search for a job outside the organization.
If employees want to upgrade their position in the organization or simply perform better at their current jobs, offer them the opportunity to do so through continuing education. Offer access to job-related training and certification programs where employees can learn new skills and offer even more to the organization.
When you turn a quality employee into a superstar employee, everyone wins. And when you think about it, it’s much less of a risk to upgrade a good employee’s skills than to take a risk on someone who is completely unknown.
During an economic turndown, you probably don’t want to spend on recruiting and onboarding. And then, run the risk of making poor hiring decisions.
Instead, try to focus on the quality employees who are already making an impact within your organization. These are the people who have shown their worth and are likely to grow with your company during an economic turndown and beyond.