Michael Saltzstein: Strategies to Keep Good Employees

 

Michael Saltzstein: Effective Employee Retention Strategies

Employee retention is a key issue for all businesses. In order to avoid excessive spending on replacing employees, it is important to know how to retain workers.

What is an employee retention strategy?

An employee retention strategy is a plan to reduce employee turnover. It consists of different programs and policies that are designed to make people want to stay with the company, explains Michael Saltzstein. This strategy is important for businesses as a high turnover rate means more money goes to hiring and training new employees. Also, if workers are unsatisfied, they have low morale, which can make some of them unproductive. By implementing effective employee retention strategies, you can save your company some money.

Focus on your hiring practices

The best way to retain employees is by hiring the best people for the job in the first place, notes Michael Saltzstein. Start your search for candidates with a detailed job description and what skills candidates need to have in order to be successful in that position. Make sure that your hiring managers understand what type of person they are seeking for the job so that employee retention does not become a problem in the future.

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Offer a competitive salary and benefits

One of the main reasons employees leave a job is that they do not feel valued for the work they do, adds Michael Saltzstein. Make sure that your employees feel their compensation and benefits are in line with industry standards so that they have higher job satisfaction. If your company is unable to offer competitive salaries, try to offer an attractive benefits package that compensates for the lower salary. Employees tend to stay at a job when their benefits offer such things as eye care, drug plans, dental care, and pensions.

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Train effective managers/leaders
Many employees spend a lot of time interacting with management, so having effective leadership can significantly improve employee retention. Employees want to work with managers who are good communicators and effective leaders, so take some time to invest in training effective leaders.

Michael Saltzstein spearheads global risk services, financial structures, multi-line claims, and strategic planning and enterprise initiatives. For more on Michael and his insights, click this link.