In a competitive labor market, employers in the equipment, power, and industrial sectors should do everything they can to retain their valued team members. The cost of effective retention measures is a drop in the bucket compared to the cost of replacing an underpaid/undervalued team member that departs for greener pastures.
Recognizing the difficulty in replacing top-talent in today’s market, we conducted a poll in our network with over 8,000 equipment, power, and industrial professionals to learn of the most prevalent reasons for employee attrition. Here are the results:
Competitive Pay
If you are not paying your current employees according to current market rates, a competitor will. Regularly track market pay rates and adjust your rates accordingly, both for new hires and current employees. To learn more about rates in your area and industry, download a free copy of our Salary Guide in the upper right hand corner of this page.
Recognize & Reward
Recognize and reward over-achievers. Rewards could be monetary, but they could also be special privileges (extra PTO, an assigned parking spot, etc.), recognition in a newsletter, or lunch with the boss. A little praise can go a long way with a valued employee and motivate others to rise up.
Training
Promote and incentivize training and relevant certifications. Set milestones that, once achieved, result in a meaningful pay raise or other reward. This will result in a highly trained, motivated, and happy workforce, naturally improving retention.
Communication
Encourage your employees to share their grievances/offer suggestions on how your company can be a better place to work. Employees often switch jobs due to issues that could have easily been resolved had their manager known of the issue.
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