8 Tips for Keeping Your Most Treasured Employees Baltimore MD

Retaining great employees is an important issue that affects every company in every industry, including graphic communications. According to a recent government report titled, "Workforce Planning" from the state of Wisconsin, there are many significant costs associated with poor retention of employees. Fees that are associated with hiring replacement employees include: time spent screening new applicants, confirming credentials, checking references, conducting interviews, as well as training.

There are also the costs associated with productivity losses. According to the report, "replacement costs usually are two-and-a-half times the salary of the individual."

Also, poor retention may result in lost customers and damaged morale—costs that can be devastating to any business. A business exists to serve its customers, and high rates of employee retention generally translates into high rates of customer retention.

Employee retention is a well-studied topic in management education, and the concepts associated with high employee retention can be applied in any graphic communications company. Jeff Cornwall, director of the Center for Entrepreneurship at Belmont University, Nashville, Tenn., in his Web-blog entitled "The Entrepreneurial Mind" offers an eight-point plan for improving the retention of employees.

Offer Advancement Opportunities.

Employees stay where opportunities for advancement exist. Growing companies can create many opportunities for employee development. Also, Dr. Cornwall states that in addition to opportunity, firms must offer employees the needed training and development for successful advancement.

Provide a Positive Environment.

A positive working culture usually helps attract the best employees in the first place. It is a strong factor with respect to retention. Dr. Cornwall recommends that management leaders work to maintain a positive culture as the firm grows. "The stresses of growth can often change this part of the culture of the business," he notes.

Praise Achievement.

Valued employees generally have a strong sense of pride with respect to personal accomplishments. Dr. Cornwall suggests that an important part of job design is to build in positive challenges. In addition, it is important to maintain this sense of challenge as jobs evolve.

Motivate with Rewards.

When one hears the word rewards with respect to employment, salary usually comes to mind first. While money is important, it is only one factor that belongs in this category. Reward factors for your best employees also include: recognition, status, respect, and inclusion. For example, the best leaders include employees from all levels of the organization in the decision making process.

Create a Community.

Employees look to become a part of a company with personal bonds and values. "Many small businesses have a sense of family about them. Don't underestimate the power of these bonds to retain employees," says Dr. Cornwall.

Communicate a Clear Vision.

A clear vision becomes a rallying point for motivation and accomplishment. In terms of employment stability, it is important to create a clear vision, communicate it openly, and repeat it often. "Keep employees informed of where you are headed, and remind them often. The chaos of growth can become overwhelming. Vision can help calm these feelings and help get everyone focused on the tasks at hand," states Dr. Cornwall.

Stress Security in the Firm.

As a company grows, employees experience change. Change can often create a sense of insecurity for employees, particularly when new technologies are involved. "Many employees leave because they are worried they won't fit in as the business expands," explains Dr. Cornwall. He suggests that managers develop personalized career plans for each employee to help them clearly understand their role in the growing firm.

Recognize Life Outside of Work.

While you often want employees to put in extra hours and go well beyond their job description to help meet certain challenges of the corporation, Dr. Cornwall suggests that this not become a permanent job factor. "Be sensitive to the strains this can create in employees' home lives. Don't take advantage of employees' willingness to pitch in during busy times by making it a standard expectation...all the time," he states.

It is simpler and less costly to retain existing employees than to find new ones. Retention rates can be improved considerably by following these steps—all of which have in common a sincere interest in your employees' personal growth.

Greg D'Amico is an associate professor and coordinator of the undergraduate program in graphic communications at Kean University, Union, N.J., and the author of "Customer-Centered Production," published by NAPL, now in its second edition.