Employee Retention is critical to maintaining a safe, productive, profitable workforce. In today’s competitive labor market, it is more difficult and more important than ever to maintain acceptable retention. PLS can help clients through our proprietary labor sourcing service, as well as, a variety of other ways to mitigate turnover.

1. Track it! We have had companies tell us their retention is good … only to find out they are turning over half their workforce every quarter. Others have felt this was absolutely killing them but in reality, they have a healthy 10% annual turnover. The first step towards improvement it is to know truly where you are at and then measure it moving forward.
2. Get Your Staff Vested! Find what the turnover is costing the company and then structure bonus/incentive programs for employees. Get them financially vested in your company’s problem no matter if it’s turnover or safety. PLS can help structure retention incentives with quick ROI.
3. Timing is Critical! Make the payment of these incentives strategic! We recommend rewarding the qualified staff midway through the next vesting period. The goal is to incentivize the employees to turn down that $1/hr raise your competition is offering because they are only weeks from their next retention bonus.
4. Slow Down! Is an employee a bad fit at their current position or role?
5. Compensation Still Competitive? Being in the midst of a tremendous labor shortage coupled with a booming economy, a competitive wage yesterday can be bottom dollar today. Stay in the know! After all, you have all the data right at your fingertips! Review the past pay rates of incoming applications at your company. You can find the hourly pay for that level of employee at that competitor. Keep a spreadsheet and stay competitive. 
6. R-E-S-P-E-C-T. Make sure your supervisors and seasoned employees create the right environment for new hires to assimilate to. It’s always hard being the new guy. Explain to the staff the importance of respecting the new employees and welcome them as part of the team.
7. Great Job! Show your appreciation. While most executive level employees see compensation as the sign of appreciation, many people just want recognition. A nice word on their effort, attitude or dependability goes a long way. Compliment them on that problem they took on and solved. And do it in front of their peers. Give them that moment. 
8. Fire Someone! This may seem counterintuitive but if turnover is out of control, you need to regain control. Firing a few bad employees is a culture changer and it makes your good employees feel that there is finally positive change. It makes everyone take note that they even if you are shorthanded, you won’t be held hostage by bad employees… any longer.
9. Opportunity… everyone is looking for more compensation and advancement. Make sure your company not only supports this, but has living, breathing testimonials within your workforce. What they say weighs more on a new employee than anyone else in your organization
10. Retention starts with making good hires! High turnover is another symptom of a failing recruiting department and is probably the single biggest factor in impacting employee retention. Making hires that you know probably aren’t going to make the cut but… “you gotta hire somebody!” It comes down to not having adequate applicant volume, or recruiting efficiencies.