{"id":46068,"date":"2022-12-14T05:55:40","date_gmt":"2022-12-14T10:55:40","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=46068"},"modified":"2023-01-02T03:55:57","modified_gmt":"2023-01-02T08:55:57","slug":"how-to-increase-employee-retention-in-the-manufacturing-industry","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/how-to-increase-employee-retention-in-the-manufacturing-industry\/","title":{"rendered":"How to Increase Employee Retention in the Manufacturing Industry\ufffc"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

There have been countless studies<\/a> detailing the cost implications of employee turnover in the workplace. Between the hours spent interviewing and onboarding new folks, plus the institutional knowledge that leaves when an employee exits, all of this translates to dollars lost. Industries across the board see similar patterns with employee turnover, which is why it\u2019s so critical to keep an eye on your business and hone in on how you can hire and retain the best talent.<\/p>\n\n\n\n

According to data gathered by Gallup<\/a>, the cost of replacing a full-time employee can range anywhere from half to twice that person\u2019s annual salary. There\u2019s the price of recruiting, onboarding, and training; operational delays; the negative impact on customer\/client experience; and let\u2019s not forget the impact that turnover has on the morale of your existing staff. It\u2019s also important to bear in mind that almost 40 percent of participants in a Work Institute <\/a>study noted that they left their jobs within the first year of employment, and 75 percent of those folks left within the first six months.<\/p>\n\n\n\n

Why Do Great Employees Leave?<\/strong><\/p>\n\n\n\n

As a business owner, it\u2019s important to understand the \u201cwhy\u201d behind employee turnover. Quitting a job can be a monumental life change, and people don\u2019t tend to take it lightly. If you\u2019re equipped with the knowledge of why your great employees are leaving, you\u2019ll be better prepared to make the adjustments needed to give your staff an outstanding work experience. According to the U.S. Chamber of Commerce<\/a>, nine of the most common reasons employees quit are: low pay, lack of career advancement opportunities, not feeling respected, childcare issues, no flexibility, not-so-great benefits, culture, burnout, and poor managers.<\/p>\n\n\n\n

How Do You Keep Great Employees Around?<\/strong><\/p>\n\n\n\n

Your employees are your most valuable asset. So to keep top talent around, here are some areas you can focus on.<\/p>\n\n\n\n

Invest in their careers. <\/em><\/strong>It\u2019s tough to find a job these days with a clearly defined path to advancement. However, a LinkedIn study<\/a> found that 94 percent of those interviewed would stay at a job longer if investments were made to their professional development. Do your part as a manager by keeping a constant eye out for training sessions, industry conferences, and mentor opportunities. Set aside time with your staff to talk about their career goals\u2013both long- and short-term.<\/p>\n\n\n\n

Keep an eye on management. <\/em><\/strong>A lot of people leave their jobs not because of the work or their peers, but because of their bosses\u2013a toxic manager can do a significant amount of damage to your business. Consider hosting skip-level meetings<\/a> with high performers to get a feel for how they\u2019re \u201cmanaging their manager.\u201d Performance reviews with your managers should also be taking into account management skills, and training needs to be an option for supervisors at every level of the corporate ladder. Don\u2019t forget to keep an eye on trends: if you are seeing a high turnover of employees who all report to the same manager, that\u2019s a glaring red flag.<\/p>\n\n\n\n

Recognize success. <\/em><\/strong>Feeling valued at home is one thing. But feeling valued at work? That\u2019s incredible\u2013and critical for keeping your best employees motivated. Folks are a lot less likely to leave their jobs if they feel recognized for what they do<\/a>, but you\u2019re hard-pressed to find a ton of workplaces that really have a culture that highlights individual successes. While bonuses and perks are preferred when possible, recognizing a \u201cjob well done\u201d doesn\u2019t have to be monetary. A department-wide announcement, a small certificate, and even bonus time off are all easy enough and highly appreciated. Talk to your management and make sure they also realize the importance of a simple pat on the back.<\/p>\n\n\n\n

Revisit salaries. <\/em><\/strong>This is a big one. In today\u2019s landscape, employees have the upper hand\u2013and money is obviously a huge reason folks start looking for greener pastures. With inflation <\/a>at a premium, employees everywhere are taking home less money\u2013through no fault of their own. Wages have to keep up, or else you risk losing some valuable people to your toughest competition. Be transparent about the pay and bonus structure at your business. It\u2019s also essential to continually keep tabs on industry compensation standards. And whenever possible, consider monetary rewards for your top talent. Your people want to know you care, and money speaks volumes.<\/p>\n\n\n\n

Are you making employee retention a top priority at your business? By creating a solid strategy to mitigate and prevent employee turnover, you\u2019re taking a strong step in the right direction for your business. You\u2019ll reduce costs, retain top talent, and keep the spirits of your existing staff high\u2013all of which come together to equal success.<\/p>\n\n\n\n

Your privacy is important to us. ARF Financial will never sell or rent your information to any third party.\u00a0Click here<\/a>\u00a0for more information about our privacy policy.<\/p>\n","protected":false},"excerpt":{"rendered":"

There have been countless studies detailing the cost implications of…<\/p>\n","protected":false},"author":5,"featured_media":46069,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[868],"tags":[398,402,400,399,443,386,535,220,1029,213,1034,870,872,1033,877,1032,1035,944,943,173,401,224,222,172,142],"class_list":{"0":"post-46068","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-manufacturing-financing","8":"tag-affordable-business-loans","9":"tag-affordable-small-business-growth","10":"tag-business-expansion","11":"tag-business-growth","12":"tag-business-line-of-credit","13":"tag-business-loans","14":"tag-equipment-leasing","15":"tag-flex-pay-loans","16":"tag-how-to-increase-employee-retention-in-the-manufacturing-industry","17":"tag-line-of-credit","18":"tag-manufacturing-brown-field-projects","19":"tag-manufacturing-business-loans","20":"tag-manufacturing-expansion","21":"tag-manufacturing-green-field-projects","22":"tag-manufacturing-line-of-credit","23":"tag-manufacturing-loans","24":"tag-manufacturing-revolving-line-of-credit","25":"tag-marketing","26":"tag-operations","27":"tag-restaurant-funding","28":"tag-small-business-expansion","29":"tag-small-business-financing","30":"tag-small-business-funding","31":"tag-small-business-growth","32":"tag-working-capital"},"acf":[],"yoast_head":"\nHow 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