Knowing that your workers are the lifeblood of your firm, you need to find ways to retain them. Read on for ways to keep your staff.

You might not realize it, but when employees quit or you fire them, it costs your business. That cost is financial, but there are other negative impacts.

When someone leaves a business, it doesn’t always mean that there’s less work to be done for everyone else. The remaining employees may feel overworked and stressed out, which leads to lowered morale.

Moreover, that former worker had a store of job-specific knowledge, which no one else has. Such a loss of knowledge makes it more difficult for the remaining employees to fill their colleague’s shoes.

And when the firm decides to replace that employee, it takes time and resources to do so. Someone needs to post the position on job boards. That person will also be responsible for evaluating resumes when candidates send them. Someone also has to interview candidates. Don’t forget about how long it can take to train the new person.

So, how can you keep your staff? Employee retention takes effort, but it costs less than losing workers.

Companies must take stock of the situation on the ground. Evaluating employees can tell managers and business leaders that are performing well and exhibits high morale, and which employees aren’t productive and engaged.

What should managers do once they have the results? Employees who have performed poorly shouldn’t be fired on the spot. Rather, supervisors should counsel, coach and correct.

They also need to set a deadline on when the employee must show improvement – counseling, coaching and correcting can’t continue indefinitely. If the employee hasn’t changed for the better by that time, then he or she isn’t a good fit for the company.

How should the firm’s leadership respond to employees who have received positive evaluations? Supervisors might think, “Let’s leave well enough alone,” but that would be a mistake. Productive employees with high morale need their managers to continue to engage with them.

Otherwise, they won’t feel as though they’re valued members of a team. When workers don’t feel valued, their morale drops, as does their productivity.

If you want to keep your staff, you need an easy to use employee evaluation system. Grapevine Evaluations’ 360 Degree Feedback is web-based, so there’s no expensive software to install. It’s simple to create, distribute, manage and track participation in the evaluation process.

HR users can also see results in real time. Call Grapevine Evaluations today at 1-866-386-2163 to learn how you can retain your top employees.