The Best Retention Strategy: Careful Listening

 Many franchises skimp on employee surveys, and that's costing their bottom line. Measuring worker satisfaction is a crucial tool for holding on to your best people.

- MICHELLE ROWAN

Turnover. These days, it's hard to think of a word that carries a higher price tag for businesses. And yet, many leaders are still blind to their employees' needs.

What's the problem? My company, Franchise Business Review, surveyed industry leaders about their employee management practices, and learned that half have never gotten formal feedback from their employees.

That's a huge miss. If you want to know how your employees feel in key areas and then address their feelings and keep them in their jobs then you need a true system to do so. Every company is different, so the insights they seek and receive from surveys will vary. But at a minimum, you should be evaluating responses to these five statements: →I receive the support I need to do my job well.

→ I have defined goals and clear measures for my performance.

→I receive the recognition I deserve for a job well done.

→ I enjoy the relationships I have with my coworkers.

→ My manager cares about my success.