Hiring employees can be expensive. You have to spend on the recruitment process, and also on training up a new staff member so they can do their job.
It takes time, costs money, and unless you focus on retaining your employees, it’s going to occur again and again. Not only that, but constant employee turnover also has a severe impact on the knowledge base in your company. If you want to improve performance, save money and be more productive, it’s essential to invest in employee retention. Here are a few guidelines to follow – starting with the hiring process itself.
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Be careful who you hire
An excellent employee retention scheme always starts with your hiring process. Don’t just look for the most qualified or experienced candidate. You should also look at whether a candidate fits in with your company culture. Will they be able to contribute and fit in? Can you see them getting on with other staff members? Do they have the personality type that can bring some balance to your company? Answer all these questions and you will lay the foundations of a stronger retention rate.
Pay and benefits
Clearly, to attract the top talent, you have to pay them well. A competitive wage is going to be vital, which can cause problems for smaller businesses. However, not all talent will chase a high salary alone. More candidates than ever before are starting to look at employee benefits packages as a whole, not just pay. If you can offer health insurance, life insurance, or flexible working, for example, it all adds up to an attractive package. Other things to consider are telecommuting, pension plans, and perks like company gym membership.
Offer a safe working environment
It should go without saying, but make sure your working environment is safe. Ensure you have a comfortable working environment and are following health and safety guidelines. In fact, looking at your employee’s overall health can bring a lot of benefits to your company. Take employee assistance programme support from Peninsula Group or other EAP companies, for example. Programmes like these help employees with personal issues that stop them from being productive. You can cut down on long-term sickness and improve productivity. It will also increase your retention levels by a significant amount.
Engage your employees
Finally, are you doing all you can to engage your employees? Are they really present when working for your business, or are they distracted by other issues? There are a few ways you can engage your staff so they are more productive. First of all, offer them opportunities to grow in themselves. You can give them training, and outline a pathway for progression, for example. Even listening more to their ideas and business suggestions can lead to better engagement. It helps them feel part of the company, and they will be more willing to give more back.
I hope this guide has given you an idea of some of the basics of employee retention. Make sure you are putting some of them into practice: you will save more money, be more productive, and have a better place to work.