Want to retain employees like a pro? These 7 tips will help.
As a business owner, there are many wheels which you need to keep turning to ensure the ongoing success of your company. One of these crucial wheels will be your ability to retain employees; they are the ones who work tirelessly on every aspect of your company to help drive it forward. It can be a challenging and time-consuming process to hire experienced, talented, motivated employees, so when you find the perfect workforce, you need to hold onto them. Rather than replace employees regularly, by nurturing and growing with a team, you can create a welcoming, winning business.
Regardless of your company size, industry, or sector, retaining driven employees should be a priority. There are several reasons why you need to do so, as outlined below:
· Recruitment is Expensive
The process of recruiting and hiring a new employee can be a difficult and expensive task. Whether you employ an external agency to handle that side of the business or you do it in-house, a large amount of your budget will go towards creating the perfect advert, posting it on various job websites, then taking the time to interview prospective hopefuls. You will need to dedicate time to vet every application, assess every resume, arrange interviews, hold interviews, then decide on the final candidate. There’s no guarantee the time and money you put into it will bring a high return, and there’s no guarantee the person you pick will want to join your team after all. Therefore, retaining valuable employees who you have already recruited will save your business money, and save you a lot of precious time you could use elsewhere.
· Avoid a Negative High Turnover
When the time comes to attract new employees, one thing they will look unfavorably on is if your business has a high turnover. What a high turnover indicates to would-be employees is that as a company, you don’t appreciate and look after your current workforce. While staff turnover is unavoidable, due to personal circumstances of your team such as moving away, the level of your turnover is what your future and current employees will be concerned about if it’s increasingly high. One team member leaving in a six month period is not a bad turnover. Compare that with six leaving in one month. Retaining employees can avoid this.
· Retain Valuable Knowledge & Understanding
By holding onto loyal employees, you also keep their individual knowledge and understanding of your business and your practices. Training a new team member can take many months if you have a particularly difficult system and industry to learn. If a colleague is tasked with training a new employee, you lose a portion of their productivity while they focus on bringing them up to the standard your company needs. When you retain an employee who has a significant amount of experience within their job role in your company, they can help encourage and train new employees, and they can pass on their knowledge.
· Loyalty Increases Productivity
When an employee enjoys their job, feels part of a team, and feels passionate about your business, their productivity naturally increases. They will be motivated to perform their role to the highest standard, and they can also be instrumental in encouraging brand new team members. By promoting loyalty within your workforce, your employees will want to drive the success of your company. They will come into the office every day ready to begin, eager to show their skills and grow the business. There will, of course, be times when individual employees feel unhappy, unproductive, and unmotivated. However, taking the time to understand why will boost their morale and their loyalty to an employer who truly cares.
How Do You Retain Employees?
Ensuring your employees want to stay at your business and continue their work must be part of your business plan, but how do you encourage loyalty within your workforce and retain your best people?
· It Starts On Their First Day
By welcoming an employee properly when they first join the company will go a long way in ensuring their first impression of the job is a positive, long-lasting one. Rather than taking them to their desk and placing them in front of their new computer, create an onboard process which will introduce them to their new colleagues, show them around the office, and form a relationship. To get a good insight into how a future employee should be introduced, speak to a current employee about how they found their first day and what could be done differently.
· Offer Loyalty Benefits
For a business to promote loyalty throughout the office, offering benefits is a key step to take. However, these benefits aren’t always money-focused. In contrast, they could be offering flexible working hours for those who would prefer to start work earlier or later. Another benefit could be providing nutritious food and drink, such as a coffee machine in the break room and striking a deal with a local food outlet to provide lunch. Quite often, it’s the little benefits which will go a long way in retaining staff.
· Be Honest & Fair
Employees value businesses who are honest and treat them fairly. A common reason for employees leaving a business is the way they were treated by their managers. For example, a manager who favors one team member over the rest is not one who will encourage loyalty. It’s crucial, as a business owner, that you treat every employee equally. Honesty within a company is a two-way street, also. If you are transparent and honest with your employees, they are more likely to be honest and open with you about any issues. By building an honest work environment, talented employees will be able to speak to you about any complaints, and by helping them find a solution, you’re increasing your chances of retaining your staff.
When you own a business, employees are the backbone to your success. They are the talented, motivated individuals who will drive your business forward into the future. Retaining these vital team players should be a priority for your business, and you need to work hard to ensure you keep them for many years.
In addition to writing about the financial markets, Mr. Kelly writes extensively about digital marketing and SEO.
Mr. Kelly attended Boston College where he studied English Literature and Economics, and also attended the University of Siena, Italy where he studied studio art.
Mr. Kelly has been a decades-long community volunteer in his hometown of Long Island where he established the community assistance foundation, Kelly's Heroes. He has also been a coach of Youth Lacrosse for over 10 years. Prior to volunteering in youth sports, Mr. Kelly was involved in the Inner City Scholarship program administered by the Archdiocese of New York.
Before creating ForexTV, Mr, Kelly was Sr. VP Global Marketing for Bridge Information Systems, the world’s second largest financial market data vendor. Prior to Bridge, Mr. Kelly was a team leader of Media at Bloomberg Financial Markets, where he created Bloomberg Personal Magazine.
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