When it comes down to it, no business is
looking to hire an employee for the short-term. Businesses want to hire
employees that are going to be long-term solutions for their needs. It costs
money to look for an employee, train an employee, and keep them around.
All of that time and effort will be wasted if
the employee simply turns around and leaves, and that puts the business in a
bigger hole. Not only do they have to look for a replacement, but they’re going
to have to shell out extra money to do so.
That’s why it’s important for any business,
from start-ups to veterans in the industry, to have as high of an employee retention
rate as possible.
What are some of the methods and ways
businesses can go about ensuring that they keep their employees around? Below,
we discuss six effective methods.
1- Flexibility
It would be great if everything ran like a
well-oiled machine but things in life rarely do. That’s why you need to show
flexibility in the workplace.
If your employee is taking a sales call
outside of normal hours, it’s OK to let them come in an extra hour or two late
the following work day. It’s not going to be the end of the world if that
happens.
Many businesses are letting their employees
choose between flexible work hours, in an “if the job is done, that’s the most
important thing” type of approach. See if this is an option for your business
and research how you might be able to implement it.
2- Offer Incentives
Even the busiest of bees like to know that
their work and due diligence is being appreciated. Take time to think about
what incentives you could be offering to your employees. It doesn’t have to be
a huge bonus every month, but you can hand out small gifts for hard work.
You can also offer company wide incentives
like retreats. Pick a place, load everyone up on the bus, and head out for a day
or a weekend of adventure and fun.
3- Pay Well
This one should be obvious, right? When it
comes down to it, people simply like earning money and knowing they’re being
paid well for the job that they do.
In a job market where unemployment is hovering
close to zero, employees are often looking for the next opportunity as a way to
receive a salary bump. Do your best to keep salaries as high as possible to
ensure your employees aren’t looking to jump overboard.
4- Make Advancement Clear
The question “where do you see yourself in 10
years” is never a fun one at interviews, but most people would hope they would
be in a different job in a decade’s time. When hiring employees, be direct
about advancement opportunities and what they can do to reach those points.
Reward those employees for their hard work by
offering education and promotions. No one wants to feel like they’re stuck in a
rut after working at a company for multiple years.
5- Encourage Feedback
Even though as the boss, your word is usually your decision, it’s important for employees to know that they too can have a word or option of giving feedback. Make sure your door is always open and you’re willing to talk to employees about their doubts or questions.
More than anything, you’re giving people the
chance to be heard and the opportunity to feel like they’re being listened to.
It’s not that complicated, as any individual wants to feel like they have a
voice and an opinion.
6- Hire the Right People
While sometimes outside life circumstances can
take a person away from a certain job, it’s important to make sure you’re
hiring the right people. Do your due diligence on their profile and be sure to
ask them plenty of questions about their future with the company.
Make sure they’re not only going to be a great
employee and asset, but that they fit into the company culture and mission well.
Hiring like-minded people who share your vision is a way to ensure that
employees are sticking around for the long haul. Look at the entire recruiting
process as the long-term solution, instead of an immediate fix.
