Employees are vital to an organization, but sometimes it’s easy for owners or managers to forget to tell them.
That’s because there are often other items or projects that can take priority, like focusing on whatever products or services the employees produce, or meeting whatever requests clients want or need.
Although these tasks are important to a business that wants to stay competitive and weather economic conditions, it also needs to always keep a focus on employee retention.
Keeping good employees around is better for a company’s bottom line. Replacing them regularly basis with new team members can cost money along with down time and reduced production as they begin to train and get up to speed.
A focus on employee retention can potentially keep your whole team strong and always pushing to be better, rather than always replacing members and starting from scratch to build the organization.
Making it work
You may be good at hiring, but it’s important to learn why every employee wants to be there and make sure whatever appealed to them to accept your invitation continues. Try these strategies.
It’s not (completely) about the money
Being well-compensated is a nice way of saying thanks, and makes it easy to pay the bills and help families. But a big paycheck alone may not always justify poor working conditions.
Beyond regular wages, the workplaces that make it easy to stick around offer other perks, everything from good insurance to retirement plans to free or affordable parking.
Employment development programs
People who are hired in one role may someday want to try another role or position in the company. At the same time, a manager would love to have someone familiar with the culture who may not need as much training as an outsider.
In addition to ‘exit’ interviews, consider inviting employees at all levels to occasionally share their likes, dislikes and any suggestions for improvement.
Once proper focus is placed on employees, companies can begin looking for more ways to succeed. Visit IRC Commercial Lending for more business and investing strategies.