Employers place a huge emphasis on hiring the right people. And for good reason. A bad hire can cost a company 30% of that employee’s first-year earnings.
Unfortunately, bad apples aren’t the only thing that can cripple a business. High employee turnover can too! Not only is it expensive to hire new staff, but losing a star employee can damage morale and productivity in the remaining workforce too.
Want to learn our 3 tips on how to retain employees so you can avoid that fate? Keep reading.
1. Master Your On-Boarding Process
Awful on boarding processes are a sure-fire way to alienate new employees. Leaving them to their own devices, to fend for themselves and figure everything out is a recipe for disaster! They’ll feel abandoned, unsupported, and soon question their decision to take the job.
You can’t expect them to hit the ground running without effective tutorage either. You, the employer, might even start resenting their poor performance. This friction in the relationship with a new hire then makes it even likelier that they’ll leave.
That’s why it’s so important to hone your on-boarding process. Invest in their training and give new hires time to get their bearings. Make them feel comfortable, supported, and capable of their responsibilities. Rising retention rates are sure to follow.
2. Build an Amazing Company Culture
There’s no shortage of facts and statistics you should know about boosting employee retention. However, few trump the importance of creating a strong and healthy company culture.
Having a positive, supportive, and values-based culture is fundamental to workplace satisfaction. When employees feel appreciated and respected, they’ll look forward to going to work! Throw in financial incentives and effective management and you’re to keep your employees in place for longer.
3. Create Opportunities
Nothing inspires inaction, boredom, and disenchantment faster than a lack of opportunities. Let’s face it, ambitious employees both want and need to see room to progress in the business. It gives them a reason to work hard, stay productive, and commit to the company’s vision.
With no clear route up the ladder, they’ll look elsewhere as soon as they’ve exhausted the current opportunities for growth. And that, of course, is the last thing you want when you’ve got quality people to the team. Their absence can create a massive gap that can be hard to fill.
Strive to create new opportunities wherever possible. You could invest in their training, introduce a rewards scheme, send people to conferences each year, and create new senior roles. Do all that and you’ll have a far better chance of convincing talented team members to stick around.
Wondering How to Retain Employees? Now You Know!
Knowing how to retain employees is just as important as hiring quality people in the first place! After all, poor retention rates mean you’re always recruiting, hiring, and training. This disrupts the team, hinders workplace productivity, and has severe financial implications all-around.
We hope this post will help in this key area of business. Keep these tips in mind and you should be one step closer to the retention rates you need. Would you like to read more articles like this one?
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