Why Employee Turnover Can Be The Kiss-of-Death For Small Businesses
Aug 31, 2019 20:44
According to sources like the Wall Street Journal, hiring and training replacement personnel can cost a company more than twice the amount of an employee’s wages. With job-hopping being a common practice today, it can be a challenge to keep good employees. Here are some ideas that may help.
1. Hire The Right Personnel From The Beginning
It all starts at the beginning! Hiring the right employees to fill needed positions is essential for the company’s growth and morale. It doesn’t just begin and end with potential personnel having the qualifications and skills. The ideal employee must also have the right personality to fit the culture of the company. This process might take a little more time and effort but it’s well worth it.
2. Employee Benefits
Offering a competitive benefits package is one sure way of keeping quality employees. When a firm provides flexible hours, health insurance and a competitive salary relative to one’s position, it sends the message that the company values and respects their staff. Of course, without the proper employee benefits software, the employer will have difficulty offering a package appealing enough to keep their staff from jumping ship!
3. Encourage Communication
Behind every successful company is good communication! Every member of the working staff must understand what is expected of them. Employees must feel secure enough to ask questions and receive positive or constructive feedback on his or her job performance. Consistent staff meetings and arranging to speak to personnel one on one helps maintain vital communication which in turn leads to a lasting staff.
4. Offer Appropriate Praise
Let’s face it; most of us love being praised. When an employee gets recognized for their contribution on a project or gets kudos for consistently doing quality work, it not only boosts his or her self-confidence as a valuable employee, but it also lets them know that they are meeting the expectations of what’s required of them.
5. Create The Best Work Environment
One of the main reason’s employees leave is because they are in a negative, inefficient and unsafe workplace. Even if you do not lose employees you still have a major problem because the spirit and the productivity of the firm suffer! This will no doubt result in lost revenue! Nice aesthetics and modern amenities are helpful but not enough. One must also create a healthier workplace environment.
6. Forward And Beyond!
Another way of keeping good employees on board is letting them know about the company’s growth potential. No valuable worker wants to stay stagnant; they want to eventually see their hard work and talents pay off! By sitting down and examining career development opportunities, you are assuring them of a future and that is very hard for an employee to walk away from.
7. Don’t Be A Micro-Manager
Employees prefer clear and thorough instruction; however, they do not want someone breathing over their shoulder. Constantly checking in can make personnel anxious and make them feel that they are not being trusted to complete their assignments. This can not only stunt production, but it can result in you losing quality workers.
8. Getting To Know You!
Making a sincere effort to know your employees will not go unnoticed. Finding time after staff meetings or organizing events for the sole purpose of getting to know your employees better will make everyone feel appreciated and feel like they are part of the team. One thing that can make employees leave is if they feel that they are not being seen by management so even using reviews to better understand staff could go a long way towards gaining their commitment to the company.
Being a good employer and running a company is not a simple task. It is almost too easy to get caught up in the weighty duties and overlook employees, however, one knows that quality employees are not something to be taken for granted. Without the diligent work and skills of such ones a company can go under, so proper care of good workers is a must!
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