Currently, the demand for talent exceeds supply in many industries, employers must continually work to not just to hire good people, but to hold on to them as well.
Skilled employees have a lot of options in this job market, and there’s a strain on businesses to steer clear of losing top talent to competitors offering an attractive compensation package. Moreover, professionals don’t tend to stick with an employer like they used to. While several factors have played a role in the rise of job hopping, there are a handful of things companies can do to engage their staff and keep up a high level of employee retention.
Consider the following four steps your company can take to get would-be job hoppers to stick around.
1) Focus On Recruitment and Hiring
Garbage in, garbage out, as the old saying goes, and if your company is making poor hiring decisions, it is setting the stage for high employee turnover. Even one bad apple can ruin the bunch.
Therefore, before making a job offer, it’s essential to figure out if job seekers are a solid fit and have long-term possibility. If the candidate’s resume includes multiple short stints, an interview question must be on why they left those past jobs?
Also, be sure to hire people who appear to be a long-term fit for the company. These candidates tend to have the disposition and values that suit with the company’s mission, values and culture.
2) Offer Competitive Compensation
Make no mistake: Working professionals know what they’re worth. When coming up with an employee retention plan, it’s crucial to consider compensation-related things like bonuses, profit sharing, and merit-based raises. There are also many online salary guides that can help you determine competitive pay and benefits to offer your employees.
3) Invest in Your Employees
Are your employees using outdated computers or tools? Are they using techniques that are becoming irrelevant in your industry? If your staff members are using outdated tools and skills, it sends the message that you don’t fully value the work that they do – which can be extremely demoralizing.
Invest in your employees and they will reward you with both higher productivity and greater loyalty.
4) Prioritize Good Employee Relations
Surveys show that one of the most common reasons people quit a job is a poor relationship with their boss. You can make leaving much more difficult for your staff members if you work to build good relationships with them.
A good relationship with employees ought to be based on good communication and mutual respect. Keep your staff in the loop as much as possible and ask for them input often. Consistently reward good performances through an established employee recognition program.
You don’t have to be employees’ best friend. You simply have to be honest, supportive, fair and open-minded.
Let Us Help You Find Long-Term Employees
At Career Concepts, we specialize in helping our clients find high-performing, long-term staff members, whether it’s through direct hiring or temp-to-hire work arrangements. Please contact us today to find out how we can help your company