It takes a strong leadership team to run a business efficiently in today’s business climate. Sometimes, it can be overwhelming for an employer to deal with everything it takes when managing a business. The task of managing your staff and maintaining company morale while sticking to policies can mean that working human capital can be pushed to the backburner. This act can contribute to challenging and stressful times for employers.
Beating employee turnover is a buzzword that has been on the minds of many individuals who are immersed in corporate culture. As an employer, you want to actively keep critical employees on your team for an extended period of time to maintain high efficiency in your company. On the other side of things, your employees also have high expectations for your leadership and company. They want to be a part of a company that provides them with a challenging and unique work experience and they want to work in a positive environment. In short, when your employees feel that they are not working at a company that is not looking out for them and their interests, there is less engagement, lower morale and more employee turnover.
Now that the Daeco HR team has given some background information on employee turnover in the workplace, it’s time to look at some great strategies to help lower employee turnover in your company.
1. Let’s Look at Fair Compensation and Current Market Evaluations
Your overall employee retention will grow when you take a deep and fair look into what compensation should look like in the current market. Although this may seem like it is a quick Google search, this process is an important one; take the time to figure out a strategic perspective on where you want to be in the competitive business market. Think about how your current employee compensation aligns with your culture. When potentially reevaluating your employee’s compensation, consider critical factors like their skills, responsibility, industry experience, education, working conditions and willingness to participate in your company’s culture.
Offering your employees potential opportunities to grow in your company is also a significant driver in employee happiness and retention. If an employee is stuck in the same position and pay grade, they may look for other opportunities elsewhere. To help encourage loyalty to your company, we suggest looking at innovative ways to offer employee incentives and rewards.
Some examples of unforgettable employee incentives are fully-stocked lunch rooms and snack bars, pets in the office and nap rooms. Yes, We are referring to Google’s industry-leading employee perks.
We know that not every business has a “google” budget so let’s talk about obtainable perks that you can offer in your business.
Customized Experiences: If you know a member of your team is going on vacation, some leaders have gone out of their way to purchase excursions or experiences for them. This brings personalization and incentives to a whole new level.
Memorable Learning Opportunities: There are many trade shows, conferences and speaking events that can help develop your people and in turn grow your business. And when you participate together it helps you bond as a team. Don’t be afraid to invest in these team-building learning opportunities.
Flex Days: If we have learned anything in the last two years it’s that employees can time manage and work from anywhere. Give them the opportunity to set their own schedule and offer them flex days. For instance, they can report to work from 6 a.m. until 2 p.m. one day and the next day, they may come in at 9 a.m. and end at 5 p.m.
2. Develop a Potential Candidate Pipeline
Being prepared for any situation in your business is always a good idea. At Daeco HR, we always strive to help our clients look at long-term goals by succession planning and implementing cross-training initiatives. Develop an in-depth workforce plan that identifies where your company is at risk, what the gaps are and the steps that you can actively take to reduce those risks when filling those key positions. This type of conversation needs to happen with your management team all of the time. When doing your annual performance reviews, we suggest having a succession planning conversation and taking careful note of the employees that may be at risk of leaving your company, and having a backup plan in case that does happen.
3. Promote a Positive Employee Experience
When a new employee first joins your company, both parties are still trying to get a good sense of whether they are compatible with each other. Increasing communication with your employees and regularly checking in on them and their needs is pivotal in maintaining employee retention. Make your employees’ experience personable; take them out for lunch to get to know each other better and practice having quarterly check-ins.
It also comes down to making sure that each employee feels valued. Try not to micromanage your staff; give them the leverage to do their role that you hired them for and then just coach them along the way if they tend to veer off track. It’s your job as a leader and as a coach to bring them back on the right track.
4. Improve Your Hiring Process with Daeco HR
At Daeco HR, we are a team of Human Resources professionals who want to help make your company a better place. Our team can help evaluate your needs, create job descriptions, find the right people, interview them with you, put the offer packages together and have them walking through your door when you need them. Forget the usual headhunters and recruitment agencies; we use simple recruitment strategies to assess candidates objectively, so we get the right people into the correct positions at your company.
Want to get started? Call us today at 780-566-1776!