Employee turnover can hurt a company’s bottom line and lead to a trend of staff members opting for another job. A professional staying at a single job for their entire working life is not very common in today’s business world. Technology evolving has eliminated some jobs while others have modified daily responsibilities immensely. ‘The new employees brought in are not guaranteed quality replacements, as many people quit after training if they do not feel like the job is a good fit.
The following are tactics and small tweaks that can be made from a managerial perspective to help improve employee retention.
Improve Hiring Processes
Improving hiring processes will allow a company to understand an applicant truly. Take the time to bring a potential employee in on multiple interviews and give them tasks they would have to perform to get an idea of how they work. Those people looking for a job to fill the time rather than a career should be skipped over. Resumes should be nearly flawless, with all the resume and cover letter examples available online. Look at the work experience and see if the applicant tends to jump from job to job. Candidates who change jobs yearly should be eliminated as they are not loyal to their former employers. It is one thing to accept a position with a better title, but another to get a similar or identical place at another company.
Allow Production All-Stars to Work from Home
There will be those employees who are production masters and always seem to beat their peers regarding numbers at the end of the month. can keep employees for an increased number of years due to this perk’s appeal. These staff members can still attend important meetings with all the video conference platforms available. Setting goals for these professionals is important as the company should not sacrifice production, allowing people to work from home.
Working from home is one of the most valued perks, so this can be implemented if the company cannot pay raise. Lack of time commuting can be worth thousands of dollars over a year to some employees. Building a team of contractors can also be done if you put together a good training program. This will help save the company money, but it can help scale up processes by working with those who cost a fraction of what it would pay an employee in-house.
Other Perks Never Hurt
Those employees who are just getting out of college with many debts appreciate perks to no end. The company’s free daily lunch encourages employees to bond and can increase company loyalty. Even free coffee, snacks, or energy drinks in the office can help the staff morale on those days that seem endless. A company gym is another perk that can help do various things besides increase employee retention. Many employees would show up to the office earlier to finish their workout before the workday begann. A parking space at the office can be a small thing that makes a big difference for employees who have been with the company for a certain period.
Public Recognition of Those Excelling
Employees want to be recognized when performing at a high level consistently. Lack of public recognition for those employees doing a great job can lead to an employee feeling unappreciated. Even something simple like a weekly recap email highlighting a few people doing incredible work in each department can help feed a sense of appreciation for hard work. Running production-based competitions can also allow employees on the same team to bond and feel appreciated with an extra day of PTO or gift cards for winning the contest.
Increasing employee retention will have a positive impact on the company’s profits. Small details can make a huge difference in improving the company’s image. Be proactive about employee retention to start keeping employees for years instead of months.