It’s a fact. Each year businesses face too late what happens when employee morale drops and the best begin to leave for greener pastures. This most often occurs when the leadership team forgets that there is a fine line between recruiting and retaining high performance candidates. It’s a sad state of affairs that is completely preventable, with the right efforts and planning.
Employee retention rates are indicative of how well a company measures up to the expectations of employees. It’s about how well the company treats employees in terms of compensation, rewarding tasks, and a corporate culture that allows for career growth. It has been estimated that it costs a half-year’s salary to replace even one good worker, and it’s unknown how much productivity and innovation are lost when a top performance employee heads for the door.
Here, we’re giving you seven proven ideas you can use to hire and retain quality employees.
- Hire Quality People
The number one way to recruit and retain more employees is to set up a selection process that is multi-layered and carefully managed. All candidates need to be educated from the start about the full requirements of each job, along with a three-part application process that includes assessment, screening, and interviewing. This weeds out candidates who are not serious about building a career with your business.
- Offer Generous Compensation and Benefits
Once you have secured the best people you can for your company, treat them fairly with a generous compensation and benefit package. Subscribe to online compensation data and software like PayScale Insight and then do your best to offer new hires the market-based compensation they deserve. Offer benefits that go beyond the normal health care and life insurance programs, by providing a total wellness package that helps employees expereince good overall health.
- Give Them a Great Work Culture
Your top performance employees may come from all walks of life, but there’s one thing that most employees have in common: the need for a positive work culture. Create work areas that are friendly to all work styles, from private desks to collaborative meeting spaces. Make respect and communication the central parts of your corporate vision so all employees are on equal ground.
- Make Learning a Priority
In many workplaces, the need to keep up with new technology and processes necessitates a lot of learning. To boost the retention rates of your employees, give them the incentive to obtain special industry certifications and university degrees through a corporate-sponsored educational program. Try virtual classes and those delivered via gamification apps. Employees who earn their credentials through this program are then asked to stay on board for at least a year following their participation, meaning your company reaps the rewards.
- Progressive Performance for Pay
In a performance based workplace, employees who are given the chance to earn more through their efforts often pays off for employers in the forms of increased productivity, employee morale, and loyalty. When employees understand the connection between their hard work and the company’s willingness to pay more, great things happen. Make performance reviews a proactive measure and hold employees accountable for their own success through recognition programs and succession planning.
- Transform Work Norms
Over the years, the most successful employers have understood the importance of catering work norms to meet the needs of each new generation of workers. Gone are the days of stringent work hours, stuffy attire, and drab work cubicles. In comes the positive norms of flexible work shifts, telecommuting, casual attire, and open work areas that appeal to the senses. Make transformation a part of your company plan to recruit and retain more employees.
- Communicate Core Values
It’s been said that if you stand for something significant in the world, others will stand with you. This is very true in workplaces too. A big part of why high performance candidates stick around is because they believe in your core values as a corporation. These values should include a dedication to excellence in your industry and a commitment to positively impacting the communities in which you do business. Be sure you communicate your core values in your company brand and all activities your company participates in.