As a business owner, employee turnover is one of the biggest issues you’re going to face. Many organizations spend thousands of dollars every year recruiting and replacing their employees. While a certain amount of turnover is unavoidable, that doesn’t mean you shouldn’t be taking steps to prevent it. When a company does take strives to minimize turnover, they often fail to see the issue lies within the hiring and Onboarding process. Once you refine your hiring process and bring in the best candidates, then you can begin implementing your new retention plan. But how do you start making that new plan? Start by considering the following.
Redesign your Onboarding Program
Organizations often experience the highest level of turnover during the first 90 days, so make sure you make a good impression on your new hires right from the start. The first few days should be a positive experience for them, so having a solid onboarding process in place should be a way to quickly assimilate the person into your organization. Show them your company culture and get them involved with the team as soon as possible. If your company is not too big, try to introduce them in person to each employee to make them feel welcomed. The more invested your new hires are with your team, the less likely they are to start shopping around for new opportunities.
Be Flexible with Schedules & Benefits
These days it is important for employers to sympathize with their employees’ (vastly different, every changing) needs as much as possible. Quality employees are becoming more aware than ever of how valuable they are, so they’re going to make sure they’re working for a company that caters to their needs. That is why it’s important to offer your employees the right benefits package and weekly schedules that best fit their lifestyles, within reason. And don’t simply stop with these major retention plans - it never hurts to provide your employees with small perks as well. Whether it’s free donuts from time to time or social events once a month, helping your employees be happy and feel appreciated will serve as incentives to keep workers motivated and feel rewarded.
Communication is Key
With the major influx in remote workers over the last year or two, it is extremely important that employers put in an extra effort to retain these employees. The best way to do this is to establish good communication with them. Even with your on-site employees, never underestimate the power of clear and regular communication. Whenever there is a good dialogue between both employer and employee, the latter feels more comfortable in their position. According to Jason Lemkin, it is important to meet one-on-one in an unstructured way at least once a year with your best employees. Ask them what they like or dislike the most about their job, what they have been working on, any needs they might have, etc. You need to learn and be aware of how your employees are feeling about their position if you want to improve your retention rates.
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