Replacing an employee can slow down your business’s productivity and efficiency. Even more than that, it can cost twice an employee’s salary to hire a replacement and get that person up to speed. Employee retention has to be part of your business plan. Here are some tips that will help you get and retain good workers.
Vet future employees well before you ever hire them. Look at how someone will fit into your culture and with their co-workers. It’s not only about having the right skills, but their personality and ethics.
Think about competitive benefits
You may not be able to offer a huge salary, but when you offer perks and benefits, it can make up for a lower paying job. Employees want health insurance, life insurance, retirement plans and vacation. Telecommuting or flextime may boost employee retention without raising pay.
Create a positive work environment and culture
Think about the office space where your employees work. Don’t just think about aesthetics, but consider lighting, comfort and ventilation. Are your managers rigid or flexible? Are you putting people first? Is the culture in your office authentic? Do people feel safe?
You may not have much of an organizational chain for upward mobility, but you can provide training to let employees take on new duties or to inspire them to use their current talents. Offer mentoring programs that can help someone learn to lead.
Recognize their accomplishments
A thank-you for a job well done goes a lot farther than you realize. Introduce your employees to new clients or award prizes to a team that goes above and beyond. But make sure that everyone has a chance to earn rewards. It can be demoralizing to those who aren’t in the loop. But when a person knows that you appreciate his or her contribution, they’re more likely to stay with you.
Need financing options to update your office or to offer better benefits? Contact us at Proactive Funding Solutions.