If you’re like most business owners and managers, you already know that high employee turnover drains a significant amount of resources, time, and money from your business. Not having good employee retention, constantly training employees only to have them resign and take their newly developed skills to other companies means having to start all over again from scratch. Many of those in your position are so used to this scenario that they simply consider it a necessary evil. It doesn’t have to be that way, though. Small businesses have limits concerning how many necessary evils their bottom line can withstand, and a revolving door of employees can potentially erode resources to the point that a company’s bottom line is underwater.
The booming economy also plays a part in employee turnover. With employment numbers lower than they’ve been in almost 50 years, openings in most fields aren’t difficult to find, and wages are rising accordingly. Now is a great time for HR professionals to sharpen their skills concerning keeping quality talent engaged and onboard.
Following are five essential strategies designed to keep employees engaged and onboard.
But First, Why is attracting and retaining employees important?
Attracting and retaining employees is a huge factor in a company’s success. After all, employees are the true lifeblood of a business. By promoting a positive organization and ensuring employees know the value they bring, you can assure that you will get quality future referrals and lock in the current talent you have in your business.
Five Strategies to Help with Employee Retention
Set Clear Expectations When Recruiting
Employee retention should begin before the position is even advertised. The very first step should be creating a job announcement designed to attract the right applicants — this helps avoid the tedious process of weeding out unsuitable applicants. Job announcements should be written in clear, direct language that leaves no question about base qualifications and expectations involved with specific jobs. This approach helps minimize applicants who are just taking a shot in the dark who may not have the required skill sets.
It’s also important to be upfront about company culture. No matter what skills and abilities a new hire brings to the table, their chances of sticking it out aren’t good if they’re don’t fit in with the prevailing company culture. In order to have a high employee retention rate, you have to be honest.
Use Effective Assessments
Not all businesses have the same needs. An employee who thrives in one particular business may be a bad fit for another. This is true even if the businesses are in the same industry. This is why traditional assessments often fall flat when matching applicants to jobs. Another issue is that these types of assessments generally charge around $250 per applicant. As a small business ourselves, we know this can be unrealistic. At Sprockets, however, we charge a flat rate of $99 per month for unlimited assessments to aid in your employee retention efforts. Furthermore, our assessments aren’t a one-size-fits-all evaluation that operates under a preconceived presumption of what personal attributes are indicators of success in your company.
We use a custom-designed assessment based on existing employees who are thriving in your business. Our process begins when your top producers take our assessment. It identifies the common denominators of the top performers. Next, a Success Profile is created based on the shared mental makeup. After applicants complete the survey, Sprockets provides a mental makeup analysis designed to take the guesswork out of selecting the best candidates.
Provide a Positive Orientation Experience
Some companies believe that taking a sink-or-swim approach to new hires is effective. Although this might have some value in cases where a state-of-the-art applicant screening process isn’t a part of the picture, it doesn’t make sense for employers who use Sprockets to follow this road. When new hires have been identified as being those most likely to succeed with the company, employers should protect their investment by providing those new hires with the tools they need to thrive. Roughly one out of every 10 new hires have left a job because of a bad onboarding experience.
The first tool any new employee needs is a comprehensive job description that makes expectations crystal clear. It’s also essential that supervisors and coworkers are approachable and forthcoming with answers to questions. Assigning each new hire a mentor is an excellent idea. The wrong mentor, however, can be worse than not having one at all. A good mentor should be patient, inspiring, competent, and kind.
You can also increase employee engagement by providing interactive reviews. Both the manager and employee should be able to give feedback.
One of the main reasons employees change jobs is that they’re seeking a better work-life balance. Because many people in their prime working years are also parents, they prize the ability to customize their schedules without being relegated to the slow track as a result. For instance, sick children create dilemmas for virtually all working parents. In addition, an increasing number of adults are responsible for the caregiving duties for aging parents.
Women in particular struggle with juggling employment and household obligations. Many of them find themselves giving up on the traditional workplace altogether. This is a shame because they represent a valuable segment of the labor force. Employee engagement, productivity, and morale all increase when employees have access to flexible schedules.
Implementing flexible schedules isn’t as simple as just allowing employees to work from home at their discretion. Communication is key. Management should be trained in working with employees who are away from the office. Modern technology provides plenty of apps and programs designed to create a virtual workplace. Make sure to provide management with the training they’ll need to use these tools.
Partner With Sprockets to Build Your Team
Sprockets stands ready to help you build your best team. Please don’t hesitate to reach out to find out more about how we can help. Our services can provide your HR professionals with the tools they need.