Is your employee roster more like a revolving door than a reliable list?
It’s more than a minor inconvenience when you have to go out and hire new staff. It’s also a major expense for your business. Recruiting costs easily average $4,000 or more, and you’ll spend up to 38% of a new hire’s annual salary during the training process.
What’s the secret to finding great workers and motivating your team? Here are four tips to help you find and retain employees.
1. Ensure Transparency During Hiring
Gone are the days when you can toss a “Help Wanted” sign on the door and expect great applicants to come filing in. 96% of job seekers prioritize transparency in any company they want to work for.
The solution is simple: Give the people what they want. In your job description, list important details about duties, requirements, and expectations. You’ll also attract better workers if you’re upfront about the position’s hourly pay rate or salary.
2. Provide Great Perks & Incentives
Once you’ve onboarded a great employee, you need to keep them happy. Basic benefits including healthcare coverage are a great start, but you need to take it a step further.
For example, some companies have had success offering direct deposit cards to their staff. Employees can better manage their money and even get their paychecks two days before payday.
Other companies have had success offering on-site massages, paid vacations, continuing education, or pet-friendly office environments. What cool incentives could you offer to get your employees excited?
3. Offer Flexible Work Options
The pandemic taught us many things, including the possibility (and the benefits) of working from home. If it makes sense for your business, can you offer employees the option of working remotely, even part-time?
Employees will remain loyal to a company that prioritizes their health and well-being. Millennials especially value a good work-life balance and often list it as the number one thing they look for in a new job — even above a higher salary.
4. Keep an Eye on Management
It’s been said that employees leave managers, not companies, and that’s certainly true. One Gallup poll found that only 30% of US workers felt they had a “great” boss that supported and inspired them.
If you have a steady stream of employees quitting, it’s time to take a look at your management team. Could it be that one of them is micromanaging, playing favorites, or making passive-aggressive threats? Are your employees simply not receiving the recognition and positive feedback they desire?
Use anonymous feedback tools and ask your employees for their honest input. This could help you sniff out a manager who’s hurting your ability to retain employees.
Retain Employees & Watch Your Business Grow
Staff retention isn’t just convenient. It’s a solid investment in your business!
If you’ve been struggling to retain employees, use the tips above for motivating your team and keeping them happy. Not only will you save time and money, but your business is sure to thrive as a result.
Now that you know more about attracting and retaining talent, what’s next? Our site has more terrific advice for business owners, so stay right here and keep browsing!