What successful businesses do to retain top talents
There is so much effort and energy put into the process of hiring people, which makes losing even one employee really terrible. Not to mention that the cost of turnover is high, 2.5 higher than the employee’s salary to be exact, and productivity would take a hit, causing it to be slower and inefficient. Therefore, companies go to the great distance to keep high performing employees on the job. So, what do successful businesses do to keep talented employees from leaving?
Create a Welcoming Environment For Employees
One of the reasons why employees decide to leave the job is toxic work culture. One of the signs of a toxic workplace is unhappy and unmotivated employees. However, always seeking to improve morale and appreciating each employee creates a friendlier environment. A small gesture like you greeting your employees with their names and make them know that you are aware of their contributions.
Additionally, communication is key to understanding the employee’s concerns and allowing them to provide you with good input. Another benefit of effective communication is that it helps with team building, when everyone communicates with each other sharing ideas and progress, it will encourage all of them to collaborate on projects. Communication keeps all employees in the loop with work updates, and all employees will feel useful to the company.
Giving Employees a Clear Path to Career Advancement
People always seek to move upwards and grow in their field and advance in their careers. So always make sure to be transparent with your employees about how they can qualify for better positions. Moreover, always assist them in enhancing their skills and support them to further their education to help their career aspirations. You can help them improve their education by providing funds for courses out of the company, or you can help provide the course inside the company. This will show your employees that you are invested in them and believe in their potential to succeed. Employees will see your commitment to training them as an investment in their worth and a powerful incentive for them to remain loyal to the company.
Offer Benefits And Bonuses
Employees see that monetary value is a measurement for their worth. Therefore, providing employees with a lot of benefits motivates them to stay in the company. According to HR experts from Zenefits end year bonuses act as an incentive for employees to stay productive and have a better view of the company as a whole. Moreover, providing benefits and bonuses will make employees less likely to leave the company. An additional financial incentive you could offer the employees is a stake at the company. When they have a stake in the business, it means they are sharing the responsibility with the company, and they will be less likely to leave.
Make Your Onboarding Process As Smooth As Possible
The application process is the first impression of the company on the worker. Therefore, the recruiting method has to run as smoothly as possible. Employees tend to stick around for longer when the hiring process is smooth and easy. In addition, a smooth hiring process will give the workers the impression that the company is straightforward and efficient. Moreover, the onboarding process has to be lively and engaging. This will ensure that they start the job with a positive attitude that makes them more productive.
Give Constructive Criticism And Applaud Good Work
Giving employees feedback about their job is something all employees need and demand because it helps them find more efficient ways to perform their jobs. However, be careful of falling in the trap of criticizing without actually providing useful insight. When given harsh criticism, employees get demotivated, and they are less likely to be satisfied and happy with their job.
It’s recommended that you provide this feedback regularly, preferably every month on one-on-one meetings. One-on-one meetings are more personalized, and you can give detailed feedback about the areas that the employee needs to work on. Besides, you can praise them for their good work and advise them on the areas that need improvement.
One of the main indicators that a company is succeeding is a low turnover rate because that means that the company is producing consistent work because they retain their talents. A high turnover means that production mistakes are common as a result of people leaving as soon as they come. Besides, it’s demotivating for other employees to see their coworkers constantly leaving and changing. Alternatively, a low turnover rate will help your company grow. It also ensures efficiency because you don’t have to train new employees and wait until they get up to speed with work.
