Employee Retention Strategies for any Business

Did you know that employee turnover is costly? Since the employee is the life force of any organization, employee engagement has everything to do with happiness on the job. Your team members must love what they do, and they must enjoy coming to work. To reduce employee turnover, you must focus not just on employee satisfaction; but on true engagement.  As a result, reducing employee turnover is becoming an increasingly important issue for businesses. Sometimes employee turnover is natural, and people naturally move on in their careers, and that’s perfectly normal. The real problem is when high employee turnover starts to become the norm, the high turnover rates not only cost the company more money, but they put a strain on those training and hiring.
 

Farsight’s Recruitment & Onboarding tool allows enterprises to plan hiring costs, create job descriptions, post job ads, create custom applications and workflows, schedule interviews, and onboard selected candidates with ease.

Set Retention Targets

Many companies have set revenue and production targets, and today, some have set retention targets as well. The fact is while a few do, all should. Not all employee turnover is negative. There’s a difference between losing an appreciated, highly experienced employee to cutting loose a worker who’s useless or lazy. There are different turnover rates throughout businesses, with hospitality and retail having higher rates compared to other industries. But a high turnover rate can be costly. When you think about your capital spent on recruiting and training employees
, and only allowing them to stay on for a short period, you are not getting back a return on your investment.
 

With Farsight’s Time & Attendance tool, the NextGen remote employee can Track time worked and time-outs with one customizable solution, all from their mobile devices.

Communicate Your Company’s Vision and the Job Description

Communicate the reason and dreams of your business clearly, new employees may not have a clear view of what your business stands for and in which way it is going. By clearly stating your company’s vision earns their commitment and obligation. Also, when businesses set the pay scale; the job description, and expectations within their job postings; the retention rates go up. Don’t be frightened to express upfront what the salary range is as well as the benefits offered with the position and the job description.

Hire the right people

The first step to decreasing employee turnover is to hire the right people. When you have a job opening to be occupied, you want to fill the position as swiftly as possible. But if you don’t take the time to study the job requirement and know what skills the worker will and won’t need, you may end up hiring somebody who is a misfit for the job. After you write a job description, set your requirements down in writing. Interview and evaluate candidates carefully, not just to ensure they have the right skills, but also that they fit well with the company culture, the managers, and co-workers.

Farsight’s Payroll software is designed to serve organizations and employees with employees’ attendance and work profile for processing salaries on time.

Offer

Competitive Pay and Benefits

If you want to retain suitable employees, you have to offer salaries and benefits that are in line with what other companies are paying in your location.  While money is not the only reason for your workforces, no one can argue its importance. Employees who feel they are underpaid are more likely to exit than those who think they are paid fairly for their work.

Flexible Work Arrangements

In addition to pay and benefits, flexible work schedules are what many staff most value about their jobs. One common flexible work schedule choice lets employees to work extra time early in the week and take Fridays off. Based on your company’s plans, you can also allow employees to work earlier in the morning or later in the evenings at their ease.  Allowing your employees to Work from Home (WFH) also keeps them happy and inspired to stay with your company. Remote workings save your employees time, money for gas, and problems that are related to navigating traffic in busy cities.

Nurture Friendship and Encourage Employee Meetings

When you have brilliant workers, you need to find ways that you can help them increase their skill set. Give constant feedback, listen to them, and let them know that you are there for them. Be the manager that can drive employees out of their comfort zones and help them reach their goals.

If you want your employees to remain in your company, treat them well and allow them to develop professionally. Companies with an ethos that values learning and team comradeship have 30-50% higher retention rates than those that don’t.  Encourage friendship among your staff members by planning a fun, team-building offsite event. Collaborative games keep employees emotionally sharp as they learn each other’s strengths and weaknesses.

 

In Summary

We have spent a lot of the time, work, and money to find, employ, and train the right worker; the last thing you want to do is lose them to competitors just as they’re reaching their stride. It’s always important to know how to advertise jobs, choose candidates, manage interviews, and deliver benefits that will attract the top employees to a team. However, if you truly want to build the most dynamic workforce possible, it’s critical to work on reducing your company’s employee turnover rate. If staff members keep moving on after just a short period, not only will you have to spend more time and money on finding and training replacements, but the company’s team morale and productivity.

It always seems impossible until it’s done ‘- Nelson Mandela.


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