3 Tips For Better Employee Retention
Keeping your employees around is one of the most important things that you can do for your business. Between hiring and training over and over again, you can lose a significant amount of money and resources.
It’s in your best interest to keep your employees regardless of the industry that you’re in. Whether it’s mowing lawns or providing customer service, the best kind of employees are the ones that stick around.
Take a look at some of the best tips for retaining a loyal and happy set of employees.
Choose People Who Fit Your Company Culture
Many businesses think that the best hire is the one with the most experience and education. However, the truth is that you’ll often get a much better performance out of people if they are the right fit for your company.
Get to know your potential candidates before you take them on. What makes them tick? Do you think they’d get along with your other staff members? How will they feel in the presence of your work environment?
Make sure to ask the right questions and be wise about who you take on. Building a team is like matchmaking. Choose the right combination of people, and it could be a match made in heaven.
Hire Their Referrals
Statistics show that employees stay longer in a company when they’ve been referred to the job by a friend already in the company. What better way to ensure that your new hire is on the same page as your company culture?
Any time you’re looking for a new hire, first go to your team to ask for recommendations. Even though your first instinct may be to ask a recruiter or put an ad out, you’ll find that an employee referral will yield the most loyal employee.
It goes without saying that if you don’t pay your employees enough for the work that they provide, they’re not going to want to stick around for very long. Make sure that you’re paying your team fairly.
Failing to adequately compensate your employees doesn’t just lead to them taking off eventually rather than sticking around, either. Statistics show that employees who feel like they’re being cheated out of their salary are much more likely to steal.
Pay your employees well from the minute you take them on. The cost of rehiring and retraining will cost you much more long term.
At least some level of employee turnover is inevitable. Even the best companies in the world could never maintain a 100% employee retention rate. Life happens, opportunities come up, and sometimes people aren’t able to stay. However, you can significantly increase your employee retention overall by following these tips.