Retention of your best employees is important to your business since replacing people takes time and money. You have to advertise, go through a hiring process and train. While you are down an employee, productivity suffers.
It also takes time. Everyone from the hiring manager to personnel has to make time in their schedule for activities that lead to replacing the departing employee.
Employee morale may also take a hit when a good employee goes. Leaving might be catching.
Also, experienced employees are up and running at full speed. New employees will take at least a few months to be fully up and running.
How do you retain your best employees? Here are five tips.
1. Make sure you pay competitive salaries
Let’s face it. If your best employees feel underpaid, they will leave as soon as they have a chance. Because they are good employees, they’ll have options. It’s a good idea to pay at least the going rate for positions in your area. Otherwise, greener fields will beckon.
2. Offer a competitive benefits package
Health insurance matters. So do retirement savings, vacation and the rest of the benefits options available. Like salaries, the most prudent business owners will offer a benefits package that matters to their employees and is competitive with other businesses in the area.
3. Make a practice of promoting from within
Promotions lead to raises and sometimes more benefits. They are tangible signs of appreciation. Because of all these factors, employees are very happy with companies that make a practice of promoting from within. Your best employees, who are the ones most likely to be promoted, are especially happy with the policy.
4. Appreciate your staff
Employees like to feel appreciated for the good work they do. Plan specific events to make people feel appreciated. This could be free taco lunches on Fridays or an end-of-summer picnic. Clearly, communicate these occur because good workers are appreciated.
5. Reward good performance
This is related to the appreciation of staff but is more of an individual reward. Make a practice of giving a public reward for an individual’s great performance. It could be an employee of the month prize or a team player of the quarter plaque. Give a gift card for the highest-performing employee of a particular time frame. Rewarded people are happier, leave less often and become more productive.
The Benefits of a Staffing Agency
Debbie’s Staffing can assist in every part of the retention process. We can provide information on salaries and benefits in the area and help you identify great new hires. Contact us today.