In the era of millennial job hopping, it may seem like an impossible task to get good employees to stay with your company. However, businesses cannot set the issue aside. CBS News reported that whenever an employee leaves a company, it costs roughly 20 percent of that person's salary to replace them. Those numbers can really add up if a large number of people are exiting the organization. Check out the advice below to save your business money and improve your employee retention:
Screen for compatibility
A significant amount of company turnover is the result of dissatisfaction or discomfort in the business. Employers should assess whether or not candidates would be a good fit within the organizational structure and company culture before making a new hire. By asking questions about employees' future goals and examining how long they stayed with previous jobs, hiring managers can get a better idea of the likelihood of retention. These steps will help eliminate the onboarding of individuals who are not a good fit for the company or who do not intend to stay for very long.
Another major source of poor retention is lack of mentorship. Many modern employees seek guidance from more experienced employees in order to grow their talent and fit a niche in the organization. By creating mentor programs and pairing new hires with veteran employees you can foster an atmosphere of teamwork and collaboration. It may even encourage veteran employees to stay with your company longer to ensure that their apprentice is equipped with the right skills and knowledge to succeed.
You should encourage your team to be competitive with innovation. People will stay longer with companies that challenge them and allow them to test themselves on a creative level. If employees approach you with new methods for doing work or with project ideas, hear them out and thank them for their enthusiasm.
Employees want to stay where they are valued and appreciated. One way to demonstrate this is by offering decent benefits. This means giving your employees the option of selecting above average health insurance, adequate vacation time and competitive pay. If you do not, they may seek these compensations with other companies.
Ask for feedback
Employees also appreciate when their opinions are listened to. It can be helpful to send out quarterly questionnaires to ask your workers to evaluate the company and their happiness. You can sort through their feedback and make adjustments as necessary. If employees see that you are willing to accommodate them, they may develop more loyalty and stay with your organization for longer than they would have otherwise.
Employee retention is something every business leader should be concerned with. While some turnover is to be expected, high rates can cost companies more money than they would spend trying to reevaluate their processes.
For more business advice like the information above, visit www.Syberworks.com.