Companies usually experience difficulty retaining employees for the long term. Gone are the days where you stay with a job until retirement. As baby boomers begin to retire, many places of business are looking to reduce their turnover costs.
Here are 5 steps to help you do this:
1. Hire the right people. This may seem like a no-brainer, but nepotism and who-knows-who may still rule the day in many businesses. Ensure that people you hire are right for your company and their future goals. Be clear about job descriptions; it will only benefit you and the new hire.
2. Have a company that is employee-friendly. Employees are your most valuable asset; when there is a chance to include them in decisions, do so. Also, encourage an open-door policy, and mean it. Employees want to know that their voices are heard, and make a difference. Lastly, reward and recognize employee’s who deserve it.
3. Your business should be monetized as one. Develop base pay scales, and also, variable rate pay scales as well as long-term incentives for compensation, bonuses and financial plans your employee’s can join over time. There should be standard vacation and insurance packages, not a hit-or-miss policy.
4. Possibly consider alternative work schedules. Can some employees benefit from working at home or four days per week instead of five? Are there incentives to working in your company? Trips or events, tickets to sporting venues, etc? A happy workplace is one in which more people are likely to stick around.
5. Fire people who do not or will not fit in. It’s unfortunate and inevitable that not everyone will be the right fit for your company. You will know when this happens, so be sure to let them down easily, but weed out those who are pulling you and your goals down.