As the saying goes, “your people are your most important asset.” So what does that mean if you’re having a hard time keeping them on staff?
As one of the top HR consulting firms in Jackson, Staffers knows high turnover can translate into serious ramifications for your business, from lost productivity and lowered morale to a reduction in revenue and profits. What can you do to overcome retention issues? Here are four things to consider:
#1. Make compensation and benefits competitive.
If you’re paying less than your competitors, then your employees aren’t going to stick around for long. They’re going to jump at the first opportunity that pays better. Besides salary, you need to ensure your health insurance, retirement savings, and other benefits – like flex and vacation time – are appropriate and competitive for your industry. Beyond that, consider offering additional financial perks like stock options and performance bonuses.
#2. Talk to your people about what they love…and what they don’t.
Don’t wait until you’re conducting an exit interview with your star employees to find out why they’re leaving. Talk to your employees now – while they’re with you – to find out their thoughts about the workplace. These ‘stay interviews’ are a great way to uncover useful insight that will help you boost employee retention. Be sure to ask questions like: Why do you like working here? What would you change if you could? What would make you leave?
#3. Promote from within.
When there are opportunities to get ahead, ambitious employees want to stay with your company. Just be sure to offer a clear path to advancement and make certain employees understand what they need to do to move up. You may even want to give team members access to coaches and mentors who can help them improve their performance and get promoted.
#4. Make communication a priority.
It’s important that employees and management are talking and they’re on the same page. One idea is to hold regular meetings to give people an opportunity to provide input and ideas, and ask questions. Another idea is to ensure company managers have an open-door policy so staff members feel comfortable communicating about any issues or concerns.
Beyond that, employees should understand your company’s mission and vision and where they fit it in so they feel more connected to and vested in the business. They should also be provided with regular feedback, including plenty of praise for a job well done.
Looking for outside staffing help? Consider outsourcing the work to Staffers. As one of the top HR consulting firms in Jackson, we can help you overcome your biggest staffing and HR headaches – from sourcing and screening talented candidates to retaining them for your company. Contact us today to learn more about how we can help your company grow.
