Employees can make or break a company. Their happiness can determine whether they give good or bad customer service, just as it can determine whether an employee stays with a company in the first place—no one wants to work for someone that treats them poorly, after all. Whether or not a business can retain its talent is a reflection on the company at large; if a business has a high turnover rate, there’s likely a reason why, and no one wants to find that out personally.
This is why it’s imperative for business owners to not only focus on hiring employees but retaining them as well. There are several strategies that a business owner can use to boost retention rates—here are a few of them.
Recruit those who will most likely stay
Employee retention starts in the recruitment process. Recruiters will want to look for candidates who plan on staying with the business for the long haul instead of someone who might be there a year or two before moving on. Indicators of those who will most likely stay can be found right on their resumes; how long was the candidate in question with their previous employers? The longer someone stays with an employer, the more loyalty they’ll likely showcase to whoever hires them.
Recruiters should also look for people who are involved in team sports, volunteering, and other activities outside of work. This will show that the candidate has a mindset to stick with something they care about. Furthermore, recruiters should identify candidates that share the same outlook as the business they’re interviewing for. Workers tend to stay longer with organisations that align with their values and views, so identifying these key aspects during the recruitment process can signify who may or may not stay in the long run.
Provide advancement opportunities
No one wants to stagnate in life, and that includes employees. A good business owner will offer advancement opportunities and ongoing education to their employees so they feel valued at their place of employment. Millennials and GenZers often crave career and professional development, so make education and advancement a key part of employee success. Offering additional training shows employees that their worth means something to their employer, giving them more of an incentive to stay in the long-term.
Prepare for turnover
No matter what a business owner does, there will be turnover to some degree. To handle this turnover, employers need to be prepared for potentially losing their top talent one day; though it’s difficult, having a succession plan will ensure that a company doesn’t rise and fall in the back of a sole person’s work. This is especially important for high-level positions that are hard to fill.