Human resources and personnel managers have an ethical obligation to do all possible to retain their best workers. Why? For the simple reason that retaining current staff members is far cheaper than recruiting new ones. Staff retention may be improved in three ways: by providing possibilities for professional growth, by allowing for flexible working hours, and by providing a generous benefits package.
The outbreak was an unprecedented test of fortitude. This may have been the biggest issue HR has ever had to deal with. Each of us made a decision that none of us had anticipated. Businesses invested resources into making remote work a success, and teams found ways to connect effectively regardless of physical proximity. A strong corporate culture built on these tenets may serve as a rocket fuel for a company’s growth in the future, but only if workers stay loyal to the company. To retain employee this is essential.
Human resources teams and department managers should constantly do all possible to manage employees in a way that aids in keeping their best personnel, regardless of the details of the scenario. Long-term workers at a company know the ropes, have a handle on how things get done, and, probably most importantly, have built relationships with their coworkers.
The flip side must also be taken into account.
Hiring new people might end up costing you a lot of money. Society for Human Resource Management (SHRM) studies indicate that the time and money invested in recruiting, employing, and training a new employee may amount to six to nine months’ salary for the position. Although though industries have widely varying rates of employee retention, every business should be concentrating on keeping hold of its “rock star” employees. If your company is having difficulties holding on to its employees, here are five ideas to try.
Don’t treat Day 90
A new hire is not fully onboarded until all paperwork is complete. It’s just as important to make sure your employees have a positive and interesting onboarding experience as it is to have a streamlined application and recruiting process. As the employer, your first interaction with a new hire is during the onboarding process.
Use Your Strengths
Incentives are the icing on the cake when it comes to attracting new employees in the current day. Earning a competitive salary is generally cited as the single most important factor in an employee’s satisfaction with their employment. When you consider that there are already five generations represented in the workforce, it’s clear that a one-size-fits-all approach to benefits is doomed to fail.