Certainly, one of the higher costs in terms of money, time and productivity that a company can have is high employee turnover. Recruiting, hiring, and training personnel generates high costs regardless of the size of the company. Generally speaking, when there is staff turnover in a company, not only the resources invested in each employee are wasted, but the experience gained by this employee is lost. In other words, an employee that has worked a certain amount of time in your company produces more and misuses resources less than a new employee. Doing an activity on a regular basis produces skill and experience.
The situation aggravates when the staff turnover involves very valuable and talented workers in the company; those individuals that generate unique input and are almost irreplaceable. That is why retaining valuable personnel is a crucial way of remaining competitive in an increasingly challenging market. Talented employees contribute to the success of small and large corporations beyond the company’s software or machinery. This statement, of course, acknowledges the importance of equipment in a holistic system.
Companies must consider several aspects if they want to invest in talent retention and eliminate the most common obstacles regarding personnel turnover. Here are some of the strategies to implement, in order reduce staff turnover and retain valuable staff.
Hiring the Right Workers
The first step to avoid staff turnover should be to hire the right personnel. Recruiting is not a sport or a race practiced by the human resources department or an individual in charge of this activity where the first candidate, the cheapest one or the most recommended by a relative is selected. The recruitment of new staff should be based on a job profile created and developed by the company, specifying the skills, competencies, and most importantly, the attitudes of the potential candidate. This person needs to be able to embrace and develop the activities assigned to their responsibility. If you have more than one candidate that meets the criteria and there is hesitation about which one to choose, it is advisable to assess their performance through a test period and subsequently select the candidate that will prove to be the most competitive for the position.
Develop Incentive Programs and Benefits Packages
Both, new and former employees need to know the company cares about them. Therefore, it is recommended to create programs that offer benefits for the employees’ work and family life. The company needs to know about the needs of its employees’ in order to have tools to develop programs that meet their diverse needs and interests. When done right, these programs can become great incentives that motivate employees to be focused and excited about their job. Having the input of employees in the creation of incentives creates bonds of trust between the company and staff and fosters a sense of security and belonging to their workplace. An employee who knows that his company is interested in their needs for growth, work development, and family, operates better in their professional activity and feels supported by his company.
Find Out the Obstacles
It is very important to identify the obstacles or warnings that can make an employee decrease in their performance, motivation, and their focus in their work life. This crises, if not dealt with speedily can result almost always in the employee’s resignation. Some of the obstacles that hinder employee retention are exhaustion, lack of balance between work and personal life and frustration with the professional growth and development. These issues can be detected through continuous observation and analysis of changes in the behavior of employees that are evident in symptoms like lack of motivation, poor work performance, constant fatigue, frequent errors that were not usually made, isolation, among others. Small meetings and talking can help detect the cause of these changes and can be enough to revive the spirits and motivate employees back to productivity.
To sum up, valuable employees will stay in your company -or any company for that matter- thanks to various factors such as job stability, recognition of their effort, healthy work environment, cultural compatibility, sense of belonging, the flexibility of the labor structure, salary and rewards, etc. The recommendations and strategies to be developed could be endless. The strategies to be develop for your businesses should always be creative, honest, and consistent with the needs of the employees, but also considering the scope of the resources and possibilities of the company. Take a moment, and think about this: Who are the most valuable employees in your company? What can your company to these employees? How can you reward your talented personnel so they want to stay? Is your company doing everything possible to treat its human resources with dignity, fostering a sense of belonging?
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