Do you know the average costs of replacing employees?
You will be surprised to know that it is 1.5 times a person’s salary. And these costs will come out of your business’s profit.
Can you afford to lose this much money frequently? And to top it off, can you afford to lose a qualified employee? Of course, not!
If you intend to run a successful business, you can’t lose out on money and good people working for its growth. What you need to do is attract excellent and qualified employees and retain them for the time to come.
You will not only save money on employee turnover, but you will also have a great staff working for the growth of your business.
But how can you achieve this goal?
Here are a few tips on attracting and retaining quality staff for the business. Try to incorporate these tips in your recruitment process and see the difference.
Tips to Attract the Right People
Consider the Candidate’s Attitude
Qualifications are important during recruitment. But a candidate’s attitude can make all the difference! Always consider 80% attitude and 20% skills while recruiting a candidate. You can help an employee upskill, but it isn’t easy to teach, un-teach, and re-teach attitude.
Offer Work-Life Balance
After the Covid pandemic, most people seek work life balance when applying for a job. Yes, money is still a considerable factor, but having a work-life balance is equally important. Hence, to attract the right staff, you can offer opportunities to achieve this balance. For example, can you offer occasional work from home to employees? Or can you offer them flexible shift timings?
Sometimes recruiters have the habit of lying about job expectations during interviews or the recruitment process. This behavioural pattern happens because they just want to fill the vacant position. In the long run, this will cost a lot!
Hence, don’t lie during the recruitment process. If a job is stressful, make sure the candidate knows. Use words like challenging or busy to describe the complexities of the job. Lay it out how it is! This will benefit you in two ways. Firstly, a wrong candidate will immediately say no to the job; however, the right person will be willing to take on the challenge and deliver. Secondly, getting the right person on board will save you a lot of money and time spent on the recruitment process.
Be an Awesome Boss/Business
Consider yourself in the position of an employee that works for you. Would you be able to spend one-third of your day working under a boss/business who doesn’t treat you right? Of course, not!
Hence, strive to become a great boss/business. You want to create a business environment where leadership invites the recruit and provides positive feedback for your business. Create a healthy and comfortable place of work where your recruits and existing employees feel welcomed.
If you feel there is room for improvement, try to attend a few training courses to learn effective strategies to be a good boss and develop a thriving environment.
Offer a Good Pay
To attract the right people, you need to pay above average. Don’t pay crumbs for a role that requires a massive effort from the employees. This will leave them mentally and financially exhausted, creating resentment for the job and the business.
Hence, offer them reasonable pay!
Retain the Right People
Did you know that the first 90 days (3 months) of a new employee are critical to retaining them long-term?
During the first 3 months, several new employees quit their jobs. Not feeling welcomed or valued, getting a better offer elsewhere, and more are some reasons to quit. Hence, you need to develop a robust onboarding process that not only makes them feel welcomed but also allows them to integrate into teams effectively.
Getting a sense of community in the team can make all the difference!
Being a team leader means getting crucial tasks completed in the said time. This makes team leaders micromanage their staff. However, avoid micromanaging your team.
Micromanagement shows a lack of confidence in the staff, which can be detrimental to the team and, thus, your business. It also creates unwanted pressure on your staff, decreasing their productivity and motivation. Micromanagement also perpetuates the lack of freedom.
Instead, give your team the responsibility and sit back. Supervise them and guide them in the right direction when needed. Give them the freedom to tackle a task a certain way. Let them come to you when they need help! This will boost their confidence in you and themselves. This will also greatly increase efficiency and productivity.
Provide a Chance to Upskill
It has been observed that most employees stay with a particular employer because they notice an opportunity to upskill and move forward in the organization.
If you are struggling to retain your employees, chances are you aren’t providing enough opportunities to upskill and grow in their careers. You must sit down with your staff and discuss the different ways to upskill. Do they need to attend any training courses or programs? Do they need to learn new techniques to bring better results for your business?
You really need to put your best efforts into providing them the resources to advance in their career and in your organization too. You need to fuel their desire to do better individually and for your organization.
Everybody wants to be heard, including your employees! So, get honest and genuine feedback from them when needed.
Ask them how the recruitment process can become better. Get to know ways to improve the onboarding process and exit interviews. Learn from them how to improve the environment of the workplace.
You might be surprised to get some exciting ideas that can be easily implemented to make the workplace and team environment encouraging and thriving.
Reward Your Employees
Everyone loves a little bit of appreciation. So, appreciate and reward your employees. It can be as simple as saying a few good words or giving them a bonus. However, there are several other ways to appreciate your team. For example, giving your employees gifts during the holiday season.
Employees are an important element of any business. And if you don’t know the right strategies, you will lose out on good people or keep hiring the wrong people. At Keystone Executive Coaching, we offer specifically designed programs that will help you learn strategies to hire the right people and retain them longer.
We are highly passionate about helping businesses develop a strong foothold in the market. Our business coach ensures you learn the right strategies to overcome different hurdles affecting the growth of your business.