18 May How to Retain Your Best Employees to Keep Profitability Strong
Whether the job market is hot or cold, employers owe it to themselves to actively work at employee retention. Good workers can maintain operational stability and keep profitability strong. In addition, the cost of finding and hiring new employees remains steep. Here are some ideas for keeping your best and brightest on staff:
Employees whose job skills are regularly enriched by training feel more skilled — and more valued. Plan a training program that involves carefully selected methods and content. You will need to determine whether to do the training in-house or via an outside vendor. An outside vendor may cost more upfront, but it could save you time in planning and present the curriculum more effectively.
Engage in engagement
Be sure your managers are working with their subordinates to better understand how to keep employees engaged and challenged. Inform workers about career paths or development opportunities within the company and encourage them to reach higher. A company with a highly engaged workforce tends to have a much better retention rate than its peers.
Respect the balance
Work-life balance has gone from a catchy buzzphrase to standard practice at many, if not most, companies. From the ‘work’ side of things, ask employees what is important to them. Then, whether it has to do with training, hours, advancement opportunities, or benefits, try to address your workers’ issues.
For example, consider flexible schedules, part-time employment, and even telecommuting, if possible, to allow employees to steady the demands of their jobs against the demands of their lives. Such options may also allow you to save some money.
In both good economic times and bad, it is easy to look at employees as mere digits on a payroll statement. However, a knowledgeable, engaged, and experienced staff member is very hard to replace. We can help you better understand your labor costs and identify ways to compensate employees in a profit-smart, sustainable manner. Give us a call.