How to Tackle HR’s Biggest Concern: Employee Retention
Posted by Resource Nation on January 8, 2014 in Hiring, Small Business Efficiency, Startups [ 0 Comments ]
The factors determining success for a small business are plenty and diverse, but perhaps none is more impactful than having a solid foundation of happy employees. At least that’s what human resources professionals identified as their biggest concern in a recent survey.
Research conducted by SilkRoad, a global talent management firm, found that 48 percent of respondents were most concerned with engaging and retaining employees as they move into the New Year. HR professionals surveyed similarly identified developing leaders, managing skills gaps and recruiting the best employees as other areas to focus on in 2014.
Maintaining an engaged and satisfied staff means taking steps to ensure your business is conducive for staff retention.
Give New Hires a Good Welcome
The first day on the job can be exciting. It can also be terrifying and stressful. Businesses never know exactly how a new employee will pan out, or whether or not he or she will stay more than a week. However, that doesn’t mean the individual shouldn’t be treated as the organization’s next great asset.
Employee orientation should say one thing to employees: “We want you here in the future.” Including upper management and even executive leadership demonstrates the value a company places on its incoming hires.
A Team Effort
One of the most significant things companies can do to encourage long-term employment is foster a sense ownership in staff. There are several ways to do this, such as blending job responsibilities so that employees become familiar with various aspects of the business and can contribute in a broader way. Businesses can also mimic what Talent Plus, a small HR consulting firm based in Nebraska, does and replace regular performance reviews with one-on-one career investment discussions. CNN ranks the organization as the No. 2 small business to work for in the U.S.
Make an Investment
Companies can also take steps to implement training programs for employees. Granite Properties, a real-estate firm in Texas, created a buddy program to team up staff with tenured professionals to help them become familiar with the company.
Showing an interest in new staff, even by doing something as simple as linking them to a more senior employee, will demonstrate a willingness from the company to make an investment in workers. Everyone wants to work for a company that wants them around, especially if leadership is putting forth obvious efforts to help foster their talents and abilities.
Don’t Be Stingy
Despite the reasons a person may have for going into a specific field, the common denominator linking nearly every working person across all industries is money. The promise of monetary reimbursement for their time and work is what brings in staff and, for some more than others, helps drive their progress once they get there.
Companies don’t have to offer outrageous salaries and wages to attract the best employees, but they do have to remain competitive. Additional opportunities for compensation, like stock options or profit sharing, work to not only promise money on top of their wages, but also help to cultivate a sense of ownership. If the company does well, their bank accounts reap the rewards.
Companies are Not Parents
Mistakes in business are bound to happen. It’s when they’re not dealt with properly that those same mistakes begin to morph and evolve into problems that could potentially affect a company as a whole.
While it’s not uncommon that leadership wishes to spare the feelings of staff, it’s important that managers acknowledge that their employees are, in fact, adults. Coddling isn’t going to help anything. If an issue arises, there is only one way to address it: swiftly. Organizations should give employees the respect they deserve, and be upfront with them when problems arise. Working as equals, leadership and staff can determine the source of the issue and, more importantly, how to solve it and avoid it happening again.