The number of employment opportunities across the globe has been dwindling over time. Ironically, the same applies to the availability of competent personnel to take up some of the demanding roles in organizations. In fact, some companies suffer high turnover rates, not because of poor remuneration or working conditions, but because companies are willing to attract and retain the best in their respective industries to push their profit margins higher.
Just like in marketing, it takes nine times more efforts and investment to attract the best experts than to retain the current workforce. In this regard, human resources managers and business owners are left with no option but to try as much as possible to maintain a low employee turnover by retaining the best. To realize this, here are five tips that will work.
1. Understand Employees Are People
Yes, employees are people who should be treated decently. Experts don’t have to beg for jobs anymore because they can always find something to do with their time and skills. Employers that treat their staff like slaves cannot retain them for long because people are nowadays impatient and will not hesitate to find green pastures elsewhere. If you require someone to work extra hours, have a compensation plan such as overtime allowance. This will motivate them to work even harder. If they fall sick, encourage them to take leave and even visit them in hospital.
It is true that money is never enough but one thing most employers don’t understand is that some people are not entirely motivated by remuneration. Offer employees what they are worth and make it possible for them to make more through other avenues. You might be paying less than the competition, but so long as they have a reasonable package, make it worthwhile. Offer them other benefits such as paid-for leave, medical cover, life insurance (if you can afford it), among other benefits. You can negotiate these with the staff just to ensure that they are comfortable at workplace.
3. Offer Training
Career growth is very important. Make employees better by sponsoring short courses, seminars, workshops or trainings so that they can improve in their duties. View this as a cost to the company. The employees feel appreciated and that you care about their welfare. With time, they will share in the company’s vision and view it as home and their own; no amount of money can purchase that.
4. Show Potential for Career Growth
Someone might have accepted a low level offer, but that doesn’t mean that they will be comfortable in that same position for the rest of their lives. Promotions don’t have to come with huge remuneration rewards befitting such positions. Just make it competitive for all so that whoever delivers or attains a certain period of service can be moved to a different higher role such as supervisory. Everyone wants to grow, and very few will be willing to move elsewhere with prospects of growth visible.
Involve Employees in Decision Making
Employees are the pillars that hold an organization. They should therefore be involved in important decision making. Implement an open-door policy and encourage them to discuss their challenges-it doesn’t have to be restricted to work-related but general life and family as well.