Always put your best foot forward by keeping your top team.
Businesses of all shapes and sizes have one thing in common: employee turnover. Whether it rarely happens to your company, or it’s a general occurrence, there are ways to improve. As employee turnover can cost a business significantly, from interviewing, hiring, and training, smart business owners are making moves to improve employee retention strategies.
Check out the following tips on how to better employee morale and loyalty to save money.
Hire loyal employees. When you do hire, hire wisely. Picking the right candidate is easier said than done. To narrow down the candidates into potential loyal employees, ask questions about their job history. Evaluate if they are the right fit for the role and employee culture. If their values don’t align with your business’, it could be a short employment.
Create an attractive compensation package. In the words of great mafia movies, you want to give them an offer they can’t refuse. Even as a small business, you can offer indirect compensation (health insurance, paid time off, retirement plans, etc.) instead of direct compensation. Develop a total compensation plan that balances attracting and retaining top talent with keeping labor costs under control.
Provide flexibility. Work flexibility is attractive for many employees of all ages. Flexible work schedules help employees to complete important errands and maintain a healthy work-life balance. You may decide to offer the option to work from home, alternative start and end times, or compressed workweeks.
Communicate effectively. Poor communication can lead to misunderstanding, distrust, and reduced performance. Communicate openly with employees about the company’s goal and business results, and invite employees to give feedback and suggestions.
Find out why employees leave. Sometimes all it takes is finding out what attracted your employee to a different company, position, or offer. Conduct exit interviews with departing employees to understand where your business needs to improve.
While you’re tending to your business’s needs, be sure to review your insurance policies. To get started on securing your coverage, visit Lofgren Agency, serving Hudson and neighboring cities in New York with insurance!