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Increasing Employee Retention

Raffy Wolfe Store Owners Leave a Comment

With the status of our economy, it is now easier to look for people to work for you because there are millions out there willing to do everything for a living. This is a sad reality but it also talks about a mutual benefit and opportunity for businesses and for the individual. However, among the millions of potential applicants, it is crucial to sort out the best people that you will need and what’s even harder is to maintain their loyalty and keep them from working with your company.

This is where we would talk about employee retention which starts from the recruitment itself. Your first task is to know who the serious ones are and who are eager to really work and stay with your company. The bigger challenge is you have to find them through job hoppers. Here are some tips which can help you.

Opportunities Through Education and Advancement of Knowledge

Aside from promotion, education and development is also beneficial for your employees and it can give them more reasons to stay with you because you show them that your interests are not only to serve yourself but you also have the goal to share growth within your company and to your constituents. Furthermore, providing opportunities can also improve their skills and knowledge which can make them more valuable assets of your company.

Giving Benefits and Rewards

Of course, proper compensation works best to make your employees happy. Providing them with proper healthcare benefits, insurance, bonuses and additional pay as well as day-offs is necessary as they work for you. Well, in fact the laws and regulations are there to remind us that these are requirements to assure the safety and security of your workers as they fulfill their duty.

But think of it as doing more than doing your responsibility but to also establish a good relationship by compensating their good work for you. There is nothing more motivating than knowing that your bosses appreciate all your hard work and rewards you well from time to time.

Transparency and Openness

Having the culture of open communication between employees and management can help foster of honesty, transparency and openness. Regular meetings in which employees can offer ideas and ask questions as well as “open-door policies” can encourage employees to speak honestly with their manager help employees feel they are valued so they will be motivated to contribute to the growth of the company. Expect a more productive working force with this kind of environment and a stronger team that works with a shared goal and purpose.

You have to be open and transparent and be able to say what you can and can’t commit to. The employees can also be very useful to address the things that you need to improve and the mistakes that you have been doing which you can correct and use as your strength for better operations. Also, it increases the morale of the employees knowing that you are listening to their suggestions and their ideas which will reflect a positive aura within the company.

Automation and Data Storage

Your data on which the factors affecting the operations, costs, sales and employee resignations is very important to be stored and analyzed to know what has been happening around and to come up with solutions. Through this information you will be able to address problems and come up with strategies that will pacify them. And because we are now in a modern time, do not think of doing the analysis manually or by yourself when in fact there are hundreds of tools out there to help you safely secure your data and process them to give you results that will make you come up with conclusions.  Automation can easily do the job so you can focus more and exert your human capital on things that may need it more. Also, the costs can also be cut and can be invested on more beneficial aspects of your business.

Hope for the Best, Prepare for the worst

The reality is, turnover and resignations are really inevitable. After all, it is about the decision of the employees. Treating them right may give them more reasons to stay, but still, it doesn’t change their decisions entirely. What you can do is to prepare. When you know that there are potential exits, it is better to have some back up so you can have a good transition and succession of workloads so your operation will not be affected or interrupted. It is also better to have a contract about a certain period before they can actually leave so that you won’t be left hanging.

Remember that in the business industry, change is constant and coping is always mandatory. So work you have to work your way to the top and always be prepared what may come along the way.

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