Cost-Effective Employee Retention Strategies
When companies hire new employees, they invest time and money to make them ready for the corporate world and to bring to the same level as senior employees. But no matter how much effort you put in, the decision to stay or to find new employment rests in their hands. According to research, approximately 1/3rd of all newly hired employees leave their jobs after six months.
But how are you to grow your business if workers come and go? The answer is building effective employee retention strategies to transform employees into long-term assets, as well as to enhance their productivity.
In this blog, we’ll be discussing three effective ways to retain valuable employees without having to spend thousands of dollars.
Retention Begins Before Hiring
Employee retention is a cyclical process that begins the moment you screen resumes and conduct interviews.
Interviewing is not only about evaluating a candidate; it’s also about communicating the vision and mission of your organization to them. This includes their job description and responsibilities, emphasizing the learning and career development opportunities offered at your company, and assessing whether or not the candidate fits the company’s culture.
According to research, a poor cultural fit and the resulting turnover can cost a company up to sixty percent of an employee’s annual salary.
Structured On-Boarding and Training
On-boarding is not just showing an employee their work-desk. It’s the phase when the new employee adapts to a company’s culture, values, and work ethic. When done right, it boosts employee morale and keeps them excited about what’s coming next.
According to research carried out by the Wynhurst Group, employees who went through systematic on-boarding were 58 percent more likely to work for the same company after three years.
Structured on-boarding includes briefing employee on their roles, growth trends, appraisals, pay scales, and organizational culture. It also involves proper mentorship programs to polish soft skills.
Increase Employee Engagement
According to a survey, 73% of employees who are actively disengaged are looking for new jobs—and you can’t blame the employees!
Disengagement with work is related to issues with motivation. To enhance employee engagement, offer them new learning opportunities, appreciate them for their work, give them incentives and promotions, continually train them for a broader skillset, and help them climb the top of the ladder. Company picnics, outdoor events, and team-building activities and games are other ways to increase employee engagement and work morale.
If you’re facing problems with employee retention, let us help you out! OPS Staffing is a reliable staffing firm that helps disaster restoration companies with restoration acquisition and construction recruitment by connecting them with experienced professionals that become profitable and long-term assets.
Contact our team today to discuss your needs or call + 1 (888) 482-6019 to learn more about our services.
Posted by: Mitchell Riley
OPS Staffing | + 1 (888) 482-6019