Running A Successful Business: 3 Steps To Optimizing Employee Retention
An important aspect of running any successful business is optimizing employee retention so all the money you spend on the hiring process isn't lost before the investment has had a chance to pay for itself. The longer an employee stays working within your organization, the more expertise they gain and the more productive they come as time goes on which increases their value in terms of cost effectiveness and customer satisfaction. Here are three things you can do to optimize employee retention and enjoy all the benefits that result from your long term working relationships:
1. Invest in Screening
One of the most important things you can do to minimize employee turnover is hire an employment screening company to work with. Your service provider will look into employment records, criminal records, and even verify things such as educational experience and club affiliation. The screening process will help ensure that any employees you do hire have a history of reliable work ethics and are not a financial threat to your or your customers. It's a lot easier to avoid hiring a potentially problematic employee than it is to recover lost funds, angry customers, or incompetent work mistakes after hiring and firing the wrong person for the job.
2. Incorporate Ongoing Training
It's also important to make sure that ongoing training is provided to each employee after their initial training period. This will help ensure that everyone is up-to-date on product or service changes, and that all process guidelines are being properly followed. Ongoing training should also include one-on-one sit down sessions to discuss performance reviews and employee concerns. Even a team training session followed up with one-on-one meeting once every three to five months should make a noticeably positive impact on each employees' performance, satisfaction, and loyalty.
3. Offer Paid Exit Surveys
You will find that by getting feedback from employees who quit or are fired, you can better accommodate and manage future employees so the same incidences that led to their departures aren't repeated. To maximize survey returns, offer a small payment to each employee that is willing to fill one out. A small cash payment, a couple of movie tickets, or an entry into a big drawing are all enticing options to consider. It's a good idea to put a deadline on survey returns in order for them to be eligible for compensation, which will eliminate the chance that surveys are filled out weeks later when employees' experiences may not be so fresh in their minds anymore.
While using just one of these ideas is sure to provide impressive results, incorporating them all is sure to optimize your efforts and minimize your hiring costs.
To learn more, contact an employee screening company like PeopleFacts.