How much do you spend on recruiting and replacing an employee? It is estimated that most organizations spend between $4,000 and $40,000. Understandably, with such a large range, most managers have come to accept employee turnover as a normal business practice.
Turnover is inevitable, we do not live in a perfect world. The organizations that are taking the issue seriously and investing in their people are the ones that will most likely thrive in today's economy.
This issue of turnover is concerning to many of today's organizations, therefore making motivation and retention a real challenge. This is however an issue that can be quite easily controlled in a straightforward manner. The answer is simple. Hire the right people for the job, and be creative in the way you manage, train and reward your people.
Here are a few strategies to help in the quest of recruiting and retaining the best and brightest stars.
Get it right the first time
Hire the right person for the right job. Use tools to aid in identifying these candidates, the ones who possess the suitable characteristics desired for the job. "Identifying accurate job characteristics may seem like a daunting task, but it is actually quite straight-forward when you have the right tools at your disposal," explained Bud Haney, Founder of Profiles International. It is crucial that when looking at a person's eligibility for a job, that you are looking at them as an opportunity for future success, not just as a function of human resources.
Understand that money is not everything
Money - as important as it is in our daily lives, is just one component of employment value. Businesses must ensure that they offer a great workplace, life balance, career development, quality leadership and work flexibility. These additional benefits add to the employment value and can range from a great financial package to employee appreciation and recognition programs. Remember, they do not have to be expensive, see our The Leader’s Guide to Motivating Without Money.
Create a caring work environment
Wages and salaries are the main reason why people come to work and do their jobs, but it is not enough to motivate high productivity and innovation. A genuine, warm and caring workplace has a high impact on staff and the quality of their work. The philosophy here is simple: Give and you will get back tenfold. How employees and applicants are treated shows a clear indication of the organizations passion for the business that they are in.
Promote from within
Give your people an opportunity to advance from within. This perpetuates company culture and creates drive to further careers. "Knowing your employees' strengths, weaknesses and what makes them productive gives employers a distinct advantage in retaining and developing their workers," says Dario Priolo, Chief Marketing Officer of Profiles International. Treat your people with dignity and respect, nurture those who want to move ahead and create an environment in which they can excel.
Build your reputation
Organize and plan effective strategies. A successful brand and image in the workplace is key to attracting and retaining good workers. Everyone wants to believe in and feel a part of something. Employees are no different, they gravitate towards those organizations with sterling reputations.
Source: Profiles International
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