How to Boost Employee Retention?

Hiring, Uncategorized
how to boost employee retention

Employee Retention is a critical issue that many companies face at some point. A bad retention rate can sink a company, and a good retention rate is a big help in keeping a workforce fresh and productive. If your team is going to get productivity and business results, you need to ensure that your employees are happy and motivated to stay. To do that, your retention strategy needs to be well planned and implemented. 

But how do you determine what would be the right approach for your business and your industry? 

While there is no one-size-fits-all employee retention plan, there are ways to increase employee engagement and retention in practice, which can help you avoid attrition and keep your best people.

Why Is Employee Retention So Important?

Employee retention is key to the success of any organization. Not only does it keep the business profitable, but it also ensures a company can attract new talent and retain the talent it already has. Keeping your most valuable employees is about more than keeping the cash flowing; it’s also beneficial for maintaining your company’s reputation as a great place to work. Employee retention can also lead to greater employee morale and productivity. Here are some tactics that employers can use to retain their employees and avoid costly turnover.

Every company wants its employees to stay with them and contribute to the company’s success, but it’s not that simple. After all, if an employee is unhappy, why should they want to stay? So, how can leaders figure out what is missing from their company’s culture? And how can companies ensure that their culture is one that employees want to be a part of?

Start with Recruiting

We all know the horror stories. The ideal employee, the one the company has been searching for, has been hired, but after a few weeks, it becomes clear that they are not the right fit. Unfortunately, this is a common occurrence. People who are hired and kept are the ones who are committed to thriving in their position and supporting the company’s overall mission. And that’s why you should focus on trying to recruit the right people from the start.

That’s how retention begins with recruiting. While there is no doubt that hiring the right person can be a major contribution to your success, the success of an employee in the long term depends on more than just their skill set. The right employee can bring a lot to your business, but they will stick only if they are happy in their role and are treated with respect. That is why it is so important to know what you are looking for in a candidate before you make a hire.

Create an Inclusive Environment

Employees value a welcoming environment where they feel comfortable and appreciated. An inclusive workplace is one that welcomes people from all backgrounds, races, religions, cultures, and abilities. An inclusive workplace will help create a more powerful culture that reflects the company’s core values. It takes a certain amount of effort to build an inclusive workplace, but building such an environment will help keep employees happy. When employees feel included and engaged at work, they are three times more likely to stick around.

Provide Ongoing Support and Training

The notion of providing ongoing support and training to employees is one all employers should embrace. One of the best ways to retain your employees and to help them grow professionally is to have a formal system of ongoing training. This system should be part of the employment agreement and should include employee training and development, mentoring, and coaching. It is important for employees to know that their employer cares about them and for employers to be transparent and communicate to employees that they have the support needed to succeed.

Promote Work-Life Balance

To help integrate a new employee into an organization, companies are turning to practices such as work-life balance to encourage employees to spend time at home with their families and reduce the stress of workplace change. Since work can be a stressful endeavor at times, and in today’s ever-increasing competitive workplace, it’s easy to fall into the trap of feeling as though you have to be on alert 24/7. 

The reality is that when you’re working, you’re working, and if you’re not doing anything outside of work, chances are it will reflect in your day-to-day productivity. Everyone needs a break every now and again, and that’s when you need to keep in mind that proper work-life balance is key to retaining top talent. Policies that help promote work-life balance include the option of working home or encouraging vacation time.

Offer Perks

Many companies claim that perks help retain employees. So, what are perks? Perks are benefits, either in the form of money, products, or services, given to employees or customers that benefit the company or individual. 

Perks are a common practice in the corporate world to offer employees perks to incentivize them to stay at the company and work hard. For example, offering free lunch or dinner, free snacks during their stay at work, or even providing their own cubicle or office area is one way to retain their services. Many companies are offering more benefits to retain their employees, including various perks such as discounted health insurance or gym memberships.

The First Step to Employee Retention

Human resources leaders are facing some of the most challenging times to meet their retention goals. The job market is tough, and many people struggle to find a job, let alone keep one. The increased focus on retention strategies has been a significant help to HR leaders, but it hasn’t been enough. Every company has a retention plan, but few follow through on them.

Fortunately, HR companies such as emergiTEL can help with the recruiting process by ensuring that only qualified candidates most fit for the position are selected, resulting in longer-term employees. Long-term employees are more productive, more loyal, and more engaged. Learn more about emergiTEL’s services here

Strengthening Your Enterprise Roots With The Ease of Hiring

Hiring, Recruitment

Ease of Doing Business is used to measure how much businesses are set up to thrive within a given country. This is based on national regulations and resources that determine the simplicity of setting up a business or establishing an enterprise in different countries across the globe. Most recently, Canada is ranked 23rd on the 2020 world index for Ease of Doing Business. We live in a country that’s great for starting a business but still has factors slowing business efficiency, keeping us from entering the top 20 listings. While you can’t control all facets around our national rating, you can focus on your own enterprise productivity, starting with your recruitment strategies. This will give a Quickstart to the ease of hiring which we believe can improve your business efficiency and growth.

If you hire qualified, talented workers committed to your business values, you will have a strong base for smooth productivity. That way, you’ll earn more trust from stakeholders in Canada and around the world. Consider your recruitment strategies as the first set of bricks that you lay down to establish your company foundation. Factors like high staff turnover, delayed hiring processes, or limited candidate consideration could be weakening the overall structure. 

Let us help you reshape your recruitment strategies to improve your business development. By establishing what we’ll term “ease of hiring,” you could enhance your enterprise processes, earn more investors, and contribute to Canada’s worldwide economic and Ease of Business ranking. 

Reframing Your Recruitment Strategies

According to an article published by the TMF Group, one of the significant obstacles that impaired our Ease of Business scoring is labour. Our talent pool was described as limited because employers value education and Canadian experience when hiring new employees. Many employers emphasize specific qualifications and fail to look beyond them to consider other types of workers that would be an asset to their business.

Here are some common obstacles that could be impairing your ease of hiring:

Limiting Your Options

While it’s essential to have a clear vision of the skills, knowledge, and experience that will ensure your new employees thrive in your company, your hunt could be biased or focused toward a very small, limited group of people. Your candidate expectations may be too specific, causing you to receive fewer applications from candidates who tick the boxes but may be missing the characteristics that will make them an asset to your company. 

Hiring Timing

Your recruitment strategies may be focused on filling open job positions as fast as possible to keep the machine running. The issue is that a rushed hiring process may mean that you settled for someone because they were available first. Once they start working for you, you may recognize your mistake in hiring them and need to begin your search all over again. 

On the other hand, if you, your hiring management team, or your outsourced recruiters have too much on your plate, your hiring process could be severely delayed. When a candidate applies, they could lose interest in following through if they don’t hear back from your company until weeks later. 

Low Staff Retention

As mentioned, if you’re settling for candidates who seem to be the right fit because they fulfill the job posting expectations, you may notice they don’t tend to stay with your company for very long. If you failed to learn about their professional goals or values, you might not have realized you hired someone simply using your business as a stepping stool to another job role somewhere else. Or, you may have taken on someone who does not believe in the principles that drives your enterprise. They may have the skills and education you needed, but they may struggle with your fast-paced environment, collaborative methods, or working independently.

Your flawed recruitment strategies form a revolving door system that’s preventing you from establishing ease of hiring where you recruit quality talent who will remain loyal and contribute to your company productivity and EOB. 

So how can you secure ease of hiring for improved business development? 

Reframing Your Recruitment Strategies
  1. Make Your Jobs Accessible to Diverse Qualified Candidates

Consider sharing your job posting beyond your current platforms and publishing it on multiple networking forums for people seeking employment, including those committed to groups that have been historically marginalized. That way, you can access a wider talent pool and find more candidates with the skills, knowledge, and diverse experiences to grow your company. 

  1. Conduct Assessments or Evaluations to Test Skills

To ensure the people applying for your job role are qualified, save yourself the time and trouble of finding out too late by providing assessments to test their skills when submitting their resumes. These should be short tests that will measure their technical and soft skills. You could also include evaluations that will offer more insight into the candidate’s personality, work experience, and work ethic.

  1. Include Company Compatibility in Your Recruitment Strategies

Often, businesses will commit to finding people who possess the skills they need but overlook considering their compatibility with the company. Consider your overall business culture and the people who thrive within it. With this in mind, you can apply another filter in your recruitment to determine if the potential hire will mesh well in your work environment. 

  1. Improve Your Onboarding Methods

Perhaps your recruitment strategies are already incorporating the above practices, but you’re still experiencing high employee turnover. The issue may be in your onboarding process. Your training and initiation approach may not be helpful for new hires. Revise your onboarding process so you make new employees feel welcome and offer the resources and guidance they need to settle in and start thriving in your business. 

Ease of Hiring

emergiTEL’s Solution for Efficient and Diversified Recruitment Strategies

If your company is efficient in its processes, you will establish your Ease of Doing Business. That way, you’ll have more products being outputted or services fulfilled, leaving your stakeholders overly satisfied and willing to invest more. 

However, you can’t achieve your EOB without focusing on your recruitment strategies to attract and retain qualified talent to secure your business productivity. You need to commit the time to create a hiring plan that will help you find suitable, diversified candidates who will grow your business with their hard work, innovative thinking, and engagement with your company. Through your ease of hiring, you will build strong roots for your enterprise to offer a base for your business development. 

Start making an impact by working with strategic third-party recruiters who will learn your business values and employee expectations to focus your search for new hires. At emergiTEL, our goal is to find the perfect talent that will contribute to your business growth. We will explore a diverse pool of talent and apply a 3D screening system to ensure you are handed the best suitable employees who are compatible with your company culture and possess the technical and soft skills. With your improved recruitment strategies, you’ll earn higher employee retention rates for more consistent, productive progress as a Canadian enterprise. 

Contact us today to assemble your talented team.