Many companies have a hard time finding and keeping great staff. Almost 60% of businesses and other organizations say that employee retention is a big issue for them. As many as 22% of people leave a job within 45 days of landing it. Having a high employee turnover rate is more than just annoying, it is bad for business. It can cost a company between 30 to 150% of that individual’s salary. When you are talking about more than one person, the costs add up. This is one reason that so many businesses and other entities are turning to restructuring consulting firms to help.
If your business is interested in finding and keeping qualified employees, experts at restructuring consulting firms recommend the following tips:
Make maintaining the work-life balance important. Companies that recognize their employees have a life outside of their job is a big key to getting them to stick around. Some companies give lip service to this but do not actually foster an environment where employees feel their bosses actually care about the work-life balance in practice. It is not enough to just say your company values maintaining this balance but human resources executive recruiters say the management of a business has to make their policies reflect that.
Create ways employees can advance. People like to see that their jobs have advancement potential. Human resources executive search firms note that when employees see their employers constantly looking outside the firm to hire executives and other management level positions it hurts their morale, If they do not see any way to advance and move up with the organization, they start looking for jobs with other companies that do offer the chance for promotion. If your firm always looks outside for these positions, it makes your current employees feel that they are not valued.
Give positive and negative feedback. Many experts at restructuring consulting firms will tell you that employees respond well when given constructive criticism. It is not enough to just tell the they are doing a good job. Many people want to do a good job and appreciate being told what they are doing right but also appreciate feedback that is not necessarily positive. If you talk to your staff and go over some areas where their work needs improvement that can use your suggestions to become a more effective worked. The key to this is to voice your concerns in a constructive manner. This helps the company and the employee and shows that you are interested in helping them further their career.
Place a premium on communication. Employees that feel their opinion matters are happier. If you want your employees to stay with your company, make them feel their input is valued. When people see that their voice and ideas are being heard by management, it creates an environment where people like coming to work. You hire your staff because you think they have something to offer your business but when you never listen to their suggestions, you undermine their belief that they matter to the company. This is not to say you have to implement every suggestion they have but give your people a chance to give their feedback on things and they will appreciate it.
Give employees have the right tools to do their job. It can be very frustrating when people are given a job to do but not the tools they need to do that job. You would not expect someone to paint a building if they were not given paint, right? The same can be said for other kinds of work. If you hire people to do certain work but do not provide the tools to do those jobs, they will go someplace else.
Many employers assume the key to keeping staff turnover low is to pay higher salaries. This is not always true. Experts from restructuring consulting firms say that people are more likely to stay with a company when they have the tools they need to do their jobs, are given positive and negative feedback and know there are opportunities for advancement. These things are more important to many than making more money.