How To Retain Staff Without Paying Too Much
The current tight labor market creates challenges for employers as it’s the worker who holds the advantage. The situation can make it difficult to hire new employees because businesses must compete with the salaries being offered by other companies. While companies should continue to strive to bring in the best talent they can, it’s important that in this search they’re not compromising their ability to retain quality workers, says the Restoration Industry Association.
Just over 40 percent of employees are happy with their current position, according to a 2018 Conference Board Survey. As a result, it might be time for companies to look into the satisfaction of each of their workers.
Here’s a list of things employers can do to increase retention without paying too much money.
1. Invest in management: It’s now believed by many that the most common reason people leave a job is because they don’t like their supervisor or management. To protect itself, a company should strive to put management in place that recognizes the hard work of their employees, provide feedback and provide easy to understand instruction.
2. Always be proactive: The right time to find out how an employee feels about his or her job isn’t when they put their two weeks notice in place, but rather well before then. Companies should regularly hold informal and formal discussions with employees to gain a better understanding of whether they might be thinking about leaving. When these employees are identified, employers should exploring options that will help make them satisfied.
3. Think about total compensation: For many workers, what they receive from their job is about more than how much money they’re taking home. By beginning to offer profit-sharing plans or other perks a company can begin to look like a more appealing place to work.
4. Change the job description: When increasing pay or benefits isn’t an option, companies might want to consider restructuring some jobs to make the more satisfying. Make their job more meaningful.
5. Opportunity for personal advancement: When employees see little opportunity to advance within their current position they’re more likely to see out a job somewhere else. Set employees up for more success within the company by offering to pay for training or education. Some are even offering tuition reimbursement for classes that aren’t related to an employee’s current job.
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