Building the perfect team requires great hiring and exceptional management. But those aspects are only part of the equation. It’s also crucial to invest in retention so that you can keep your best employees right where they are.
Losing workers is expensive. One data set showed that an hourly worker costs between $4,000 and $7,000 to replace. Meanwhile, the departure of a mid-level salaried employee can lead to up to $40,000 in expenses.
Beyond the dollar value, you lose much more when a top employee walks out the door. Production slows, key projects go on hold, and important institutional knowledge leaves with them. To get the most long-term benefit from your budget, you should invest in developing a lasting relationship with your employees.
But how? How do you create unbreakable bonds with your team members? To answer these questions, here are some retention tips to keep your employees right where they are:
Offer Competitive Compensation
This is the baseline requirement to keep your employees. Ultimately, your relationship with them comes down to a core element: you pay them a fair wage to work from you. If you don’t have this component, little else you do will matter.
Identify Your Top Performers
Target your retention investments toward your top employees. Identify the team members who consistently overperform and who contribute the most to your success. Give them the most attention when you make retention-related decisions. That way, you can get the most value out of your efforts.
Employees want to feel like they are recognized for their efforts. They want to be rewarded when they go beyond expectations. Make this dynamic part of your compensation structure. Consider tying bonuses and other added benefits to performance. This strategy will incentivize high achievement and ensure that success gets its due.
Sometimes the little things build up. Put too many roadblocks in front of your employees and they have trouble doing their primary tasks. Think about those annoying little add-ons that don’t relate directly to the responsibilities at hand. When these become a significant portion of a worker’s day, they can dramatically undercut satisfaction. As much as possible, eliminate these unnecessary irritations.
Even if you make an employee’s current situation as comfortable as possible, you can still lose them. Without the prospect of career advancement, they’ll look to leave at some point. Ambitious workers will seek out chances to drive their professional development forward. Make sure this can happen within your organization.
Promote From Within: When higher-level positions open up, look to your current workforce first. Show your best employees that they can move forward within your organization.
Provide Training Opportunities: Let your employees expand their skills. This will make them more valuable to you and give them the opportunity to expand their horizons.
Encourage Mentorship: Relationships provide the mortar that holds a team together. Create programs that connect employees to each other. They’ll learn from one another, you’ll get a closer-knit team, and you’ll create another reason for your employees to stick together.
Make the Right Hiring Decisions
Long-term team building gets easier when you have the right employees to start with. When you perfectly match a candidate to an open position, you build the basis for a long-lasting relationship.
This becomes more likely when you have professional assistance. By teaming with a strong staffing agency, like PrideStaff, you maximize your chances of finding the ideal fit.
Contact PrideStaff Bend today to learn how to improve your team-building efforts.