Employee turnover is a continual challenge all businesses experience. It is costly for businesses in both time and training. Currently, in the Magic Valley, we have an all-time low unemployment rate of 2.2%. Employees can move from job to job as they seek the best fit, the best pay and the best benefits. Here are 5 things you can do to retain talented employees:
1. Hire the right people
Easier said than done, right? When you look for new employees you often seek individuals who have strong skills that match your open position. Do they fit your culture? In order to keep turnover lower employers need not only employees with the right skills but they also need to fit the culture, be sure to sure to ask candidates behavioral interview questions to find out how they react to situations.
Behavioral questions include things like:
- Attention to detail / Analytical skills
- Decision making
- Taking Initiative
- Goal setting
- Customer service
- Communication /Interpersonal skills
- Time Management
- Handling stress / Adaptability
2. Offer competitive pay and benefits
People want to be compensated well. If you do not find pay your employees well, they will find a business that will.
3. Recognize and reward employees
Give Praise! Everyone needs encouragement and recognition. This doesn’t mean you need to praise employees with everything they do, but when people feel respected, acknowledged and motivated they are more likely to stay.
4. Encourage Growth – show a career path
Professional development and growth opportunities are necessary to keep great talent. If employees stay stagnate in one job for too long, they may search for another job where they can advance. Along with professional grown, many employees want to give back to their communities by volunteering. If you can provide your employees with the opportunity to volunteer, this can be in the form of allowing them a certain amount of time to volunteer during their work schedule.
5. Make work fun!
Engage and employ the special talents of everyone. While providing a good work/life balance.