It is said that running a stable and great business is a lot about hiring the right employees and then giving them the flexibility to do their jobs well. However, this is more of a traditional concept. In the modern day business space, it takes much more than this to zero-in on the right employees and retain them as well.
So how exactly can you make sure that you follow the right labour-hire processes and retain those employees once you have them on board? There are very different things that drive millennials. Today’s workforce looks for job satisfaction and the right fit and won’t hesitate to switch jobs if they feel underappreciated.
It is exactly this aspect that poses a challenge when it comes to business owners being able to retain talent within their company. If you are able to improve retention levels in your business, that can provide you strong returns. Only an emotionally invested and focused employee would be able to create value within your organisation.
Labour Hire Tips
Here are some simple labour hire tips to ensure you are onboarding employees that would be the right fit and be invested in your company:
• Do not be hasty while hiring people even if you need to fill up posts. This is probably one of the commonest mistakes small business owners make, and also rue in the long run.
• Be very sure about what your priorities are when it comes to the skills and abilities you are looking for in new hires.
• Interview as many people as possible, and understand whether they would be in sync with your organization and its values.
While it’s important to hire skilled and talented people, consider how eager they seem to join the company. It isn’t uncommon for overqualified candidates to take up a job even when they aren’t very interested in it. This just becomes a stopgap arrangement for them, until the time they find something more lucrative.
In situations such as these, it’s far better to hire someone with fewer skills, but who is eager to learn and improve themselves. These candidates may prove to be a value-add to your organisation and may only need a little extra training to set them on the right track.
Employee Retention Tips
Hiring the right people for the right job is only one aspect of running a successful business. Once you have skilled and talented people on your workforce, it also important to know how to retain this talent. Here are some tips that can help:
• Always focus on creating a more positive work experience for all your employees.
• While you talk about the bigger picture, tell them how their engagement and involvement can help them grow within the organization.
• If you feel a particular employee lacking on a certain count, be willing to coach that employee and help them grow.
• Always be proactive with praising your employees when they handle the job particularly well. When your subordinates feel valued, they will be more invested in your organisation.
• Ensure that your salary structure is on par with the market and your industry. It doesn’t take long for skilled employees to switch jobs if they get a very lucrative offer.
• Try to accommodate flexible working arrangements for your employees. You can consider flexibility in work hours or days, job sharing, working remotely etc.
• Make it a point to provide employee benefits such as offers and discounts for various services such as gym memberships and competitive rates for mortgages and personal loans etc.
All these efforts can go a long way in helping your employees feel valued which will make them feel more invested in the business. Retaining skilled and experienced employees is one of the best ways to reduce your new labour hire and training costs.
For effective and sustainable cost reduction opportunities & efficiencies that will improve your bottom line, contact the experts at Benchmark Cost Solutions at this number- 02 9525 0777. If you prefer, you can also request a callback or write to us at this email address – scott@benchmarkcostsolutions.com.au and we will revert quickly.
Thanks for reading,
Benchmark Cost Solutions Team
02 9525 0777
