Any business owner can tell you that hiring the ‘right fit’ saves valuable resources down the line. Not only does the onboarding process cost time, something that is scarce in many small businesses, but high turnover can also affect your reputation.
Satisfied employees are more likely to work longer and harder to see a company succeed. High employee retention will also position the business as an attractive option for future buyers when it comes time to discuss succession planning and your ultimate exit.
Here are some suggestions on how to attract and retain exceptional talent for your company:
During the talent acquisition process, you are essentially selling your company to prospective employees. The best way to get yourself noticed is to use a mix of both traditional and unconventional methods to publicize the position – mix it up! If your company specializes in graphic design, ask your applicants to create an infographic of their resume. If you work in digital marketing, encourage them to create a short integrated marketing strategy and several tweet ideas that could work for your company. Your ideal candidate will be willing to put in the work and it will be clear that you are serious about finding that ‘right fit.’
Successful companies focus more on quality rather than quantity. Whether you are a company of five or a conglomerate of 5,000, it is essential to position your company in a way that will encourage potential applicants to come to you.
As of day one, your new hire should start a stringent onboarding process to acclimatize them to the means and methods of your company. Some effective techniques include offering 1-on-1 mentorship opportunities and providing 30, 60 and 90 day performance expectations.
Many studies suggest the first 100 days are critical for employee retention. Invest in your employees and they will invest right back in you.
Hiring excellent employees is only one part of the equation – and it is the easy part! With many enticing employment opportunities, most people are leaving their jobs every three to four years in search of another exciting venture. Your company can prevent high turnover rates through encouraging a healthy work/life balance.
Time and time again, research shows that investing in a balanced work environment leads to lower turnover and better financial performance. Some examples of enticing benefits include:
Whether you are hiring for an entry level position or a seasoned executive, today’s employee thrives on challenge and wants to make a difference. Simple ways to increase sense of value include showing appreciation through a brief note or kind word or offering a pay increase simply because your employee deserves it.
The most enticing companies share a common sense of mission and respect for employees. They invest valuable time, energy and money into creating a cohesive and engaging work environment. The job hunt is a time-consuming process for both the employer and the employee.
Ultimately, most employees hope to remain with their current company for many years to come. Ascend Business Partners offers strategic advisory services to help you achieve your business, personal and financial objectives. Our systematic approach will drive improved business value and performance, improving your financial outlook while encouraging employees to remain with the company for years to come. This will help when planning your ultimate succession. Contact us today to learn more.