Retaining employees, especially rock-star talents, is the key to your long-term business success. But to achieve this goal, you need to understand that it all begins with the right hiring process in which the aim is to attract high-quality employees who share your visions and possess excellent work ethics.
To help you maximize your hiring process and retain top talents, at Sum of All Numbers, our team of business consultants and bookkeeping experts who advocate the principles behind the Profit First book recommend the following tips.
Simplify the hiring process
During the hiring process, aim for quality over quantity. While it’s nice to have plenty of qualified applicants to choose from, make sure that you follow a simple and streamlined hiring process to avoid losing high-quality talents.
We recommend using AcuMax, an easy-to-use software that includes a 5-minute pre-screening survey and provides a highly individualized report on each applicant’s specific wiring. This intelligent platform can help you reduce turnover by hiring the right people who are motivated, skilled and creative.
AcuMax also offers personality assessments based on social sciences. This intelligent platform aims to hire responsible, reliable and dependable employees–e.g., arrive on time, take responsibility for their actions, help their teammates, deliver what they have promised, etc.
Sell your strengths
A competitive salary is not the only thing that can help attract and retain rock-star employees. While a good paycheck is an excellent offer, you must also sell your strengths. For instance, does your company offer ongoing training and education? Does your office have a tight-knit corporate culture? Or do you offer flexible work time, paid time off, or employee discounts and other incentives?
Not everyone is solely motivated by salary. Remember that some employees give more importance to work-life balance, the sense of purpose and achievement, or the excitement from doing something they’re passionate about than compensation.
Prioritize the onboarding experience
Did you know that failure to provide a solid onboarding experience is one of the reasons for the high turnover rate? Other negative consequences include low productivity, weak company culture and inefficient workflow.
Onboarding is critical in employee retention because it helps talents understand your company’s culture and goals, their roles and responsibilities, and the people they’re working with.
Take note that onboarding is not a one-time event; it’s a process that starts even before the employees walk through your door. The goal is to integrate them well within the organization rather than push them through training and documentation to force them to work sooner.
The ideal onboarding time frame depends on many factors, meaning it can be as short as a few days to as long as six months. To ensure that you’re on the right path, check in with your employees after a month, ask them for feedback, and assess their output and how they work with other team members.
Retaining employees: Make your employees feel valued
There are many ways you can make your rock-star employees feel they are valued. These are some of the ideas you should always consider for retaining employees.
- Provide a clear path for advancement. Your business should offer a roadmap for promotions, skill development, salary, etc. In short, show your employees that they can expect career growth from your company.
- Promote open communication. Keeping lines of communication open between leaders and employees minimizes resentment and errors, encourages positive organizational changes, and nurtures a strong corporate culture.
- Look after your employees’ wellness. If possible, offer them job flexibility, work-from-home arrangements, physical fitness stipends, healthy snacks in the office cafeteria, etc.
- Give recognition. Share emails highlighting big wins and awards, acknowledge hard work and achievements and grab any opportunity to show how much you appreciate your employees’ dedication and talent.
hiring & Effective Employee Retention Strategies
Hiring and training new talents can be costly, so you really need to have a streamlined and effective hiring process and a set of employee retention tactics.
If your organization is experiencing high turnover, poor cash flows, or any sign of inefficiency, our business consultants and bookkeeping experts who follow the principles of the Profits First book can help you address these issues.
Visit Sum of All Numbers or fill out this form if you have any questions. We’re happy to help you achieve your goals.