As a manager, retaining employees is a top priority. Losing valuable employees can be costly in terms of time, money, and productivity.
If you are a manager, retaining employees start at the beginning by hiring the right people and continues over the years by cultivating a strong culture of trust and respect. At Merito Group, we know that finding the right people for the job can be daunting and we also know what traits and characteristics to look for in employers and employees to create the best match. Often, it’s not that a candidate or employer is “bad,” they just might not be a good match. Employee retention starts by putting the right teams together.
To help you and your team retain your current team and your new hires, we have put together our 5 best ideas for retaining employees.
Step 1: Hire the Right People
The first step in retaining quality employees is to hire the right people in the first place. This means taking the time to understand the job requirements and the skills and qualities needed for success in the position. It also means sourcing candidates who share the company’s values and culture.
During the hiring process, it’s important to ask the right questions to identify candidates who are a good match. Conducting thorough reference checks to verify the candidate’s skills and experience is an integral part of the hiring process. As a recruiting firm, we specialize in finding the right fit for the right job. When we have great candidates, we know that they won’t always get the job they apply for, but we also know that we can eventually place them with the best cultural fit and fit for their skills.
The best recruiting firms are not only focused on filling positions but rather on creating long-term partnerships between employees and employers. Merito Group wants to ensure that you are thrilled with your candidate and that your new employee feels at home in their new job.
When you hire the right people, they are more likely to stay with the company long-term. At Merito Group we see employee placements as “match-making,” it’s not always about the skills, it is about the cultural fit. Candidate sourcing 101 tells us finding a strong cultural fit reduces turnover and helps to retain quality employees.
Step 2: Provide Opportunities for Growth and Development
One of the top reasons employees leave their jobs is a lack of opportunities for growth and development. Employees who feel like they are in a dead-end job with no room for growth are more likely to look elsewhere.
As a manager, it is important to provide opportunities for employees to learn new skills and take on new responsibilities. This can include training programs, mentoring, job shadowing, and stretch assignments. By investing in employee development, you retain quality employees and create a more skilled and productive workforce.
When hiring, this is a question a quality candidate might ask on their own what their growth opportunities look like. If the candidate doesn’t specifically ask, Merito Group has all our candidates fill out a goals and interest form as well as a preference for factors in the workplace such as “Would you prefer to work for a small company, or a large company?” or “do you work best in a team or independently?”
By taking the time to understand what our applicants are looking for, we are able to give them more effective placements. Top executive recruiting firms understand the importance of career goals and candidate growth, so we pay close attention to these details.
Step 3: Offer Competitive Compensation and Benefits
Compensation and benefits are key factors in employee retention. If employees feel like they are not being fairly compensated for their work, they are more likely to look for opportunities elsewhere. Money alone isn’t the only thing that matters when searching for a job anymore. At this point, competitive pay is necessary for any employer looking to hire. Employees are aware of their value in the workplace and will rightly expect fair compensation for their work.
Competitive pay aside, it’s important that your business offers employees competitive benefits and perks. After COVID-19 work habits have changed, employees might be looking for a remote or hybrid position, a benefit an employer can offer. Employees want to feel valued and appreciated. Through fair wages and benefits, companies are going to attract high-quality candidates to their open roles.
As a manager, it is important to offer competitive compensation and benefits packages. This includes offering salaries and benefits that are in line with industry standards and local market rates. It’s also important to regularly review and adjust compensation and benefits packages to ensure they remain competitive. If your employee deserves a raise based on merit, don’t want to give it to them.
Step 4: Create a Positive Work Environment
Creating a positive work environment is essential for retaining quality employees. Employees want to work in an environment where they feel valued, respected, and appreciated. This includes having a supportive manager, a positive team culture, and clear communication channels.
If you are ever wondering what previous employees have to say about a company, Glassdoor is an excellent resource to use as a reference.
As a manager, it is important to create a positive work environment by fostering a culture of respect, recognition, and appreciation. This can include recognizing employee achievements, providing regular feedback and coaching, and encouraging open and honest communication.
If you are working with a recruiting firm, make sure you express to your recruiting team what your company culture is like. By understanding how your office feels and what your work dynamics are, Merito Group is better prepped to hire right the first time.
Step 5: Listen to Employee Feedback and Have Regularly Scheduled Reviews
Finally, it is important to listen to employee feedback. Employees want to feel their opinions and ideas are valued and considered. This includes listening to feedback on job satisfaction, workload, and work-life balance.
As a manager, it is important to regularly solicit employee feedback and act on their suggestions. This can include conducting employee surveys, holding regular check-ins, and implementing changes based on feedback.
By listening to employee feedback, you retain quality employees and create a culture of continuous improvement and innovation.
In addition to encouraging feedback from your staff, a good manager should regularly schedule reviews and touch base with an employee. As an employee, if your management ever refuses to conduct a review without a reasonable explanation, that is a good indication of their investment in you and your future.
Employees should have insight into their performance regularly and be given the opportunity to set goals and make improvements. It’s recommended to conduct performance reviews every 6 to 12 months.
In conclusion, retaining quality employees is essential for the success of any organization. Managers can create a work environment where employees feel valued, supported, and appreciated by taking the five steps outlined in this blog post. This reduces turnover and creates a more productive and engaged workforce.