Given the highly competitive nature of the current labor market, keeping your company fully staffed is a massive challenge right now.
Because it is a less costly to retain existing staff than it is to hire and train new staff members, it makes a great deal of sense invest in staff retention efforts. Maintaining competitive wages is a good start but not a silver bullet solution for keeping turnover low. When thinking about their job and career situation, most are thinking about a lot more than just pay.
Below are a few things you can do to keep a lid on employee turnover and remain fully staffed.
4 Ways To Avoid Gaps in Your Team
1. Provide Valuable Training
When you provide training for your employees, you are investing in a quality training program that provides your employees with career skills and better equips them to succeed in their current role in your organization.
Training also makes your employees more valuable as professionals, which they will appreciate.
2. Provide Targeted Benefits
Employee benefits can get costly very quickly, so it is important to constantly be evaluating and reviewing the benefits you offer your staff members. Look to see if there are any gaps you can fill to your organization more appealing as an employer. Many organizations are getting creative when it comes to the benefits that they offer staff members and being responsive to what they are hearing from their workers in terms of employee benefits.
3. Provide Career Growth Opportunities
In many surveys, a lack of career opportunities is one of the main reasons people give when asked why they have quite a job in the past. Therefore, providing your staff members with career opportunities is a great way to keep them satisfied and working for your company.
If you’re a large company with many different positions, providing career development opportunities is a lot easier than for a small business. However, small businesses can still provide this to their employees. They simply need to be a bit more creative.
Project-lead responsibilities, cross-training and taking on managerial duties are all ways to develop the careers of your top employees, especially those who may have a hard time moving up the corporate ladder.
4. Provide More than Just a Paycheck
Surveys regularly show that today’s workers, and Millennials in particular, want more than just a paycheck from their job. They also want purpose and meaning.
Today’s employees want to feel like their job matters. For instance, they might want to feel like their role is vital to the company’s operations or is making a difference out in the world. Employees also want to feel like they are working for a good company; one that rewards hard work and results, not playing office politics.
The best way to find out what your employees want from their job, in addition to a paycheck, is to ask them. Get to know what motivates your team members and respond accordingly.
Let Us Help to Keep Your Organization Fully Staffed
At Cornerstone, we understand that even the most effective employee retention plan can’t hold on to every employee and we work hard to ensure our clients maintain proper staffing levels. Please contact us today to find out how we can do the same for your organization.