As a manager, hiring new employees is a lengthy and expensive process. You’d ideally want to retain all your employees forever. Unfortunately, that’s not possible because as people grow, their dreams change. This is why you will get some resignations along the way.
For your business to grow, you need to retain your employees. This is because they have seen you build the company and have acquired newer skills making the overall business’s performance impeccable. It can be demoralizing when a number of your employees resign. This may reduce the productivity of the rest of the employees.
Your business needs stability which the employees contribute heavily. Below are some ideas to help you retain some of your best employees.
- Hire the Right People
It all comes down to your hiring process. Are you getting the right person for the job? If people keep leaving, maybe it’s how you hire people. Scrutinize your interview procedures and see if they clearly define the roles to be handled. During the interview, ensure that you hire somebody who shares similar goals as the company as they will have a reason to stay. If you need more funds that will help you hire the most deserved candidate, you can opt for peer to peer lending in case your budget is strained. You can look up Prosper loan reviews to know about such channels of funding.
- Employee Engagement
How well do your employees understand their roles? Clearly outline their responsibilities and make them that they are part of something big. Millennials are an excellent example of a generation that wants to feel appreciated for the work they do. Continually acknowledge their efforts and complement them when they do something right. Make them know that it is okay to fail. Regularly celebrate achievements, and they will find no reason to leave.
- Bonuses
Every company has an annual cash flow prediction. Once you hit your target of the desired profit, it is only fair to celebrate the people who made it happen. Hold end of year parties as well as give your employees bonuses. Employee motivation is highly crucial towards the business’s performance. Demotivated employees will be less productive and you may end up losing your best worker. Reward them with vacations, a pay rise and so on for them to know that you value the work they do. Things such as a promotional gift basket could go a long mile in motivating your employees.
- Training seminars
Do you offer any training programs for employees? Well, this might be one of the things that make them leave. Organize training seminars that help them adjust to new systems in the workplace. Once you have new hires, make them go through some mentorship program that will help them adapt to the new business environment. Make time to assess their growth and give them feedback. If possible, you could find mentors for them and pair them up in pursuit of learning new skills. This shows them that they have the opportunity to grow.
- Avoid Micromanaging Them
As the manager, you will always feel inclined to make sure things go the right way. However, you can do that without asking your employees to explain whatever decision they make on behalf of the company. Avoid micromanaging them. Let them work on their own. Some employees work best with very minimal supervision. This increases their chances of staying.
Every manager is under pressure for the business to perform well. However, you need to take a step back and let your employees work without feeling the need to check on them. Rewarding them will work wonders too. Practice the above, and you won’t have to worry about your employees leaving.
