We all know how costly employee turn-over is and how detrimental it can be to any business. So, how do we reduce the number of employees who leave?
First, we have to understand why employees leave. A common phrase, heard by many managers, when an employee leaves is, “I just couldn’t turn down the offer”.
Let’s discuss why and learn what can be done about it!
1. Skill Development:
Being under challenged is when boredom creeps in. Developing an employee’s skill set is important as it keeps their role stimulating and interesting. Check-in casually and regularly to find out what projects they are enjoying and which ones they would like to do more of. Listening is key in order for employees to know that their goals and interests are a priority; help them achieve these goals through training and continuous skill development. They may surprise you and bring more to the role than you had expected!
Know the best way to encourage good behaviour and motivate your employees. Praise them in a timely manner and in an environment, which they appreciate (ex. privately or in front of the team). Providing positive feedback, when good work has been completed, gives the employee a sense of self-worth. Praise can also be delivered via salary increases and job title enhancements.
3. Employee Benefits:
Providing group benefits insurance is critical to retaining and attracting happy, healthy and productive employees. Group benefits plans provide financial benefits in the case of a tragedy, and enable employees to be pro-active with their health and dental care.
These benefits are often seen as a mandatory component of one’s compensation package and provide much more value than the equivalent dollar increase to an employee’s pre-tax annual salary. It is important to consider what kind of corporate culture/lifestyle are you encouraging; benefits show you care about their wellbeing and their dependents.
4. Bad Hiring:
Replacing a valued team member is challenging. Poor hiring practices can lead you to hire the wrong candidate, which brings friction to the team. Improve your hiring process by utilizing technology such as CERTN, artificial intelligence for screening potential hires. It is simple and complements your hiring process; this will increase your ability to hire your ideal employees and ensure they will be a good fit with your existing team.
Be approachable and reachable so they can talk to you if they are feeling overwhelmed. It is your duty to oversee they are getting job satisfaction and that they feel they are making a difference in the company. It is important to know, as a leader/manager, when to put pressure on and when to take it off. Ironically, it is usually your best employees who get overworked, as they are the most useful; be aware of this trap, as it can feel like punishment. If you increase your employees’ responsibilities, you must reward their efforts accordingly.
If you want to understand more about Benefit Plans, please feel free to drop us a message here.
Jeff Devlin | Certified Financial Planner, Director
E & OE