While it may sometimes seem as if the world of work is skewed heavily in favor of the employer (in the UK recently, every graduate job was receiving 39 applications), it is not that simple. The reality is that the employers need to spend just as much time and energy trying to keep their employees as the employees did trying to get the job. This is for a few different reasons. First, it costs an estimated $39500 to replace an employee. The process of advertising the position, accepting and assessing CVs, interviewing and then training the employee costs a lot of time and money. Besides, however great the new person is, they will not have the first-hand experience of how your company works, and until they do, they will not be as productive as their predecessor. That means that you will lose money. The reasons that you may want to hang on to your employees are not just financial though. One of the most crucial things for any company is their company culture. While it may seem like a rather postmodern idea, it actually works. If you manage to motivate the people you work with to do a good job because they want to help their customers and make a positive impact in their lives, you will have a more successful company. If people keep leaving and are replaced, it will be difficult to develop a rapport, and you could quickly find that the morale you worked on is gone. Here are a few ways that you can keep your employees:
- Offer benefits. While lots of people may want a raise, it is often not financially viable, and it may not be the most effective incentive either. Instead, you could offer health insurance. An innovation that you should check out is video links with doctors. It allows your employees to get medical attention quicker and they can, therefore, get back to work quicker. You can find out more here. Another great benefit that will entice lots of people is the possibility of an education. Paying to put someone through college is quite expensive, but there are lots of more economical online degrees that you could offer. Besides, having a more knowledgeable employee is not bad for you either.
- Give your employees real opportunities to advance. No one wants to be stuck in the same job forever. People get bored and will quickly begin to feel undervalued unless you show them that you trust them with more responsibility. The opportunity to earn a promotion is a great way to incentivise your employees.
- Be more flexible. If you cannot afford to offer financial rewards for performance, you could instead offer your employees extra vacation time or more flexibility in when they work. It may be that they could work from home some days of the week. If they want to do that and it will make them a better worker, it is a good idea. Technology makes it so easy to keep in contact today that remote workers are a part of lots of businesses.