Employee turnover. As a hiring manager or HR professional, you’ve likely been dealing with a lot of that over the past couple of years.
Due in large part to the COVID outbreak – and changing views on what “work” means to a younger generation – keeping your current workers happy, while attracting the best available candidates is harder than ever.
Today, there is serious pressure on business managers to engage employees. In fact, the majority of today’s CEOs have reported that “recruiting and retention” are primary concerns.
That’s where the term company culture comes in.
You may consider good pay and fair benefits enough to keep your staff happy, but the fact is, there is more to a positive work environment than a nice paycheck. For example, if a handful of your workers are happy, but the majority feel undervalued and overworked, the chances are they’ll pack up and leave. This loss could decrease profits and your ability to recruit top talent.
When a workplace culture is strong and inclusive, everyone works well together, there is high employee engagement, work can often be “fun”, and the overall business is likely to be high-performing and productive.
Here are 4 steps to enhance your company’s culture and retain your staff:
1. Hire the Right People
Sounds obvious, right? But creating a great corporate culture – and keeping your employees – starts with hiring the right people. HR professionals and hiring managers should ask candidates behavioral interview questions to find out how they react in certain situations. Interviews – even virtual ones – can be used to show potential new hires around your business so they understand your workplace culture – while allowing hiring managers to gauge whether the job seeker would be the right organizational fit.
2. Recognize Positive Achievements
It’s been proven that companies who emphasize having a recognition-rich culture also tend to have dramatically lower turnover rates. On the flip side, employees who don’t feel recognized or appreciated are twice as likely to quit their job in a year. According to Forbes, companies in the top 20% for building a “recognition-rich culture” had 31% lower voluntary turnover rates.
3. Review Your Compensation Package
While money alone won’t bring happiness, if you want to hire the best – or to keep the best – you have to offer the best. In terms of talent, you get what you pay for, so evaluate your compensation and benefits strategy on a yearly basis. When determining compensation for your employees, it’s good to do market research on wages, and research a competitive salary range based on similar jobs in your local area.
4. Communicate the Career Path
One of the most important methods for improving company culture is when staff members understand their importance within the organization. Most employees want to increase their skills and move up the career ladder. Turnover can be decreased by showing workers a projected career path that gives them a direction and purpose. Whatever the path, let them know how they can advance through weekly or monthly one-on-one meetings with them.
Contact Malone Workforce Solutions Today
Looking for staffing solutions that are tailored to your specific facility and business needs? Malone Workforce Solutions has 50 years of experience in delivering full-cycle short and long-term recruiting and staffing solutions ranging from entry level to senior management positions. Our proven network and experience can help you find the perfect fit. CONTACT US today and we’ll provide you with comprehensive recruiting and workforce services.