Small businesses typically have limited resources and retaining quality talent is crucial to business success. Effective employee retention strategies can, not only improve office morale, but also in ensuring that your best workers will continue to work for you and not your competition.
Let’s look at these 3 important strategies:
1. Bad Hires Cost Money: Bad hires can drain your resources quickly. If you find yourself having to fire someone within a few months of hiring her, you will have lost the time and money spent during the hiring and onboarding process. You will have missed the opportunity to hire someone who might’ve been able to make a positive contribution. So make sure that your recruitment drive is planned well.
2. Bad Hires Hurt Morale: Evaluate your candidates – Taking additional time to investigate finding out about your candidates’ experience and previous work ethic, as well as providing them with a rigorous, but transparent, onboarding process can reduce bad hires significantly and create a happier, more stable and far more productive workforce.
3. Employee Retention Promotes Success: If you fail to retain your best employees, there is a great chance that your competitors will be able to take them. This takes talent away from your business and turn it into competitor’s asset. Competition within any industry takes place at every level of doing business. Focus more on how you can retain your employees rather than on what your competitors can offer.
When someone has been working with your company for some years, they will have gained knowledge and have developed relationships that may be critical to continue developing your business.
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