Millions of dollars are spent on hiring and recruitment drives throughout all sizes and scopes of businesses across the country and the subsequent onboarding and training process recruits experience once they have accepted their new position.
It would be logical, therefore, to instead reduce the amount of money your own company is spending in this area and focus your efforts on heightening the level of employee retention in your business.
Here are five top ways to do just that!
1. Start A Mentorship Program
Your most valued and highly-cherished employees are much more likely to stay working for your company instead of applying for other roles in rival companies if you put in place opportunities for career progression.
One such method is to launch an in-house mentorship program that will benefit both the mentee and the mentor in equal measure. Furthermore, not only should your new mentorship program be available for recruits but also to existing employees across all departments.
2. Improve The Healthcare Package
As a standard duty of care that you, as a company and as a manager, are legally and ethically obliged to provide for your employees, your company’s healthcare program likely needs some updates and improvements.
There have been many developments in this area, with one of the most impressive being the innovative Medicare OTC card, which allows members to access a huge range of benefits, including everything from money off grocery shopping to help with energy bills.
3. Provide Regular And Individual Feedback
There is no use in besmirching an individual employee’s name when they are either not performing as well as you would expect or else are constantly making small and frustrating mistakes if they remain entirely unaware of what they are doing and the subsequent impact.
This is why it is crucial to provide valuable and regular feedback to employees, whether that be in an individual one-to-one meeting or part of one segment of a monthly meeting.
4. Improve Onboarding And Orientation
Success should be the main and, indeed, only goal in the minds of any recruit, regardless of the section of business they are due to start working in, and this means that you need to take a look at your onboarding and orientation processes.
Moreover, the level of training and support you offer to recruits is the best way to set the tone and level of expectations asked of them throughout their time at your company.
5. Implement Hybrid Working Options
The fifth and final effective way of boosting your core levels of employee retention is centered around the new provision of hybrid working solutions.
Now, naturally, there will be some company models, such as manufacturing and warehouse-based businesses, that do not have the option of hybrid working, but more flexibility when it comes to working hours is of great benefit to the work-to-life balance of your employees.
Featured image by tirachardz on Freepik.