Hiring and keeping great employees is becoming harder and harder to do in today’s economy.
But, unless your company can attract top talent and keep them happy in their job roles, you will struggle to be competitive. High turnover is costly in a number of ways, from the costs associated with onboarding and training to the reputational issues that come with poor continuity for your customers.
No. 1: Develop Comprehensive Job Descriptions
You might have noticed a common thread in your exit interviews, the “this job just wasn’t a good fit for me” reason for leaving.
If your outgoing employees are being honest with you, this is a strong indication that your job descriptions are not providing an accurate portrayal of the role in question. Without a comprehensive job description to guide you, your help wanted ads and job postings won’t attract the right people for the opportunity.
No. 2: Offer an Attractive Compensation Package
If you aren’t willing to offer a compensation package that is at least as good as what your top competitors offer, you won’t be the one who attracts the best applicants.
If money is tight – as it typically is for most smaller businesses – you might think that keeping salaries low will help you stay within your budget. What you might not realize is just how much employee turnover costs you. And, when you don’t have the best people for the job, tasks take longer, which costs you more in extra hours and the problems that errors can cause with your reputation and customer retention.
No. 3: Offer Killer Benefits
Employees across the U.S. are concerned about having comprehensive health care. They also want some flexibility in their schedules and the ability to take time off when they need it or want it.
The better your benefits package is, the better talent you will attract. Word travels through the workforce and potential employees know which companies offer great benefits. If you want them to come in search of a job with you, provide the benefits that top talent values the most.
No. 4: Improve Your Company Culture
Mediocre employees will take whatever jobs they can find. Great employees, however, can afford to be picky about where they work.
In addition to competitive compensation and benefits, employees want to work in an environment where they are valued. They want transparency from their employer and a corporate culture that shares their values.
Spend some time evaluating and working on your corporate culture, corporate social responsibility initiatives and other factors that combine to make an attractive work environment.
No. 5: Enlist the Help of a Hiring Specialist
Few business owners have the knowledge and skills required to source top talent. It’s cost-effective for most companies to enlist the help of a hiring specialist. This allows you to focus on your own priorities and lets the experts do what they do best – find you the right employees.
A professional employer organization (PEO) such as WTA, Inc. can assist you with all of these imperatives. PEOs administer benefits, handle recruiting and hiring, handle onboarding and training, and can assist you in making your company a great place to work. If you are a small to medium sized business in Utah, contact one of our expert team members today to learn how we can help you improve your employee hiring and retention efforts.