Retaining and recruiting long-term employees is one of the greatest challenges for businesses. An average worker stays with their employer for just over 4 years.
Despite the fact that the number of employees has remained relatively stable over the last decade, many companies are feeling the pinch from a tight labor market. They are seeing some tenured employees be lured away by better opportunities. A strong and attentive HR department is essential for a successful employee retention and recruitment strategy. These tips and best practices will help you maximize your HR department’s efforts, whether you have a single HR department or a team of many.
- Examine Compensation and Benefits
It can be difficult to benchmark with other people in your industry and region. However, keeping an eye on what your competitors are offering is crucial for attracting new recruits and keeping employees happy. Recent data may suggest that you reconsider your approach to small annual raises if you are used to doing so. Expect a bigger increase in wages and salaries for 2019, which will likely exceed most employers’ expectations. It will rise by more than 3 percent, with the top performers anticipating even greater pay increases. Benefits packages are often a key factor in people’s decision to accept a job. While high-quality health insurance as well as competitive retirement plans can be a great place to start, it is not always possible for small businesses with tight budgets to afford these benefits. You don’t have to offer the best benefits package, but you can look for creative options that will set you apart from other companies in your industry.
- Encourage strong culture through communication
To retain loyal and productive employees, you don’t necessarily have to offer the highest salary. Experts argue that job seekers are more interested in the culture and work environment they will be part of than the details on a job application. It is crucial that you clearly communicate your values, beliefs and experiences when recruiting. It’s even more important that these characteristics are lived out by every employee. The first step is to instill a sense of purpose, create a family atmosphere, empower employees and balance work and life. While creating an engaging culture takes time, it is essential to create if you want to maximize HR efforts and keep a dedicated workforce.
- You can develop talent from within
Many companies that have difficulty finding skilled workers overlook their potential. Talent can be developed from within to fill difficult roles and increase employee retention. Find employees with leadership potential, and help them to see how they can make a difference in the company and their own career. Mentors, career coaches, and training opportunities are all available to help you learn new skills. You can even pay for classes and certifications. Your team can help build their professional networks, and improve their communication skills and social interaction. If you are looking for a new job, it is a good idea to share information about your company’s professional and personal development programs with potential candidates. Don’t forget about your career as a HR manager. Look for ways you can improve your HR skills, and seek out opportunities to draw on the expertise of others who could enhance your efforts.
- Implement Wellness Initiatives
Your employees’ wellness is not only important for their health but also for the financial health and well-being of your company. The cost of healthcare continues to rise. Implementing a holistic wellness program is an strategic strategy to reduce the risk of rising premiums. Promoting wellness programs to potential employees shows that you care about them as individuals and also their professional performance. It can be a decisive factor in deciding between you and another employer.
- You can ensure compliance
It can seem like a full-time job to comply with all the regulations employers must follow. Even experienced HR professionals can be overwhelmed by potential changes to the Affordable Health Care Act (ACA), OSHA reporting updates, determining exemption status for employees, knowing the state’s rules regarding workers’ compensation , as well as other information. Although compliance might seem like a back-office function, it is crucial in recruiting and maintaining employees. You should know what questions to ask employees during interviews. Respond promptly to employee requests for information . Handle complaints and harassment claims correctly. Maintain an employee handbook. Employees and recruits feel more secure knowing that they will be treated fairly, and that their concerns will be addressed.
- Embrace Technology and Analytics
A Human Capital Management (HCM), a system that allows your company to manage and assess a variety of experiences for its employees, will allow you to make your organization more efficient. Although many HR departments use software to manage their payroll, these platforms often fail to handle tax forms, OSHA logs, and other information. An HCM is a robust tool that automates many functions and integrates seamlessly with payroll. The HCM provides employees with a secure portal that allows them to manage their time off requests and other criteria and view their personal information.
- Understanding Your Organization’s Strategic Goals
The role of HR professionals today is more than just managing employees. They also have to be able to understand and drive the economic and strategic direction of organizations. Your HR department will be able to anticipate workforce changes and create an action plan that meets your company’s needs.