In this industry and thriving economy, it’s often secondary costs that are killing businesses small and large. When it comes to your employees, their turnover price is often intangible, hard to track, and thus grossly overlooked. Turnover for an employee can often cost the equivalent of 6-9 months of their salary. For even higher earners, the price can be as much as double the annual salary. So, are you investing in the futures of your employees? It saves your company money in the long run.
Focusing on organizational commitment within the employee base is important for any owner, manager, or CEO. Starting with proven retention techniques is imperative, rather than using intuition or guesswork. Whatever is going to work best for your specific company, act on it. Just doing something is often enough to show your employees that this is a place where they are valued. Time tested techniques include incentivizing workplace goals, involving more people on decisions, and providing a place for feedback to be expressed and acted upon. Simply making a habit of encouraging feedback can make a huge impact on the morale within the firm.
If you hire right the first time, you have the best chance at retaining that employee. Hire with the intent to retain. Keeping the candidate informed during the hiring process is extremely important. They should know exactly what to expect when brought on. Accurate information about upward mobility within the company is another crucial piece of info for the applicant. Hidden surprises after the hire often end badly for both parties.
At HD Staffing, we believe that finding the right cultural fit is just as important as finding someone with the right skillset. If you’re trying to find an employee that is simply short-term effective, then you may be able to get by with only considering job history and experience. However, If you’re aiming to find an employee that’s here to stay, you’ll need something more. We’ve spent years matching employees with the right AV firms and companies. Let us help you find the long-term solution you need.
If you’d like to learn more about recruiting and retaining employees, join Brent Wiseman, the COO of HD Staffing at CEDIA 2019 for a speaking session. Learn more here!