Hiring the most talented people is the start of creating a strong workforce, but retaining them is often the difference between failure and success. Because of the time and productivity lost by high employee turnover rates, executive coaching seminars focus on the importance of retaining the best employees. By keeping your current workforce intact, you can spend less time bringing new hires up to speed and more time implementing new projects or creating new business strategies. In other words, low employee turnover rates are one of the keys to running a successful business. Here are three simple strategies to improve employee retention:
Offer Competitive Benefits Packages
Talented employees expect a fair salary, but what most workers desire is a competitive benefits package. Health insurance, life insurance, and a retirement savings plan are essential components of an attractive benefits package. Other perks, such as additional vacation time or the option of telecommuting, show your employees that you are willing to accommodate their lives outside of the office.
Hire a Human-Resources Professional
A human-resources director can oversee and streamline your employee structure and process, ensuring that your people have easy access to the resources they need. In addition to caring for the needs of your employees, an HR manager who is in charge of managing employee benefits and perks can free up your time to focus on special projects that will help your company grow.
Promote from Within
One of the best ways to improve employee retention is to hire from within whenever possible. Employees will become frustrated and disengaged if they do not see a future for themselves at your company. In addition to promoting within, be sure to give your employees a clear advancement path and offer the tools and resources they need to grow as business professionals.
With membership approaching 1,000 CEOs and Presidents throughout Wisconsin and Michigan, TEC is one of the leading professional development groups in the Northeast. If you are looking for ways to improve employee retention, take on new clients, or simply operate your business more efficiently, our executive coaching groups and leadership seminars can help. Visit our website to learn more about the benefits of joining one of our CEO groups, or call us at (262) 821-3340 to learn more.