And like any investment, there are risks. Expanding our team has allowed us to grow our offerings, support expansion and improved efficiencies across the board, but it comes at a cost.
Not only an investment of money but of time, energy and sometimes, at the cost of something else if you reallocate resources to training. It’s fair to say you want to protect your investment, because when you find the right fit (passionate, engaged, striving individuals) it will transform your business if you can keep them.
1. Remuneration & Benefits
We all want something.
And we live in a world with more access and opportunity than ever. Money isn’t the only factor when it comes to employing the right person and gone are the days where it’s about ‘who pays the most.’
That’s why businesses need to look at their overall salary package. What incentives can you offer that not only attracts but retains the right employee?
Do you have bonuses, development opportunities, or travel included in the position?
Are there opportunities to grow in the organisation, are their fringe benefits such as a car, a phone or are you offering a competitive salary with guaranteed increments and a great working environment?
To find and keep the best employees, we need to know what’s important to them. Sometimes it will be security; a great job with good benefits, sometimes it’s a career they can grow with, and sometimes it’s a few extras you’d never considered.
The longer an employee works with you, the more their needs and circumstances will change, so just ask! It’s easier (and less expensive) to keep a current employee happy and motivated than hiring someone new.
2. Flexible work practices
We’re living in a 24/7, globalised, digital world and the classic 9 to 5 working day is a dying trend.
If you want employees to grow and adapt to your organisation, you’ll need to grow and adapt with your employee’s lives as well.
A graduate straight out of University will have different needs in 3-5 years. They might be thinking of a family, just like a mature employee might be thinking about going back to school and studying.
Of course, you set the standards and expectations, but flexibility is key in retaining and attracting the right employee. It’s not uncommon for people to start and finish work early, to opt for weekend work or flexible work from home options. If employees feel they can’t grow or change within an organisation, they’ll find somewhere they can.
These could be simple things like flexible working hours. You may be open from 9 am – 5 pm for customers, but your operation hours are 7 am – 7 pm. This gives people the flexibility to be at work during core business hours and accommodate other responsibilities such as children, animals, study or recreation commitments.
Flexibility is a shift of focus. It prioritises business outcomes and employee satisfaction.
This shift in focus attracts the right employees for the long term and gives room for changes in both the employee’s circumstances and the businesses needs.
Have you ever heard the saying, “I don’t like the job, but I love the people?” It’s very common, but wouldn’t it be a unicorn-type-of-thing if you liked your job and the people. That’s culture and it’s one of the hardest things to cultivate.
It can seem intangible, but it has an enormous impact on employee productivity and satisfaction, and it starts with you. The standards you set (as the manager/owner/founder), the way you conduct yourself and what you allow speaks volumes – regardless if it’s a written, contractual thing.
Culture is the way you speak, act, and represent yourself whilst in an environment. The values, beliefs and attitudes of an organisation impact the emotional and relational health of employees. Things such as:
Culture is hard to build and harder to maintain, but if you get this right and you attract someone who loves the work and their work environment – they’ll never have a reason to leave.