Edmonton Business Consultant | Don’t Keep Employees Forever
Edmonton Business Consultant | Keeping employees longer
At Spurrell and Associates chartered professional accountants our Edmonton business consultant will teach you what makes losing employees expensive? And why is keeping the wrong employees even more expensive than losing them. Losing employees can be expensive because of the process they have to go through such as training, recruiting and transition. Our team will also teach you why keeping the wrong employees are even more expensive than losing them. Over time the bad employee becomes more expensive then a new employee because of their bad work ethics and subpar work performance.
Keeping employees forever is impossible. Our Edmonton business consultant will teach you why it’s important to always be recruiting. Employees will leave when it’s right for them and not for the business. Sometimes you canít control when employees leave. New opportunities come up all the time and employees will grab them if they can. They can have a change of heart and decide that this isnít the right career for them. You never know when you need new people so keep hiring. In which case having two people familiar with a role is important. If one of these people leave you still have one person capable of doing the job.
How do you communicate corporate values to your new hires? We can help you communicate your values to your new hires. If you use this corporate values in your interviews, the employee can have a clear understanding of what the business is all about and they can decide if the company interest lines up with theirs. Some corporate values are written to please everyone which should not be the case. Corporate values should communicate to new hires if the company is the right fit for them.
Is salary and wage the most important keeping employees? The short answer is no. Employees like work life balance otherwise everyone will be working at a camp in Fort McMurray. A lot of nonprofits survives because there employees believe in what the company works towards. People also volunteer because they believe the corporate values. These people don’t get paid but they still work because they like what the company stands for.
Our Edmonton business consultant would also like to talk about whether annual employee reviews are useful at keeping employees. We don’t believe that annual employee reviews are useful. However periodic reviews are more useful than you think. Periodic reviews, are more useful than annual reviews because certain feats or projects are still remembered by employees who did them. You can congratulate them if they’re doing it good job or help struggling employees sooner. An average business owner does not have time for reviews however if you can pull select employees. We believe that you should schedule reviews every week so that you can correct problematic behaviour and encourage employees who perform well sooner. The quicker you address problematic behaviours the less likely it could occur again. The sooner you can congratulate employees who perform well, it is more likely happen again.
Edmonton business consultant | Don’t keep employees forever
Our Edmonton business consultant at Spurrell and Associates chartered professional accountants. We can teach you how to hire the right employee. We will discuss how expensive losing employees can be. Losing an employee means you need to hire a new one. The time you spend recruiting is also an expense. New hires typically need training and transitioning to the role provided. However keeping the wrong employees can be more expensive than losing one. If by any chance you kept the wrong employee, over time said employee will cost your business by practicing subpar work performance and ethics.
We will teach you the importance of constantly recruiting. Our team of Edmonton business consultant believes that it’s impossible to keep an employee forever. This is because an employee leaves the business when it benefits them or due to an emergency circumstance. They can certainly have a change of heart and decide that this is not the right career path for them. However if you recruit constantly you can minimize this problem. Having two person for one role is also beneficial. If one is either leaving or sick, you still have one employee to rely on. You never know when you need people so be proactive and constantly recruit.
The interview process is crucial part of the recruiting stage. In order to find the right employee. This process needs to include the corporate values and not just the generic interview questions. Telling your corporate values to a new hire can significantly speed up the process of hiring. This tells the employee whether they are the right fit for the job or not. This gives them clear picture of what the company is and what they are trying to do. However companies often write corporate values that pleases everyone. Having polarizing corporate values can help you find the right employee. If someone disagrees with the corporate values, this can deter the wrong person from applying in the first place thus speeding up the recruiting process.
Salaries and wages are not the top priorities for most employees. Most of people like to strike a balance between work and life. Some may even consider location the top priority. If not there won’t be any volunteers or non-profit organizations. The volunteers and non-profit works because they believe in what the company is doing and their values. If the pay was the top priorities, everyone will be working at a Fort McMurray camp.
We would also like to discuss the importance of annual employee reviews. Our Edmonton Business Consultant believe that it is not as important as business owner’s think. However having periodic employee reviews can be a great thing for employee retention. We suggest a review every week instead of annually. Having weekly reviews allows quick results. This allows business owners to correct struggling employees and encourage well performing ones sooner. If you correct struggling employees sooner it is less likely for them to repeat the same mistake. The same goes for encouraging well performing ones, they are more likely to continue to perform well.