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Edmonton Business Consultant | It’s Impossible to keep employees forever
Our team of Edmonton business consultant at Spurrell and Associates chartered professional accountants would like to discuss why it’s impossible to keep employees forever. We also offer free consultation in your first visit. Book a meeting with us get a free copy of the best-selling business book “E-Myth” by Michael Gerber. Visit our website at www.spurrell.ca or contact us via email at info@spurrell.ca. You can also contact us via phone at 780-665-4949.
At Spurrell and Associates CPA, we employee a team of professional Edmonton business consultant. We believe that employers often underestimate how much it cost to lose an employee. Losing an employee means you have to go through the hiring process once again. New hires are often expensive. They need to undergo training; this can go from a few days to a few months. There is also a transition for these new hires which could take just as long as the training. However business owner should be able to recognize when to let go a bad employee. Said employees can become even more expensive and new hires. Over time I subpar employee can cost the business more money because of their bad ethics and underwhelming work performance.
Now you may be curious if it’s possible to keep employees forever then. The short answer is no and to iterate: employees leave when it’s right for them and not for the company. Employees are often absorbed by personal life and they leave when it’s most convenient for them. This could be a number of variables such as conflicting schedule, marriage, having a child or relocation. They often disregard what the business needs. Having two employees learn the same role can help with this issue. If one leaves the other can take Their place. However there are better ways to combat this issue or at least minimize them.
One of the ways our Edmonton business consultant would like to discuss about is having a clear corporate value. Employers often write corporate values that tries to please everyone. However this can be harmful for employee retention. Having a polarizing corporate values can be beneficial to your business. This deters unfit candidates from applying and attracts potential long-term employees with the same values and beliefs as the company. Having a clear corporate values will often lead to loyal employees.
Often business owners think that salary and wages are the most important factor to keeping an employee. While it’s important, it’s usually not the top reason why employees stay. Most employees like having an excellent work and life balance. If not then nonprofit organizations and volunteer work will never succeed and everyone with three working at a Fort McMurray working camp.
Another way to keep employees longer our periodic reviews. As companies conduct annual reviews but we believe that it’s not as effective as everyone thinks. Having periodic reviews can correct struggling employees habits and performance. It could also encourage well performing employees to continue giving good performance. As supposed to annual reviews where employees often forget feats send projects and can lead to bad employees performing sub optimal work performance.
Edmonton business consultant | employees leave when it’s convenient
Our team of Edmonton business consultant will provide you top-notch business coaching and consulting. At Spurrell and Associates chartered professional accountants, we offer free first visit consultation. On top of that we also offer a free copy of Michael Geber’s “E-Myth”, a best-selling business book. To know more email us at info@spurrell.ca or call us at 780-665-4949. You can also visit our website at www.spurrell.ca.
Business owners often underestimate how expensive it is to lose employees. Our Edmonton business consultant would like to discuss this topic and how to improve employee retention. Employers underestimate how much money it cost to lose an employee. New hires are more expensive than you think. Often times new hires need training. This could last as long as a few months or could go as quickly as a day. Transitioning to a role can often take as long as training them. This means having sub optimal work performance for the duration of the training thus leading to more expenses. However business owner should also realize when to let go bad or underperforming employee. An underperforming employee could be more expensive than the new hire. Said employees could cost you more in the long run. They often have forged bad working habits and suboptimal performance. It is important to know when to let these people go.
Having said that keeping employees forever is also impossible. Employers need to understand that they need to be constantly hiring. Employees leave when it’s most convenient. They often disregard the business’ performance. Constantly hiring can help this issue however there are more things to consider if you want to keep said employees. Having two employees familiar with a single role can also help with this issue. If one of them is sick or leaves the other can take his or her place.
Our Edmonton business consultant would like to discuss a few ways to retain employees longer. One of these ways is having a clear and polarizing corporate mission and values. While most business owners try to make the most appealing corporate values. We believe that having the most your corporate values appeal to everyone can often lead to lower employee retention. Having a clear and polarizing corporate values can deter potential candidates that are not a right fit for your company. At the same time it could also attract potential long-term employees what to same mission and beliefs as the company.
This leads to our next point. Employees with the same mission and beliefs has a business. Often doesn’t take wages and salaries as the highest priority in considering a job. While it is important, most employees like to strike a good balance between work and life. Or else nonprofit companies and volunteer work would not exist; everyone would be working at a Fort McMurray camp.
