Edmonton Business Consultant | Employees Retention
Edmonton Business Consultant | Employees Don’t Stay Forever
At Spurrell and Associates chartered professional accountants, our Edmonton business consultant will offer a free consultation and a free copy of the best-selling business book E-Myth by Michael Gerber. Contact us via email at [email protected] or by phone at 780-665-4949.
Our consultants would like to talk about why employees don’t stay forever and why you should keep them forever. Losing employees can be expensive because you need to restart the hiring process all over again. New hires requires training and often requires transition to the role.
That means you should keep employees forever right? However it’s impossible to keep employees for life. Employees leave when it’s right for them and not for the business. It could be from personal circumstances such as marriage, a better job opportunity, or relocation. it could also be that they had a change of heart and would like to pursue a different career. New and better opportunities come up all the time and employees usually grab them when they can.
Our Edmonton business consultant believes that having two employees familiar with one role should lessen this problem. Having two employees and one role means even if one of them leaves or is sick, the other can take their place.
According to our Edmonton business consultant, finding the right employees can be difficult. Hiring candidates with the same mission and values as the company is essential to keeping employees. Therefore employers should communicate these said values clearly. One way to retain employees as hire them based on corporate values. Business owners should communicate their corporate values well to new hires. Having a polarizing corporate values should deter bad fit candidates from applying. Employers shouldn’t create corporate values trying to please everyone.
Often employers think that salary and wage is the top priority of every employee. However most employees prefer to have a good work and life balance. Otherwise nonprofit organizations or volunteer work won’t succeed and everyone would be working at a camp at Fort McMurray. If employers hire based potential employees based on their values and beliefs. Employees are more likely to stay even if have better paying job is offered to them.
Our team believes that having an annual employee review is less effective than you think. However we also believe that having periodic reviews are great for employee retention. Annual reviews are less effective because employers may congratulate employees about projects and feats they may have already forgotten. The same goes for struggling employees, they could form bad work habits if not corrected sooner. However periodic reviews are more effective because employees get encouraged much closer to the projects and feats that a did. They are more likely to continue this good behaviour. And correcting struggling employees sooner can prevent bad work habits from forming.
If you want to know more please visit our site at www.spurrell.ca. Or contact us via email at [email protected] or call our phone number 780-665-4949. You’ll get a free consultation and the a free copy of the best business book E-Myth by Michael Gerber.
Edmonton Business Consultant | Employees Retention
Our Edmonton business consultant at Spurell and Associates chartered professional accountants offers top-notch business coaching and consulting. We offer free consultation on your first visit and get a free copy of the best-selling business book E-Myth by Michael Gerber.
Our team would like to discuss whether it’s impossible to keep employees forever. And if there are ways to improve employee retention. There are a few ways and we will tell you how.
Often business owners underestimate how expensive losing employees can be. They do not take into account the cost of hiring new people. New hires often going to extensive training for a few months. Depending on the industry different decision. For new hires can be either a day to a few months. But employers should also be aware want to let go poor performing employees. Bad employees can become more expensive than a new hire. Over time their bad work ethics and subpar performance can accumulate into an expensive ordeal. There are times when it’s better to gamble on a new hire that keeping a bad employee.
According to our Edmonton business consultant, keeping employees forever as impossible. Employees leave when it’s most convenient for them and not for business. It could be due to personal reasons such as new and better job opportunities, getting married, having a child, or relocation. It’s important to always be recruiting for these reasons. Having two employees familiar with one role can also help with this problem. If by any chance one of those employees leave or sick, the other employee can take their place.
Our team believes that there are few ways to help with employee retention. One of these variables is having a clear and polarizing company values. Often business owners create company values tries to please everyone. However this causes problems with employee retention. Having polarizing company values deters potential candidates who are not the right fit for the company. This in turn also attracts employees with the same values and beliefs as the company. Employers should communicate their values well in their job postings to attract potential candidates who are better fit for the business.
This ties into another reason why our Edmonton business consultant does not believe that wages and rates are not the most important factor to employee retention. Having the best benefit plan for the highest wages and salaries is certainly a factor to employee retention. However many employees prefer having a good work life balance and working for a company sharing their beliefs and values. Otherwise nonprofit organizations or volunteer work won’t succeed. Employees with the same values and mission as the business are more likely to stay even when a better and higher paying job comes along the way.
Another way to retain employees longer is to forget about the annual employee reviews for preiodic reviews. Annual reviews are an effective because projects and feats are often long forgotten when the review comments. However periodic reviews are not. Encouraging and congratulating well performing employees sooner will more likely to continue their good performance. And correcting struggling employees sooner or more likely to avoid forming bad work habits.