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Edmonton Business Consultant | Employees Leave When it’s most Convenient
If you require professional business consultation our team of Edmonton business consultant at Spurrell and Associates chartered professional accountants can help you. We offer free first visit consultation and we give a free copy of the best-selling business book “E-Myth” by Michael Gerber. You can find our website at www.spurrell.ca or you can contact us via email at info@spurrell.ca or call us at 780-665-4949.
Our Edmonton business consultant would like to discuss about employee retention and why they leave when it’s most convenient. We believe that employers often underestimate the cost of losing an employee. Losing an employee can be costly because you, the owner, needs to restart the hiring process again. Getting new hires up to speed can be costly. They need to go through either few days to a few months of training. Transition period can also take just as long. However business owners needs to be aware when employees are costing them money. Having a bad or underperforming employee can be more expensive than hiring a new one. There bad work habits and performance can accumulate over time and business owners don’t realize that it’s time to let them go.
While it’s expensive to lose employees. Keeping them forever is also impossible. Employees leave the workplace when it’s most convenient for them. This could stem from a number of reasons such as personal life issues, marriage or relocation. They could also have received a better job opportunity. Having a role with two employees working on them can be beneficial to your business. Since now we know that employees don’t stick around forever, if one of said employees are sick or is leaving, the other can take their place.
Our Edmonton business consultant would like to discuss ways to keep employees longer. Even if you can’t keep them forever we have always to improve employee retention. One of these ways are having polarizing corporate values. Often times business owners create corporate values and a try to please everyone. This could harm employee retention. Employee is hired through these values usually are not as loyal. However if the business has polarizing corporate values. This can deter potential candidates with opposing views and values from applying. At the same time attracting candidates the same mission and values. Employees with the same vision are less likely to leave the company.
Business owners underestimate the importance of work and life balance for employees. They believe that having the most benefits and highest wage and salary are the most important factor for keeping an employee. However employees prefer having an excellent work and life balance. If the wages are truly the top priority for everyone, then non-profit organizations and volunteer work will not succeed. Having a good work and life balance is key to having excellent employee retention.
Donít forget to visit our website to read more articles like this one. If you have any questions and inquiries. Please contact us at info@spurrell.ca or call us at 780-665-4949.
Edmonton Business Consultant | Impossible Task: Keeping Employees Forever
We at Spurrell and Associates Chartered Professional Accountants provide top notch professional consultation service. Our team of Edmonton business consultant can help you beat the odds. Get in touch for a free consultation and a copy of Michael Gerber’s best business book “E-Myth”. Find more information on our website at www.spurrell.ca. Contact us at info@spurrell.ca or if you prefer to talk over the phone you can find us at 780-665-4949.
Our Edmonton business consultant would like to discuss about employee retention and satisfaction. Business owners often do not know the consequences to losing an employee. The hiring process can be a long and gruesome process. The potential candidate might not even be the right fit. New hires are costly. They require training, and a transition period. The training required to get new hires up-to-speed can go as quickly as a few days to a few months. The same goes for the transition periods. On the flipside, employing a bad employee can be more expensive than a new hire. Keeping a bad employee cost more overtime because of the suboptimal working ethics and underwhelming work performance. Employers need to realized when to let go employees that hold the business back.
Knowing the fact that losing and employee cost money. Business owners might ask if itís possible to keep an employee for life. The harsh truth is itís impossible to keep an employee forever. Employees usually leave when it benefits them but almost never for the company. Having two employees familiar for one role can be beneficial for the business. Whether the other employee is sick or leaving, the other can take their place. Being proactive with recruiting is also beneficial knowing employees can come and go as they please.
Our team of Edmonton business consultant have ways to keep employees longer. One of these ways is having clear cut corporate values. Most business owners strive to create corporate values that please everyone. However this could be hurting their employee retention. Businesses with polarizing corporate values however, could help with keeping employees. Said values can deter potential candidates from applying if the mission and values does not align with theirs. On the other hand it can also attract candidates who support and practice the same values as the business.
Companies often times practice having annual employee reviews. We believe that this might be hurting the company. However we firmly believe that periodic reviews are beneficial for keeping employees. Reviewing employees annually usually means projects and feats are long past itís prime. Helping struggling employees once a year might be too late as said employees might form bad habits at work. However having periodic reviews can have a positive effect for morale. Quick positive employee review encourages the individual to continue their great performance. Helping struggling employees sooner can stop bad habits from forming. Employers should correct and encourage their employees sooner than later. Having great communication with your employees is a great way to keep them longer.
