Edmonton Business Consultant | Keep Your Employees Longer
Edmonton Business Consultant | Employees Forever: Is it Possible?
If you need professional business consultation, Spurrell and Associates chartered professional accountants, our Edmonton business consultant can provide these for free for first time clients. We offer free consultations and a free copy of the best-selling business book “E-Myth” by Michael Gerber. Contact us at anytime with our email at [email protected] or call us at 780-665-4949. Or visit our website at www.spurrell.ca. Get in touch and beat the odds of business.
We have an interesting topic for you today. Our Edmonton business consultant would like to discuss employee retention and how to satisfy them. Business owners underestimate how much a new hire can cost them. Losing an employee can be costly. There are number of reasons why employees leave but mostly because it’s convenient for them not for the business. A new hire can be very expensive. There are trainings to conduct which could take him as quick as a day or upwards to a few months. Not to mention the new employee’s transition to their role, this could take as long as the training.
Some business owners fail to realize how much a bad employee can cost them. This could take as much or more than a new hire. The bad employee practices terrible work ethics or bring poor work performance. Employers need to realize when employees are bringing their business down and be prepared to let them go. Over time a subpar employee can be just as expensive if not more than hiring a new one.
Knowing this fact, some of you might be thinking if it’s possible to keep employees forever. The short answer is no. However there are ways to circumvent this situation. Our Edmonton business consultant would like to give you a few tips on how to raise the chances that employees with the company longer.
Business owners often write their corporate values to appease everyone. However it is good be hurting your business. Employers failed to realize the value polarizing corporate mission and values. While you may deter some employers from applying. They are most likely not interested in your values and mission thus is the wrong fit for your company. On the other hand a polarizing corporate values can assist you in finding the right employees. You are more likely to get potential candidates that agree and support your values and missions. These people are more likely to stay in your company even when things are difficult.
Employers often underestimate the value of giving employees an excellent balance between the life and work. Do you usually believe that having the best benefits and the highest pay is everyone’s top priority. While top-notch benefits and high pay can definitely be a factor to keeping employees. Striking a balanced work and life environment is what most employees want. If not than volunteer work and nonprofit organizations will fail, but they don’t. Or if high pay is what everyone wants, they would all be working some work camp in Fort McMurray.
Edmonton business consultant | keep your employees longer
At Spurrell and Associates chartered professional accountants, our team of Edmonton business consultant are dedicated to helping you, the small business owner, beating the odds. We offer first time clients free consultation and a free copy of Michael Gerber’s best-selling business book”E-Myth”. Get in touch via email at [email protected] or if you prefer to call our phone number is 780-665-4949. You can also visit our website for more information at www.spurlla.ca.
Our professional Edmonton business consultant would like to discuss how to keep your employees longer. Losing an employee can take a toll in your expenses. They can be expensive. Losing an employee means you have to restart the hiring process all over again. Having new hires can be costly. They would need to go through training which could span a few days to upwards of a few months. There is also transition period for these new employees, this could also take just as long. However failing to realize underperforming employees can be just as expensive not more than a new hire. An underperforming employee could cost more over time. They could be practising sub optimal work ethics and bad work performance.
Knowing this fact you may want to know if employing a person forever is more beneficial. However it’s impossible to keep an employee for life. Having said that we have ways to help you keep employees longer. Why it’s impossible to keep employees forever you ask? Employees tend to leave when it’s more convenient for them and often does regard the health of the business. This could be from personal life such as marriage, having a child, relocation and more. You cannot predict when employees leave. Minimize the damage to the business, you can employee to people at the same role. Even if one person leaves the other can take over. Being proactive with hiring can also help with this problem.
One of the ways our Edmonton business consultant deal with this issue is having clear-cut corporate values. Often business owners tend to write their mission and values to appeal to everyone. This can damage your business however. Having mission and values that appeal to everyone will raise your chances of finding employees that are not the right fit for your business. If you write polarizing corporate values however. The chances of finding a bad fit decreases. While it can deter some potential candidates from applying. This is most likely because they do not agree with your corporate mission and values. On the bright side you’re more likely to find employees who are the right fit for your company. Those who apply with your corporate values in mind, most likely increase with them. These potential employees could be invaluable and loyal to your company.
Conducting periodic reviews as opposed to annual reviews can also benefit your employee retention. Periodic reviews are closer to that date that projects and feats are accomplished. Thus encouraging and reviewing this sooner can raise morale. Employees are more likely to continue their good behaviour if the reviews are done sooner. On the other hand reviewing underperforming employees quickly can prevent them from forming bad work habits and suboptimal work performance.