Retention is a serious issue for employers in every business, and nobody likes to go through an entire selection and hiring process just to watch a talented new employee be lured away by a better offer from a competing firm. So keep these retention tips in mind and you’ll gain a higher return on your staffing investments.
1. Control hiring and turnover costs by making the right decision in the first place. Streamline your approach and target your staffing campaign to the very best candidates in the marketplace (meaning the best cultural matches as well as the best performers). If you make the right decisions from the start, the candidates you choose are more likely to feel happy and fulfilled in your workplace.
2. Treat your employees like family. If your teams feel a personal connection with you and with each other, they’ll be more likely to put up with minor workplace obstacles, personality conflicts, and even compensation issues. This is a retention reality that extends far beyond the financial sector and into almost every industry from food service to healthcare. If you keep your door open and take their requests, complaints, and personal issues seriously, they’ll think twice when your competitors try to lure them away with bonuses and perks.
3. Think beyond money. In our modern world, the most driven, ambitious, and talented employees are no longer motivated by money alone. (Though of course, higher salaries and bonuses will always be attractive.) Considering offering time as well, in the form of flex hours and work-at-home arrangements. And never underestimate the value of rewarding your high performers with downtime, or ways to enjoy the downtime they already have. Think in terms of extra vacation days or tickets to entertainment venues.
4. Be responsive. Nothing makes employees feel respected and appreciated more than quick and appropriate responses to their suggestions and complaints. Loop them into the company decision making process, and in the meantime, make sure their voices are heard. Keep your door open and quickly provide the resources and solutions they need in order to excel at their jobs.
For more on how to motivate and retain your financial staff, your IT employees, your support teams, and every valuable member of your organization, reach out to the MA financial staffing experts at Tech Needs. If you are looking for financial staffing agencies in NH, contact us today.