Being a business owner can be quite challenging especially when you are in charge of taking care of your staff. Studies show that high turnover of employees may likely cause a huge negative impact in terms of budget and in the efforts the company needs to exert in hiring and training new team members.
One way for entrepreneurs to overcome such obstacles is to change their HR process or to seek assistance from outsourced HR services, which may improve employee productivity and staff retention.
Here are some tips to help you in improving your HR process:
Who you recruit and hire affects every aspect of your business – from staff morale down to productivity. By developing a fool-proof screening process, you decrease the potential of hiring people who may not perform at par with your company standard or those who may decide to leave later on.
Screen intensively before you hire.
One of the most important thing to remember when hiring staff is to ensure that you have a streamlined orientation procedure. Aside from being able to give a strong first impression and making new team members feel welcome, this means that they ease their way into the company and are aware of the SOPs.
Aside from the usual new-hire orientation, it’s also ideal to hold induction training, which is specific to their job descriptions.
Such procedures are very important for both the staff and the employer. You will be teaching them how to stay safe and also how to perform within the organization by following the rules and standard operating procedures set by the company.
In most cases, most of your staff stay within your organization because they are offered with incentives that motivate them to do their best. This incentive scheme may include bonuses, wage increases and recognitions.
By regularly evaluating your rewards and incentive schemes, you could encourage your staff to stay longer and would likely improve their performance.
Big international and multi-national businesses are also known to implement wellness and healthcare, as well as financial literacy programs as part of their employee benefits.
Though it is just another great way to achieve greater retention, by restructuring your rewards and incentives program, you could entice your employees into doing their best while giving them a better experience as members of the organization
A good example would be Wal-Mart, who in 2015 raised the salary of its 500,000 employees. The company saw a decrease in turnover in the following months. Though the operating costs increased, customer satisfaction and revenue grew as well.
BPOs may not be well- known for giving long term career opportunities, even though many companies actually do offer them. This issue may be solved by developing a retention initiative program, which offers career growth and development training, as well as opportunities to be promoted.
A good way to increase employee awareness of such opportunities is giving them a clear career map, which shows where they may go if they stay and perform well within the company, as well as the job description and benefits that come with such progression. This program will not only encourage your staff to stay with you for a long time, but will strengthen their loyalty to the company while giving them a clear career goal to strive for.