The average person spends more than 4 years at a job before they leave. But, that won’t come as solace to you because you know the numbers are skewed. Although 4.4 years might be the average, the phenomenon of job-hopping is becoming more popular. After all, 91% of people born between 1977 and 1997 expect to spend less than 3 threes in a job. For a business, these statistics are like a dagger to the heart because turnover costs money and time and ruins efficiency. The good news is you can stop it, and here is how.
Keep On Top Of Contracts
Features like paying less money might seem the main cause, but it is less complicated. In simple terms, businesses are unorganized when it comes to contracts. When it comes time to renew or offer a new one, they dilly-dally and allow it to run down. All the while, the employee has the power because they have no legally binding obligations. To keep them, you have to be contract savvy, which is where contract administration software comes in handy. Not only does it keep you up to date with employee circumstances, but it also averts risk.
There is no point in acting like money doesn’t matter. It does, and pretending otherwise is a sure-fire way to lose your best employees. With this in mind, it is vital that you come to a compromise. Of course, employees want more money and you want to slash the wage bill. However, you must have some type of structure to recompense the quality workers and give them something for which to strive. If a person knows they can bump up their wage by 5% with a promotion, they will stay. Also, remember to keep the amount in line with the rest of the industry. A 5% increase of nothing is not going to help you compete with your rivals.
Provide Extra Benefits
The idea of paying more might fill you with dread. Not because you are a scrooge, but because the firm doesn’t have the money. After all, small businesses don’t have limitless resources yet need top class talent to grow. It is a catch 22, but it is solvable with employee benefits. Offering features such as flexible working hours and health insurance is one way to turn their heads. It is important to remember that workers want a good wage as well as a healthy balance between life and work. If your financial offerings aren’t up to scratch, extra benefits can provide added value.
Apart from dental and health care, employees want challenging work. They want to feel trusted and tested when they come into the office in the morning. Sadly, it won’t happen if you keep all of the power and expect them to follow orders. Great bosses understand that the best of the best aren’t kids, and they never treat them as such. So, simply allowing them to make a decision is enough to empower them and keep them happy.
What’s great about this trick is that lots of employers won’t do it, so you have an advantage.