As your company grows, one of the most important investments you can make is employing a quality team. Payroll is a major expense, so having a plan in place to hire the right employees is essential. Attracting quality candidates takes finesse and keeping them requires thoughtful employee retention strategies — here are five steps to consider implementing in your business.
1. Share Your Vision
Invest the time to create your company’s vision statement. It may start with your own personal vision statement and then build from there. Look where you want your company to be five or ten years from now. How can you serve your clients? Have your current team help with the process and include your goals in the discussions. Include your vision statement on your company’s website and post it around the office. Refer to it in your meetings. If you have a vision and can easily share it, you will attract like-minded individuals as your employees.
2. Develop a Team Culture
They say that no man is an island — no woman is an island, either. In order to lead your team, they need to be included. Just like they helped with the vision statement, their opinion and skills will move your company forward. Develop that team culture and you will have a stronger company. Make sure office politics don’t creep in. All should be heard and respected, and their suggestions should receive feedback.
3. Pay Well
If you want a team that is highly qualified, you need to pay for their talents and skills. It’s hard for employees to be excited about coming to work if they don’t feel they are fairly compensated. Be clear what future raises will be based on and if there is a possibility for promotion.
4. Benefits Package
Potential hirees may be attracted to additional incentives, such as a strong benefits package. Typical benefits include medical and dental insurance, paternity leave and vacation pay. Any pension programs or 401(k) plans should be guaranteed through ERISA bonds. Consider offering an education budget to cover your employee’s college expenses or a stipend for the technology they need.
5. Create a Positive Environment
Choose an office location and building that is attractive with fresh paint and flooring. Employees love options of nearby walking trails, a workout area in the building and a staff lunchroom that includes a massage chair. The emotional environment is just as important. Lead by example with your positive attitude and appreciation for your team. Many employees stay with their company for years if feel valued.
Attracting and retaining the right employees will make all the difference in your success.