Local Business Coach Offers Retention Advice
In the manufacturing world, many employees have skills which are very much in demand in today’s labor market. With the shortage in skilled labor, tradespeople and those with relevant skills can figuratively name their price in many scenarios, causing many companies to experience their own shortages when their best people jump to other companies.
Retaining top talent, as well as hiring new employees, has become a hot button issue for companies over the past few years because of one of the most competitive labor markets of our generation. Employees have experienced just as much power as employers in the recruitment process, and the last thing you want as a business owner is to begin searching for a replacement for a talented person.
As a business coach based in Upstate South Carolina, I work with many companies ranging across various industries and of different sizes and structures. Since we are home to many major manufacturers, it’s been easy to see the impact of the labor market on the field and local companies as well as international corporations are all fighting to get the best people on their teams.
In this article, I will discuss a few points to remember when trying to retain your best people. Between searching for a replacement, going through numerous interviews, and experiencing loss for each day the job is vacant or a replacement is properly trained, hiring a new employee can be a costly and tiring process. Keep these tips in mind to avoid this arduous process.
Encourage Feedback
Owners of companies are quick to forget the value their team members have and the knowledge they carry regarding their operation. Owners and managers must realize that their people are the true experts of their companies and their opinions matter. Encouraging your people to share new ideas and rewarding innovation is a great way to keep people engaged and invested in your company’s success, ultimately keeping them on board and highly motivated.
Remain Competitive
Rather than get into a salary negotiation with an employee who is considering leaving for another company, smart business owners stay current on what their competitors are doing and try to stay ahead in compensation for their own people. Being proactive and offering a competitive salary, benefits and incentives to your existing team members will not only help with retention and morale, it’s simply good business to keep talented people on staff rather than rolling the dice with a replacement.
Offer Advancement
If you have high performing people, offer them a road map to move up in the company, create new positions for them or fund their pursuits for education or other certifications which can help them in their job. If a person can see themselves moving up, they are much more likely to stay in a company and work toward the goal.
Ready to learn more about employee retention? Give me a call or fill out the form on my website today to learn more about how you can keep your best people on staff.
