Employee turnover is not a once in a while thing. It happens every day. It happens with big companies as well as small companies. However this has more adverse impact on small businesses. First they have to put enormous amount of time and money in order to hire a right talent for their company and if an employee leaves the company then hiring a new employee again becomes quite frustrating, challenging and costly affair for small businesses. So, is there a way out for small businesses to avoid employee turnover? There is no fixed formula for it but for sure there are some common ways which small businesses can apply to retain employees. Here are some of those.
- Hire right people
The process starts right from hiring right candidates for your business. You should not just focus on talent and skills of the candidates. You also need to assess whether the people you are hiring are right fit for your company’s culture or not. How do they behave in certain situations? This can be assessed by asking some behavioral questions during the interview. Do inform them about your company culture and how the work happens on normal days in your company. One who accepts and fit into the small business culture from the beginning has possibility to stay in that company for long. And for better advice and support for this you can look for best HR services in Delhi and NCR.
- Offer good salary and benefits
No matter what, good salary cannot be replaced with any other things. You must offer competitive salary to your employees. Money matters a lot for employees to fulfill their financial goals in life. Everyone has to pay for living, food, travelling and other expenses. You must check the industry wages being paid by your competitors in your local area at least. Once you offer a good salary to your employees then it cover well one part of financial offering. Apart from paycheck you also need to offer other benefits which are essential like health insurance and some non-essential benefits like catered lunches. This shows that you care for your employees and thus you reduce chance of employee turnover.
- Put the regular communication and feedback mechanism going
Once you have hired right people then your job is not done there. Your work starts from there in fact to keep employees motivated and encouraged to give their best for your company. If they get the feeling that there is no proper communication between leadership and junior level employees then they will start searching for new job. You need to keep the communication line open and transparent where everyone can share their ideas and discuss issues as well. Feedback is very much required. You must ask your employees what they think about the company, seniors and colleagues. If employees need to improve somewhere then seniors must tell them in an appropriate manner. This can be achieved through regular meetings.
- Engage them
If employees feel they are being valued in the company then they will stick to your company. But if they feel receiving no value then they will surely look to switch their job. Small businesses must make effort in making employees feel that they play an important role in the overall operation and growth of the company. They should be made a part of future plans and how they can grow by putting in effort to make business grow. If you are a small business and looking for best HR services in Delhi and NCR then you can contact us.
- Show your employees their career path
Every employee wants somewhat clear career path for himself/herself. As a small business your responsibility goes even higher to show your employees a great career path else like many others they can also very easily get attracted towards big companies. If you chart out and communicate a clear and bright career path to all your employees which they find best for them then you can avoid the issue of employees turnover to a great extent.
For a less or no employee turnover you can take services of best HR services in Delhi and NCR where the experts will guide you about avoiding employee turnover in detail after understanding your business and its requirements.