As entrepreneurs, you've all interviewed potential candidates yourself, and you've almost certainly asked them about their strengths. Strengths that make the applicant stand out from the crowd. But more and more often the question is mirrored and asked to the company.
What added value does the job offer the applicant compared to other employers? Particularly among the younger generation, quality of life and work-life balance are playing an increasingly important role and are deci more often about which employer applicants choose.
However, employee retention or benefits have a reciprocal effect and also add value for the employer. Because they have an effect on employee satisfactionThis has a positive effect on the bond with the employer. Factors such as loyalty are strengthened and ultimately, above all, the risk of failing as a company due to the human factor is minimised. Because a high fluctuation rate, many sick days and a general dissatisfaction will also have an economic impact on a company. Because:
- High fluctuation means a time and also financial investment in application, recruitment and onboarding processes.
- Many absences and sick days mean high wage costs without productive performance of the employee. Less is produced or tasks are left undone, if not an additional employee has to be hired.
- A continuing, general Dissatisfaction not only leads to a reduction in productivity and quality of employee performance. At the same time, motivation decreases and attention also decreases. This combination leads to an increasing number of accidents in the workplace.
Grievances do not lead to success
However, it is not only the lack of personnel that can become a problem. Unqualified, poorly trained or incorrectly trained staff also does not lead to success. Because poor quality or poor service affects the image and the image, as is well known, affects success.
Malfunctions in a single department can have consequences for the success of the entire company.
An example from our practice:
We support a manufacturer with in-house production and sales. The sales staff are motivated and sell around 6,000 products per month. However, production can only produce 1,500 items due to understaffing and poor equipment, while management sets the sales target at 9,000. The targets are not feasible, so the sales force is demotivated. The back office is frustrated due to high customer complaints. The balance becomes more extreme until the structure collapses and the consequences can't be contained: Employees leave the company, customers turn away, sales continue to collapse.
As a business owner, you need to develop the optimal strategy for you to create the balance of employee satisfaction, retention, and advancement in order to sustain growth as a business. After all, once you've invested the time and money to get staff up to speed and fully capable, what's to stop them from moving to the competition?
In every company there are key positions or people who play a particularly important role due to their knowledge, experience or similar. Have you identified them in your company and what are you doing to keep them? What would be the consequence if they left your company?
Have you dealt with the issue yet?
Do you know how many total days absent your employees have in the past 12 months and how the result compares to your industry peers?
You already have a comprehensive offer for your staff: are you sure that your employees not only know about it, but that they are also aware of the value of these benefits?
The focus of employee retention is communication
No employee can fully understand what his employer invests in him in addition to his salary - if the company does not communicate this clearly.
These include benefits such as: Insurance, profit sharing, company car or company bike, health care and fitness offerings, additional (financial) options for retirement, education, or even company loans.
With more than 10 years of experience in employee benefits consulting, we are sparring partners for the development of your employee strategy.
We help companies and employers analyze their own workforce and potential problems and think outside the box to find possible solutions.
We help with recruitment and together we find innovative ways to make the company attractive to the "right people" and keep them employed for the long term. Possible approaches include the following services: