Hiring & Managing Staff: Lesson 6
Employee Retention Strategies
Small business specialist, Gregory Jones, discusses employee retention strategies. He covers three main areas, which are how to retain employees that you currently have, why employees leave, and how to hire quality staff.
Topics:
- Developing Retention Strategies
- How Do We retain the Employees We Have?
- Why Do Our Employees Leave?
- How Do We Hire Quality Staff?
Test Your Knowledge
To receive credit for taking this course through TSBDC, watch the video and take the quiz that will appear below to demonstrate your knowledge.
Video Lesson Topics
- 0:24
- Developing Retention Strategies
Once you have reviewed some exit interviews of employees, you can begin developing some retention strategies. First, ensure that you have a competitive salary and benefit package compared to the competition, as well as the industry you are operating in.
- 0:43
- How Do We Retain the Employees We Have?
You need to show appreciation for your current staff. This can be done by making sure you have an evaluation process and recognize them for the work they are doing. It is also important to reward your employees, whether it’s monthly, quarterly, or performance based is up to you and what best fits your business. A recognition program such as “Employee of the Month” or offering gas cards is also a great way to show your appreciation.
- 1:22
- Why Do Our Employees Leave?
A common workplace issue, especially with millennials, is boredom. They often feel like they are not being challenged enough. Another common issue is feeling under-appreciated and not supported in the workplace. One of the most popular feelings among employees is feeling overworked. A lack of good work-life balance can also cause employees to leave. It is important as an employer to address the concerns that commonly come up in the exit interviews.
- 3:33
- How Do We Hire Quality Staff?
Some questions to ask about new staff is, “Will this person stick with our company?,” “Will they grow with our company?,” and “Do they see a future in our company?”. Base your questions on finding the right individual to fit the needs and carry out the vision you have for your company. Fair treatment for all of your employees is extremely important. You also need to ensure that your managers are trained to manage and deal with a variety of issues.
Topics & Lessons
Each Below Topic Contains a Video Lesson and Helpful Downloadable Information
Employment Law
Employees or Contractors?
Hiring & Onboarding
Diversity & Inclusion
Remote Workers
Employee Retention Strategies
Employer Obligations
Workplace Safety
Building and Training the Right Team
When the Employment Relationship Ends
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