How Do You Pick and Keep the Right People?
by Brian McKay
A resignation letter from a top talent can be costly for a business. A 2017 report by the Employment Benefits News revealed that it could reach up to 33% of the person’s annual salary. The more senior the employee is, the more expensive it gets for the company.
The cost comes from many factors, including looking for replacements and eventually training them. During this period, one employee down means reduced productivity and efficiency for the entire team.
Although companies cannot keep anyone who pursues better opportunities, they can explore many options to decrease the likelihood. Here are three ways to hire and retain the best people:
1. Screen Employees Thoroughly
An underperforming, incompetent, and overall terrible employee is a liability for the company. It also demoralizes the entire team and reduces engagement and motivation. If you want to avoid having one, the screening process must already be thorough.
The HR department can consider the following ideas:
- Spot the lies on the resume. Besides a smart interview technique, recruiters can work with a team that can perform back-door background checks.
- Provide a personality test for applicants, such as the Adam Milo exam. The result will not be the only criterion for hiring, but it helps the business find the best fit among the candidates.
- Use an applicant tracking system (ATS), which will immediately narrow down the choices by screening out candidates that didn’t meet the initial qualifications.
2. Improve Benefits
No doubt about it, salary matters to all employees. One reason employees lie on their resume is to have a shot at a higher pay grade someplace else. But talents these days also expect benefits. Many companies cannot provide what would truly count to them.
In a 2016 survey by HSRM, employees valued paid time off with a total satisfaction rating of 71%. In the Philippine setting, this translates to medical, vacation, maternity, and paternity leaves. Some businesses now offer a paid “holiday” on the employee’s birthday.
Next on the list is healthcare, which is understandable since medical care costs a lot of money. In the Philippines, a night in a private hospital can be worth over P2,000. A visit to a specialist might mean spending P500.
Other valuable benefits are:
- Flexibility (e.g., ability to telecommute or work from home)
- Pension or retirement plan
- Family-friend benefits (e.g., scholarships or childcare)
- Wellness program
3. Create a Conducive Work Environment
There are two ways to do it: design and reduction of workplace conflict. In a survey of 1,600 employees, over 55% of them valued air quality while half said they wanted a more comfortable light. Other factors essential to them are:
- Water quality
- Comfortable temperature
- Connection to nature
- Comfortable acoustics
- Healthy food options
Tech offices of Google and Amazon became templates for other workplaces not only because they’re cool but also because they are employee-oriented. Google, for example, provides sleeping pods and cubicles, which are ideal for introvert workers. Amazon combined natural elements, with plants helping reduce stress levels.
Employers also need to reduce or avoid workplace conflict. Any tension can impact an employee’s mental well-being. As their stress increases, it can affect their performance and productivity. In a US survey, around 34% of employees take time off work because of burnout.
Amazing employees are the lifeblood of any business. While they will have the final say about their career, doing everything to keep them will be beneficial for the organization.