All the answers to your unique business lifestage questions
Your business has flourished thus far because you know what you’re doing. In order to go further, it’s important to surround yourself with like-minded people who know the goals you’ve set out and how you plan on achieving them.
Recruitment is no easy task and could help or harm your profits depending on how well it’s carried out. So, if it’s high profits and customer satisfaction you’re after, it all starts with hiring the right people for the job and keeping them and your customers happy.
Related: 5 Tips to hiring the best employees
A bad recruitment decision can cost your business between 50% and 300% of their annual salary.
Getting it right first time
Hiring the wrong person doesn’t just cost you time, but money as well. That’s money leaving the business without any financial gain. Here’s why making the right hire first time can not only save you money, but also help you make more money:
- Clearly defining the role and job description helps eliminate time-wasters. Remember to hire not just for skill, but also for a good fit in the company culture. According to Thad Peterson, former director of content & product marketing at Globoforce, no matter how effective they might be at their actual work, an employee who is a bad fit is bad for your culture creates “culture debt”, poisoning the entire organisation.
- Asking the right questions during the selection process can only be a great tool when used in conjunction with conducting additional interviews with the representatives of the franchisor or some of your key employees.
Training new employees for success
Now that you’ve hired your dream team, it’s time to assimilate them within your business culture and ensure they offer the same service that you have worked so hard to develop.
New members of the team need time to familiarise themselves with the business’ operations, so an induction programme and some reading and on-boarding videos go a long way without bombarding your new staff with information. Giving specific examples of how things needs to be done is the best way to get new employees to replicate a winning formula.
Related: Hiring: the when, where and how
Mitigating high staff turnover
Well-trained employees are an asset and you want to keep them happy so they can stay and keep your customers even happier. Besides offering training and continued support, there are other ways to not only retain staff, but keep them content:
1. Offer employees rewards and incentives
Recognition is a vital part of employee life. The more appreciated they feel, the harder they will work and the better the service of your business will be. Make it a social occasion, or send out a weekly mail to encourage other employees to also get their names recognised for good work.
2. Engage with your people
An annual engagement survey won’t do the trick if you really want to know what your employees want and how they’re getting on with company culture. Implementing action based on survey results is good, but encourage staff to interact and engage all day, every day, and not just once a year online.
3. Encourage growth and development
No one works harder than an employee aiming to reach the next level in their career. Research has shown a direct link between lack of growth opportunity and high turnover. Creating opportunities for developing the skills and promotion of your staff shows them they are being invested in as assets to your business.
Related: 4 Hiring techniques needed to build a stellar team
Invest in your staff by offering them adequate training, growth and development opportunities, and ensure they fit in with the company culture to avoid a bad hire or you’ll lose time and money.