Category Archives: Tips

  • 0
training and development

How to Use Employee Training as a Retention Tool

Category : Tips

What do you think, how often do people change jobs these days?

It might be more often than you think. As CNN Money reports, a new LinkedIn study revealed that young people change jobs a lot more than their parents did in the past.

According to LinkedIn findings, on average, people now have four job changes by the time they’re 32 years old. Furthermore, some of them don’t just change jobs, but often switch into entirely different industries as well.

Unsurprisingly, the biggest portion of job-hoppers works in media, marketing and entertainment.

employee retention

What’s the Reason Behind this Trend?

These statistics indicate that the era of employment for life is seemingly over, but what’s the reason behind it?

Basically, most millennials want to move up the ranks faster than their parents. And wouldn’t you know it; one of the quickest ways to do this is to change jobs every few years. A new role in a different company often comes with a noticeable pay raise.

According to CNN, people who find a new job can hope for a 15% raise. On the other hand, a person that stay in the same company (and more importantly, in the same role) can only hope for a 3% raise – and that’s the best case scenario mind you.

Looking at these numbers, it’s not hard to figure out why so many business leaders are start to put more and more emphasis on employee retention strategies within their organizations.

How Can Companies Curb the Turnover Rate?

Most organizations are trying to combat this by offering their employees raises, a number of benefits and a multitude of incentives. However, experience – and not just work experience, but life experience as well – seems to be what employees are looking for nowadays.

According to Navigating Ambiguity: Career Research Report, 35% of employees want their employees to provide them with learning opportunities that will help them further develop their skills and careers. This number is up 7% from ten years ago.

Paradoxically, the number of organizations that offer development benefits has decreased by 3% during the same time period. And while some companies are focusing on social networking as way to help their workforce develop, only 20% of employees see this as useful, according to the same report.

employee training

The Benefits of Employee Training

Natural, some employers don’t want to spend too much money on employee development, because they are afraid that any of their employees might take those skills and simply leave.

But this can easily become a Catch-22, because as we mentioned earlier, employees who are not given enough opportunities to develop their skills grow disengaged and dissatisfied over time until they finally leave the company at a certain point.

But there are actually several good reasons you should invest in proper employee training. As the experts from the sales recruitment firm Pulse Recruitment from Melbourne explain, some of the benefits of employee training include:

  • Increased Satisfaction in Your Workforce

Nurturing your top employees to develop more rounded skills will allow them become more engaged in their work and help them contribute to your organization. What’s more, if you create an employee development plan that will help your employees advance within the company; they will see this as the first step toward a future promotion.

  • Added Efficiency and Flexibility

You can easily train your staff members to be capable in more than one aspect in your business. For instance, you can teach them to be proficient in different areas like administration, operations and even sales. This will keep your workers engaged and it will also be helpful when you’re setting up schedules or filling in for absences.

  • Firm Company Culture

Once you start prioritizing employee training and development, you’ll send a clear message to your workforce that their future is important to you and that you want to be a part of it. And if you get involved in the process, and share some of your experience and knowledge with them, you’ll establish yourself as a serious leader, who is willing extra work to keep his employees satisfied.

Final Thoughts

Statistics gathered by the Dale Carnegie Training Center show that worker turnover accounts for more than 11 billion dollars in financial losses for American companies every year.

So if you’re worried about the costs of employee training, just keep in mind that these costs are nothing compared to the money you’d waste trying to discover and hire new employees.

Save

Share Button

  • 0
Retain an Unhappy Employee

How to Retain an Unhappy Employee

Category : Tips

Unhappy employees aren’t just a personal problem. It’s obviously less enjoyable to work with someone who isn’t happy with their current position and responsibilities, but there’s much more to it. Those with lower job satisfaction also have lower productivity rates and make more mistakes. Job-related injuries are also much more frequent with people who don’t like their jobs. This means that an unhappy employee can cost the company a lot of money and, if the word gets out (and in some industries, it’s impossible for it not to), your reputation could also be endangered.

So, trying to retain an unhappy employee is definitely worth it. Talented people are not easy to find and respecting your employees shows that you care about the people making your company work.

Encourage communication

It’s important for your employees to feel comfortable enough to express their concerns openly. The best way to do this is to create a forum designated for that exact purpose. Set up a date on which everyone (regardless of their position in the company) will be able to review each other and talk about their future role in the company. Also, if you know someone is feeling underappreciated but doesn’t say anything – approach them in private and talk about the matter honestly and openly. It may sound too simple, but it’s often enough.

More free time

A lot of employees believe that more free time is a better reward than more money. A longer vacation would be especially appreciated after the completion of a long and difficult problem. Sometimes, a short business trip could serve as a vacation as well. A change of pace and scenery is all it takes to shake things up creatively and put your employee back on the right track. Conferences and meetings in between won’t even feel like work.

retaining employeesGifts and perks

Small gifts and perks are sometimes all it takes for the employee to feel appreciated. To avoid having to choose the right gift for each employee, you can use Eftpos gift cards and let employees choose the gifts themselves. These could be distributed after an important task or just as a random present to boost morale around the office. Simple perks like parking spaces, office gym or a break room could have a similar effect because they’ll make your employees feel like their work is being noticed and appreciated.

Career pathway

Most of the dissatisfaction comes from feeling stuck in the same job for a while without the possibility of advancement. The easiest way to rectify this is to make everyone understand what their career pathway is. That means that promotions should happen on a regular and scheduled basis and that each employee should know how and when their performances are being reviewed. Start by establishing a clear metric of success and be open about it with your employees, especially if you are running a smaller company where there’s no clear division of labor. Everyone should know what their evaluation is based on and how to improve their performance.

Work-life balance

Maintaining a healthy work-life balance is a key to productivity and personal well-being. Helping your employees achieve this will create an environment in which your employees will be able to share personal information and create the workflow around it. For instance, a young parent might need more free time as well as someone going through a family crisis. Those who want to pursue a new education path might benefit from full of partial tuition coverage (which could be repaid in numerous ways).

Investing some time and effort into retaining an unhappy employee can be much more beneficial than going through a process of finding a new one and helping them find their way around your company.

Save

Share Button

  • 0

How A Loan Broker Can Help With Financing Concerns

Category : Tips

Companies understand the difficulty of being required to meet deadlines on a regular basis. From marketing to cost management, they have to juggle everything in order for the operations of the company to go efficiently. With a tremendous array of to do list, entrepreneurs resource to getting help from the specialists. One of the options that they have is employing an SME loan broker. A certified SME loan broker can immediately ease the challenges of business owners. How? Check the paragraphs below for more information.

To help make best use of resources
With the amount of work that company owners are getting on a daily basis, they sometimes forget about resources that can make a huge difference on their business. This is when a reliable SME loan broker can help. A SME loan broker has a good comprehension of the uniqueness of having a small business and how to increase the business’ resources.

To pay based on the approval quantum
To guarantee that you are getting what you paid for, you will find SME loan brokers that charge services depending on the approval quantum. Which means that in case the loan agents fail to obtain financing for the client, there will be no costs.

To get a fresh new perspective
There are times when business owners themselves can not see the troubles in their own business and they require a fresh pair of eyes to provide them solutions. SME loan brokers are trained to analyze business data and also to develop strategies. That’s why many business owners rely on their experience to solve their unique issues.

Remember that one of the best methods to ensure a business’ achievement is if the people creating the business have focus to detail. And this will not be feasible if the company owner has overpowering amount of work load every day. In case you think it’s time for you to hire a certified SME loan broker, trust only Capitalize. Count on them for high quality solutions that are the best!

Share Button

  • 0
Basic Necessities For Getting Health Insurance

Basic Necessities For Getting Health Insurance

Category : Basic Necessities , Tips

Although insurance is a very basic requirement for people in these modern times, it isn’t always easy to apply for it.

You need to locate the right policy plan that will meet all of your needs, apply for it through filling in the forms, and then submitting all of the necessary documents to an insurance company.

“Read More”

Share Button

  • 0

Money Lessons You Can Learn From Donald Trump

In the last few months, Donald Trump has been in the spotlight even more often than in the past. He is known, of course, for his substantial success in the world of business, his successful television show, “The Apprentice,” and most recently for his presidential campaign which is unorthodox. Although he seems to have many valid (or possibly crazy) ideas for his campaign there are actually some lessons that we can learn from Trump when it comes to money management and our money.

Bankruptcy

It seems that Trump has taught that you need to look deeply into a company and not just at the headlines when you are considering which company you should invest in. Trump himself has never filed for personal bankruptcy but quite a few of his companies have done so even though he is a very successful person. This is a hard money lesson to learn. It is actually a reminder that when you are on the path to success you must first fail in order to succeed. This is a hard but sometimes necessary lesson that everyone must learn.

“Read More”

Share Button

advisory help

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Recent Comments