Creating your own company and building it up into a successful business is a dream come true for many young entrepreneurs.
There are various aspects to consider when working towards a successful business. And because a business is as good as the people behind it, one of the most important aspects to consider, by far, is the people you have working for you.
Building Up Your Company: Hiring and Training Personnel
Whether you start with one employee and slowly bring in more workforce, or you start with 5 or more employees and continue growing their numbers, sooner or later, you will reach the stage of hiring and training personnel.
Both hiring and training workers are important processes in the development of a company, involving serious costs and time investments, so it is important to choose the best candidates.
Right from the start, when looking into each application, among all the necessary qualifications, the Human Resources specialist will also evaluate the candidate’s likelihood of staying with the company. One of the first tips for retaining your employees is to select the right people for the job.
Why Retaining Employees is Essential
It cannot be overstated that the efficiency of a business has everything to do with the people behind it.
The better trained they are, the more expertise they have in your field of work, their level of engagement with the company’s policies and values, as well as the familiarity with their colleagues, all contribute to maintaining your business as a well-oiled machine that will be a growing success for many years to come.
In order for all that to happen, it is important to be able to keep your well-trained employees, rather than to have a constant stream of newcomers, who need time to get familiar with the company, the procedures, the rhythm of work, and the business environment you’re aiming to maintain.
Lessons Learned from the COVID Human Resource Crisis
The last three years have been a shock on many levels, from the obvious healthcare and medical point of view, to a human resource crisis.
Jobs that had previously been unchanged for years, were suddenly impossible to perform safely.
We soon saw that what was until then a safe, clear career path, suddenly became uncertain, as many jobs became obsolete or impossible to do, and employees were both massively let go and massively resigned from their once safe jobs.
Strategies that worked for years, including creating a healthy corporate culture that is inclusive and open, ensuring development possibilities for everyone, and listening to the employee’s feedback, seemed to not be sufficient to keep up with the trend of personnel loss.
We learned the hard way that just offering employees some bonus payments, or promises of career advancement, or having their picture displayed in the “employee of the month” newsletter section would not cut it, and would no longer make them want to stay.
Employee Retention Strategies Post-Pandemic
As the unemployment crisis continued to unravel, human resource experts came together and started looking at patterns in organizations, in order to determine what works and what no longer does, and began coming up with new strategies employers could apply in order to adapt to the changes in the work environment.
The need to slightly switch the focus from material benefits towards a more humane approach became clear, and human resource executives started looking at other ways to retain talents. These may include:
- Incorporating flexible policies where possible, such as remote work options.
- Creating a sense of purpose and belonging for the employees, especially for those working remotely.
- Having deeper and more honest conversations about what your employees want from their careers, as well as how that integrates into their personal lives, to create a meaningful balance between personal and work.
- Upgrading employee benefits, including healthcare, retirement, education, internet for remote workers, and more.
When it comes to your business, investing in the people behind it will save you time and money in the long run.
Our team at TSL Insurance Group can help you achieve that by providing the best worker’s compensation coverage to ensure you and your employees are covered while performing work duties.
With five office locations in Louisiana, we have continued to evolve over the last 50+ years and are engaged in constantly developing new ways to make your entrepreneurial dream come true.
Contact us for a free consultation, and let us help you find the worker’s compensation coverage you need!