Hiring the right people for your company is key to long-term success, both for the company and for your employees. It means less turnover, less disruption and, more often than not, a happier, more productive work environment for all.
Following are some ways to turn that new hire into a long-term employee.
A strong benefits package
Salary is important (more on that below), but there are a number of elements that contribute to a well-rounded benefits package.
These include good health insurance, dental insurance, a flexible spending account (FSA) or health savings account (HSA), a 401(k)/retirement savings plan that includes a good company match, a competitive paid time off (PTO) policy and other PTO measures, including maternity and paternity leave and bereavement. Long-term employees want to know you care about them as people, not just for what they can produce for your company.
Money talks, indeed. If you don’t offer competitive salaries, you risk losing the best candidates to your competitors. If your business is a start-up or in a growth stage, a strong benefits package can make up for lower salaries than the competition.
Companies can take an average of 25 days to fill open positions. Communicate with strong candidates as you go through the stages of the hiring process. Don’t let your best candidates get away because you couldn’t find time to get back to them. You’re interviewing them, but they have to choose your company, too.
If there’s an unexpected delay in your hiring process, reach out and explain rather than leaving them wondering and looking elsewhere.
Growth track for the position
Finding a new job can be stressful. Ideally, most employees would prefer to stay with their company rather than spend time updating their resume, job searching and interviewing. But if there isn’t a clear growth track within their current role, potential long-term employees become short-term employees as they look for development opportunities with companies elsewhere. The average worker today stays with their company just 4.2 years.
Candidates who wish to stay with your company for the long haul will often ask about a position’s growth track during the interview process. Explain your company’s performance metrics and review process so candidates understand how they will be evaluated. Discuss where you see this position in 1, 3, and 5 years. Setting expectations up front eliminates surprises and unhappy employees in the review process later.
Discuss additional benefits beyond promotions, too. When do they get to manage others, lead projects etc.? Explain how salary increases, additional PTO is earned, and other benefits employees become eligible for work as they progress and advance.
A good culture fit
Have strong candidates meet with multiple company employees beyond the hiring manager and HR team. Ensure there is a good culture and personality fit rather than focusing solely on a candidate’s skillset and background.
Everyone spends a lot of time with co-workers, and those that respect and enjoy each other tend to yield stronger teamwork and results.
Strong long-term employees can be hard to find, but they’re worth taking the extra time to do so. They can lead to great company productivity, culture and growth.
Herus Group can help you craft a strong benefit package that helps retain employees for the long-term. Call us today to learn more about what we can do for the future success of your business.