The processes of hiring and training new employees are an investment that any company knows will be worthwhile for growing their business. Discerning the candidates who show the most promise when it comes to retention and longevity isn’t always easy. How can you screen incoming candidates not only to find those most qualified, but also to discover those most likely to stay with you long-term?
Ask Them What They Want
Taking a moment in the interview process to recognize the goals of the interviewee is helpful when determining if they are in it for the long haul. Seek to understand their schedule, lifestyle, and interests to be certain that the job they have applied for will be fulfilling and accommodating to both them and the company.
Once you have established that their needs can be met through employment with your company, there are other initiatives you can implement to encourage the longevity of the candidate’s career.
Develop a Sense of Purpose within the Role
A sense of purpose has many facets and is achieved by both the employee and the company. These days, more people search for a role that fulfills a desire to contribute to something larger than themselves as opposed to the transactional relationship of working for a paycheck.
Companies can foster this desire by giving the employee a connection to the work they do, and the impact it creates. That impact can be something as simple as how they make the work culture more positive, or how the employee has streamlined a process and made his or her department run more smoothly. Recognition of an individual’s efforts and continued appreciation for the employee will encourage the employee’s connection to his or her work.
Provide Continued Education through Local Colleges
Another way to encourage longevity with your company is to provide continued education through local colleges. Many colleges offer programs to employees who seek to upgrade their job-related skills, and employees often take pride in working for companies who create more opportunity for them to grow.
Career Programs with Education
Providing education in the form of career programs may also suit the employee and the company well. Weekend workshops and conferences allow an employee to gain new knowledge and skills without interfering with their work and weekday schedules.
Challenge over Complacency
The overarching theme of keeping someone on your company’s team long-term is providing opportunity for growth and connection. While there are monetary incentives to deploy, employees find great value in being challenged and appreciated.
Consider recognizing employees when they seem to effortlessly get through their job roles. After thanking them for their contributions, suggest they take on new responsibilities or allow them to lead a discussion group on topics they’d like to share with their colleagues.
Incorporate Stay-On Bonuses
One way to encourage employees to add value to the company for years to come is to provide an opportunity to earn a stay-on bonus. While this approach generally surfaces when a company struggles and desires to keep their most valued employees that they know can help them weather the storm, it’s becoming more widely used. Businesses offer this to foster a sense of trust and boost morale for their employees.
Offer Phantom Stock
Cash bonuses can encourage the longevity of an employee’s career if the company chooses provides phantom stock as an incentive. In this contractual agreement, the employee may be granted a cash payment from an equivalent number of shares of company stock at a pre-determined future date. This approach encourages participation from the employee in the success in the company, because when the stock price rises, so does his or her payout.
There are many reasons a company values its human capital. They desire to find candidates who can integrate their lifestyles and skillsets with their careers to bring value for years to come, and WorldBridge Partners can help you source those loyal candidates. Contact us to find out more about hiring employees with high retention.