For me, the recruitment and retention equation is simple: good people + good processes = better outcomes for clients and, in turn, better profitability for the business.
My experience has shown that in a service based business, consistency signifies stability. Client relationships are built over time so retention of quality staff deepens client trust. That’s why I invest in recruitment and retention. Here are my top tips.
- Make sure your needs and people offer are clearly articulated. Don’t just advertise a job; advertise a career.
- If you haven’t had experience in interviewing prospective employees, do a practice run and be prepared, because they will judge you by how well you perform, as much if not more than you are judging their suitability for your business.
- Most of the prospective employees I meet with are looking for a “home” where they can make a difference, so make sure your offer provides scope for those who want to achieve, and that you are readily prepared to reward those who do.
- Be prepared to use reputable recruitment and selection firms for more senior roles to get access to hard to find talent.
- Once you’ve located a “star”, do all you can to retain them. You don’t want to become the training house for their next job, as this can be an expensive exercise.
- Ensure reward and recognition delivers to each individual’s need; for some, money, although important, is not always the answer. It’s also important to reward behaviour that aligns with the values of your business, as well as those who achieve their set goals.
- Make sure any bonus or commission based initiatives are simple to understand, fully transparent and reported regularly. It’s pointless making an employee work towards a target or offer they feel they can never achieve; the outcome is counterproductive for everyone, with bad client outcomes, disengaged employees and HR headaches for business owners.
- Think about collaborative targets for your staff and bonuses that are paid from profits. This way everyone contributes to the end goal and then enjoy the benefits.
Attracting and retaining talent is key to your business success. With the right people, you can change and develop the culture within your business.
By Chris Yena CFP, General Manager, Warringal Financial Services