It doesn’t make sense for any company to continuously fire their employees as a cost cutting measure. This in a tight economy where saving on expenses is valuable for profit, while the market for talented skilled workers is becoming scarce due to automation.
The last thing any company wants is high employee turnover. Not only is finding new employees extremely costly, but it’s also time consuming when it comes to training these new workers to refill the vacant positions, as new replacements are needed.
So the best solution for any company, is to keep their employees. What’s found however is that the new workforce is a finicky one. The Millennials entering this workforce are found more vagabond in nature, so the key becomes complying to retain them.
What’s diminishing are the workers who want’s to stay at a company for decades, this through thick and thin, while the employers supply this opportunity. The strategy still remains, which is keeping the best workers.
Promote “Purpose” In Employees
Other than just getting paid, what employees want is work that matters and contributes, this especially true when it comes to the younger workers with entry level jobs.
What Millennials, who are those entering adulthood and the workforce around the year 2000, have are different objectives than the previous Gen X’ers and the Baby Boomers.
Millennials have no qualms when it comes to leaving a company, this for the purpose of finding more meaningful sustainable work elsewhere.
So what some companies are doing is creating a purpose, this by offering these employees a reason to adopt their newly established objectives of environmental and cultural viability.
What Millennials seek are jobs which serves a purpose, companies that contributes to the “save the planet” protocol, to find communal purpose in what they do.
Challenge More Growth
One effective method is to give the most promising employees, the opportunity to move around between varied work assignments within the company, this to keep them interested, while diversifying their skill sets.
What doing so keeps them alert and refreshed, as introducing new tasks grabs their attention by challenging them. Anyone who is forced to think is known to reactivate their enthusiasm and perform better, this individually as well as within their team.
Set Goals And Then Reward Them
The greatest of companies to work for, does is recognizes individual accomplishments, while also focusing on rewarding collective group contributions by acknowledging them.
For instance, what a company will do is set revenue growth goals, then show the progress of revenue on a daily and monthly basis. If the goals are reached by active employee contribution, then they receive a bonus.
What doing so does is it keeps the employees motivated and engaged, doing everything they can to contribute to increasing the bottom line, making them feel part of the company.
Encouraging Creative Innovation
What everybody wants is to feel involved in some way, this by doing their part to contribute any way they can. What every company wants is an edge over their competition, so they invite ideas from their employees to offer innovation.
If a company happens to be manufacturing widgets, which isn’t a high-tech complex product, the process that it involves however can be complicated, so ideas are invited to ease the process.
So what some companies are doing is encouraging every level of employee to come up with better solutions, and will reward the best ones. What these internal incubator methods does is encourages the employees to be part of the process.
Revising Corporate Structure
Everyone wants to work for a good company, so think of the best bosses that you’ve worked for. Were they approachable and humble, or were they “old school” and a tyrant.
What employees want to know is if the company is genuinely interested in their welfare. Do they offer health benefits, do they have plans in place so they’ll be financially set once they retire.
Committed For The Long Haul
One thing for certain is that the economy will constantly fluctuate, gain strength and then weaken. During these times of financial uncertainty, does the company lay people off, this to save their profit margins.
It’s found that the best companies, when the economy does go bad, won’t lay off workers but may reduce their hours, while continuing to maintain their employee benefits.
Once the economy rebounds as it always does, these companies will then reward their most loyal employees who hung in there though the tough times, by giving them a bonus.
This in appreciation for staying with them. What doing so does is buys a lot of loyalty with the employees, knowing that they’ll both be there through thick and thin.
And The Biggest Expense Is…
The biggest expense for any company are their employees, so why would any company actively engage in the constant hiring and firing of them, what purpose does that serve.
The practice of hiring, training, and keeping employees would be best business practice, as employee turnover directly affects their profit. How dysfunctional does the company need to be to treat their employees this way.
Cut Loose Bad Employees
Conversely, some companies will just ruthlessly fire their worst performing employees, as they’ve become too costly to maintain. Once they isolate a bad worker who’s not pulling their weight, they’ll just let them go.
What they’re doing is cutting away dead weight, and perhaps also doing the employee a favor by releasing them. The situation has become toxic, so it’s become best for both parties to depart.
There is no point keeping an unproductive employee where there’s no future in sight, as they’re undisciplined, lazy, unreliable, with a bad attitude. It’s better for all parties involved to just part ways.