Higher Employee Retention, Better Profitability
Employee retention is critical to maintaining the profitability and success of any business. Not only are top, long term employees by default, brand-loyalists, but they are a company’s best calling card. While it is true that most HR professionals and business owners understand the importance of retention, some have little knowledge of how to vet the best employees at the initial interview. Believe it or not, there are predictability factors that can ensure higher retention rates. How does an employer do this? Simple – learn how to interview candidates more effectively. It is proven that with effective interview strategies in place and access to expert coaching and training programs, like those at Chuck Bauer Business Consulting employers are assured better employee retention, better profitability, and a happier work environment.
Tips to a More Effective Employee Interview
In a recent Harvard Business Review article, Claudio Fernández-Aráoz, a senior adviser at global executive search firm Egon Zehnder, said it’s best to “budget two hours for the first interview so that you are able to “really assess the person’s competency and potential.” The importance of preparation, training, and strategy at the start of hire, is key to the success of your employee and of the company. On the day, be prepared. This will ensure, a more effective, less subjective interview. Have a list of open-ended questions in place requiring the candidate to elaborate. For instance, if a position is customer service-heavy, one might ask, “You will be dealing with customers throughout 90% of your day. Do you think you communicate well with people and why?
Also, describe the job fully, the good and the bad aspects. If an employee is highly qualified and sought after, maybe even a little over-qualified, the interview may be a good time to sell the position’s potential or forecast the future growth potential of the company.
Employer/Employee Training and Coaching is Key
Lastly and probably most importantly, implement training programs. Training and development ensures success for new hires and brand profitability for employers, as well as assuring higher retention rates and the possibility of promotion from within. Internal promotion practices offer incentives for employees to remain loyal – retention, retention, retention!
In fact, according to Inc. in a piece titled, 5 Reasons You Should Be Investing in Employee Development, high employee retention is much more likely if a company implements training and development programs:
Employee retention is a huge challenge (and expense) for employers. So is the hiring process. Having a solid employee development program can help make that less of a burden. By offering training, continuing education, and conference attendance, you will attract employees who are looking to better themselves. That’s an employee you want to hire in the first place.
At Chuck Bauer Business Consulting, we not only offer training for sales and business, but we are also the industry leader in coaching and training seminars. For any employer wanting to improve sales performance or employee retention, register today for our Hiring to Retaining Mastermind Group. Enrollment has been fluid and there are only a few spots left, so register now. Learn best practices and techniques that will make your company more efficient and profitable. If you want to experience the same successes as Chuck’s clients and client companies, call us NOW! 877-958-8189 or contact us at www.chuckbauer.com