As a company leader, if you were to furnish your new office with an expensive suite of furnishings, you’d probably see this as a big investment. However, did you know that every person you hire to work for your company is also a huge investment? It has been said that each new hire equates to approximately a half a year’s salary for a worker being replaced. That can be significant considering the salary and compensation that each worker requires.
How well do you invest in the success of each new hire in order to experience a maximum return on this investment? Now may be the time to start viewing your employees as a valuable asset that can secure the future of your business. Here are some ways to invest in your employees and earn the return on investment you deserve.
- Only hire the best candidates in your industry. Great talent is hard to find, but it is absolutely vital to the success and innovation of your business. Utilize the resources available to you to source and secure subject matter experts and bring them on board with rewarding assignments. You’ll earn a solid ROI from the quality of the candidates you hire. Poor hires will only cost your company more time and money.
- Give your employees the tools for career growth. To work to full capacity, your employees need access to all the tools, technology, and support they need. Upgrade your computer systems, provide comfortable work stations, and encourage collaboration and education. Set up a mentoring system to ensure information is passed from one generation to the next.
- Provide above average compensation and perks. To attract the best talent, you need to offer something that your competitors cannot. Start high performance candidates off right with above average salaries, generous benefits, and corporate perks that they desire. Over time, these offerings will pay off as your employees will work harder and smarter for your benefit.
- Track the progression and development of each employee. Establish system for maintaining productivity and performance on the job. Use frequent and regular performance evaluations to track the success of each employee. Instruct supervisors to give regular feedback and support to their teams.
- Be accountable for the success of each new hire. Ultimately, you are responsible for how well your company performs. Establish a consistent onboarding process for each new hire. Make sure your employees know that you care about their success and growth, and that you appreciate their efforts. Provide incentives and recognition to your top performers.
Treating your hiring and human capital management with priority can help your business increase ROI and become known as a leader in your industry.
If you are looking for employment agencies in Michigan, contact the experts at Advance Staffing Solutions today.