If a chain is only as strong as its weakest link, your store is only as strong as your weakest employee. Finding the right employees for your store is an important task. Even the best store with the right products and perfect prices can falter under untrustworthy leadership and lack of loyalty.
According to the 2014 annual Deloitte Millennial Survey, millennials are expected to become 75% of the global workforce in the next decade. Today’s millennial generation has many choices in employment and is no longer drawn to the retire-where-you-began work ethic of generations past. Hiring from the millennial generation is an intelligent step toward finding employees that fit your store.
Since hiring new employees costs more than retaining loyal ones, what can you do to attract and keep loyal employees in your store?
1. Reduce Your Employee Turnover Rate
No matter the size of your company, hiring a new employee costs much more than the salary agreed upon. The cost to recruit employees and finding the right fit can be pricey. There are fees for advertisements, time spent reviewing resumes and interviewing, and pre-employment assessment tests. Even an $8/hour employee can cost as much as $3,500 in turnover costs.
Training is an important tool for retaining employees. One way to engage with the millennial sales force is to offer them the knowledge and tools they need to be helpful, courteous salespeople.
This generation appreciates feeling rewarded and have a boost in self-confidence. A lack of confidence is proportionate to a lack of training, and yet modern manager coaching is at an all-time low. Have a dependable system to train your sales associates to engage with customers instead of just asking if they can help.
Having clear expectations is critical to keep morale high. When an employee doesn’t know what’s expected of him, he cannot perform to a proper standard. Coaching is crucial so employees can stay on target and have the necessary tools to do so.
2. Check for Compatibility
When interviewing new hires, whether the person fits in with the culture of the business and can get along with coworkers is important for your store’s dynamic. Are they willing and able to maintain the harmony of the team? Does this person have the right personality to work with your clients and potential leads?
If the employee does not seem to fit with the personality of the team, there could be problems down the road. Find the right fit for your store for the best return from your employees.
3. Offer the Ability to Grow
Many millennials enjoy helping people and want to work for a company where they can make a difference. They aren’t always motivated by salary benefits and will jump ship from a company they don’t believe in. They like to grow and be challenged.
Incentives and rewards greatly motivate millennial employees. Allowing them to perform and take charge of their own success can be a spring board to creating a loyal team member. Offer financial rewards and promote from within to give your employees incentives to stay. Listed below are a few ideas to get you started.
- Sometimes it may be beneficial to create a position for an employee that is tailored to his or her skills or allow multiple paths for advancement.
- Flexibility in the workplace inspires loyalty. If an employee can adjust their work schedule to balance family needs, they are more likely to stay.
- Making your employees marketable is beneficial for both the employee and your company. Give employees opportunities to enhance their professional skills, whether through classes being offered or tuition reimbursement for certifications. Though it may seem counterintuitive to invest more money into an employee because they can leave, those who are allowed to grow within the company are more likely to stay.
4. Communicate Your Company’s Mission
An employee who feels connected to your company’s goals is more willing to provide loyalty.
Encourage your workforce to be innovative and invest in your team’s pursuits. Google is consistently ranked as one of the best places to work, and the perks are extensive. However, their hiring process is rigorous, and they only accept the best candidates for each position.
While your business may not be able to provide an on-site fitness center or paid time off for volunteering, there are other ways to encourage your employees to branch out. Whether your team volunteers to help a charity or your business supports your employee’s charitable endeavors, offering rewards for community service can strengthen company loyalty.
How to Get to the Next Level
Strengthen your sales and move your business to the next level with loyal employees who support your store and their coworkers.
Hiring the right people, no matter which generation fits your store, is key to creating employee retention and loyalty. A happy employee represents your brand well and will gladly share their enthusiasm with your customers. Allow them the tools and growth advancement they crave, and watch your business soar to the next level.
Have you found any excellent employees that suit your business? Let us know how you found them in the comments below!
Written by Shayla Eaton.