Why you should overpay your key people and other secrets for success.
Why to overpay your key people and other secrets for success.
Successful construction hiring should include not just strategies that attract best candidates in the industry but also long-term retention programs. If you’re struggling with a high turnover rate, it might be time to overhaul the training and onboarding processes your firm has in place.
An effective onboarding process can be a useful tool for preparing new hires for their role and ensuring that they make it past any probationary period. The procedures should focus on integrating new recruits onto the team.
As you look at your onboarding process, consider these tips for retaining the great talent you land.
Make good on promises. It’s essential to follow through with your commitments in order to build trust with your team members. If you offered flexible hours or specific benefits during the interview, stick to it after hiring them.
Share your vision. Leaders need to keep their talent informed of the game plan at all times. Don’t be vague when it comes to sharing the mission and goals of the company. Share a clear vision that keeps everyone on the same page.
Make expectations — and an advancement path — clear. Not knowing where they stand is a top problem reported by employees who are dissatisfied with their position. Let your employees know your expectations and what it will take for them to succeed. Establish a growth plan if expectations are exceeded.
Promote a positive culture. A majority of workers want more than just a job; they want to feel good about the workplace and forge lasting bonds with their coworkers. Create a unique company culture that works to inspire employees by including staff in the development of company values. Provide team-building perks like company outings and events. Consider regular lunches and dinner outings as a show of appreciation.
Provide a mentor. A workplace mentor is often one of the most valuable assets you can provide new recruits. A mentor can provide new employees with personalized advice while helping them manage those frustrations and concerns that many new hires experience. Mentoring initiatives can also promote leadership skills and are known to reduce turnover rates. Firms should also offer paid education and training for employees to be more successful and better at their job.
Overpay your key talent. Finally, strive to create a secure core group of talent that reduces turnover and keeps the company driving forward even if other employees are lost. One way to accomplish this is by overpaying your key talent. The 10 percent to 20 percent you overpay will be much less than turnover costs for those key positions. (Turnover costs could be five times someone’s salary, not counting the loss of profitability.) Overpaying key people renders them untouchable by other companies and recruiters that may attempt to lure them away.
Brian Binke is the founder and CEO of The Birmingham Group, a globally recognized Executive Search and Consulting firm specializing in the Construction arena. You can reach Brian directly at [email protected].