5 Dynamic Strategies for Minimizing Retail Employee Turnover
We often hear about how the hiring market is getting tighter and tighter, placing an emphasis on the need to attract the best employees possible. However, getting new employees hired is only of any use if they can be retained. And considering the cost associated with hiring, it’s no surprise that companies are trying to find new strategies to keep the employees they have, especially given that the average cost to hire an employee is $4,129 when all factors related to the hiring process are considered. And this number only stands to increase as the salary and complexity of the position grow. Thankfully, even though the market is getting tighter, the tools necessary to support your hiring success have improved; as is demonstrated in the functionalities provided by ERP solutions, such as Microsoft Dynamics 365.
In this post, we’re looking at 5 helpful strategies for minimizing your employee turnover, and subsequently the time and financial costs that having gaps in your retail business can incur.
1. Hire with agility: As the pressure builds to fill an open seat, it may become tempting to choose a candidate that qualifies as ‘close enough’; but the long-term effects quickly negate any benefits that may have previously arisen from such a decision. A platform such as Microsoft Dynamics 365 enables a number of processes, both internal and candidate facing, with tools such as LinkedIn integration and skill assessments can help you to find the best people for your needs. Additionally, it’s key that your application process makes candidates feel valuable and that they’re not wasting hours of time filling out applications, only to be left in the dark. These together with a centralized dashboard for your existing HR staff can make hiring a breeze - which has a ripple-effect across your entire business.
2. Give employees the right tools for success from the start: From onboarding to impactful, getting your new employees off the ground and encouraging their ongoing success is key. No matter what role your new employees are filling, they should never feel as though the tools and support they are given inhibit their ability to successfully do their job. Some benefits that the right tools should provide include:
- Real time access to accurate and relevant data across departments
- Automation of redundant processes whenever possible
- Support via portals that provide on demand information and updates. One example of this in particular can be seen in Microsoft Dynamics 365’s employee self-service portal (ESS) that provides a knowledge base and a space to ask questions and give feedback
- Increased transparency and confidence
3. Provide the opportunity for flexibility: Did you know that a recent study by Stanford University demonstrated that employee turnover rates can fall by up to 50% by offering a remote work option? Now while we do understand that for some of your key sales staff, this isn’t a realistic option, so providing them with an intuitive portal where they can view and adjust their shift scheduling and time clocks is key. However, for your behind-the-scenes support staff, choosing a platform that is cloud-based and enables them to work while on the go can be key for ensuring their ongoing happiness and satisfaction within their role.
4. Encourage growth and development: The best employees are going to be in search of ways to develop personally and professionally - no matter their role. It is key that you promote their continuous learning via the tracking of their accomplishments, support towards obtaining required certifications, and additional trainings. This process can be supported with the help of platforms such as Dynamics 365 and the tools included within it. This enablement of professional growth can have far-reaching benefits across your business, so it is key that it is at the forefront of your talent management strategy.
5. Create an open and collaborative culture: This can be as simple as having the best communication tools, such as document and file sharing, enterprise social, and other methods for connecting employees across departments. There are a variety of benefits to such tools, including increased productivity and better decision making, but also more ‘soft’ benefits like greater cohesion and engagement - ultimately leading to happier and more effective employees. Utilizing your employee portal as a safe and familiar way for employees to give feedback can help them to feel more involved and that they are truly being heard - without additional pressures.
Finding and retaining the best employees possible isn’t always the easiest process, but by having the best tools available for your search and also their tasks, you can at least eliminate some of the headache felt by your business and hiring managers. If you’re interested in learning more about how tools like Microsoft Dynamics 365 can help your retail business to success, make sure to write to us at firstname.lastname@example.org
Disclaimer: The views expressed here are solely those of the author in his private capacity and do not in any way represent the views of Systems Limited, or any other entity related to Systems Limited.