As a small firm with a potentially restricted budget for employee engagement and retention strategies, it is important to do all possible to boost staff retention. Eighty-four percent of individuals who are currently employed by an SME do not see themselves working with the same business in two years.
Why would I want to boost employee retention?
One of the many benefits of hiring a virtual assistant (VA) is the flexible work arrangement it offers. You can have them help you just 10 hours per day for one month or less. But most SMEs end up working with a VA long term as they find their business growing.
“Keeping employees is often harder than hiring them.” Why do big companies create employee retention programs and spend millions to keep them?
Employees are a valuable investment and for small business owners, it means ten times more. Did you know that the turnover in US businesses costs $1 trillion every year?
There are a million reasons why employee retention is important. We will just name the big three below:
- It costs time and money to replace the employee or virtual assistant.
- Another hiring and onboarding process distracts overall business productivity.
- Brings down employee morale for those who stay.
Gallup Estimates claimed that the worth of replacing an employee is equivalent to 1.5 to two times an employee’s annual compensation. Imagine spending that much every time a staff member leaves, then you have to hire again.
On the other note, a business that is able to keep its employees gain more from having one — loyalty, partner for business growth, and it saves you from hiring and onboarding expenses.
Virtual Assistant Retention Strategies
So, how can you cut down on staff turnover? There is no single correct solution, but you will need a solid strategy to increase employee engagement and retention in the long term. Here are five strategies to help you get started.
- Hire the right virtual assistant.
Figuring out the right virtual assistant for your business is the first step in improving your employee retention. Recruiting and training a new hire requires money and a lot of time and patience. It is why businesses must make the first right decision — invest in the appropriate people.
- Make the onboarding right.
Onboarding is the first step in developing engaged remote workers. The more they feel welcomed as part of the team at first, the more likely they are to stay with your business. Here are some tips to make your onboarding process go as smoothly as possible.
- Give them a warm welcome.
- Introduce them to other team members.
- Share your business goals and plans.
- Set clear expectations.
- Let them start on their tasks right away.
- Pay consistently and on time.
Keeping track of your payroll is another way of boosting your employee engagement and retention. In addition, paying your staff consistently and on time tells that your business is running well. It motivates your staff and gives them a vision that they can work with you in the long run.
- Help your staff grow.
Your virtual assistant would want to see if they will have opportunities to grow with you and your business. If they don’t find it, they’ll search elsewhere.
If you think you have the right talents in your team, then it is important to create an employee development program. Simple ways to raise an employee development program is to prioritize internal promotions and set goals with them. You can provide opportunities for training and mentorship.
- Create a workplace that promotes appreciation and evaluation.
Virtual assistants value appreciation and feedback. It makes them feel involved and part of something bigger, opinions valued, and voices heard. Virtual assistants value appreciation and feedback. It makes them feel involved and part of something bigger, opinions valued, and voices heard.
There is no denying the importance of hiring the right virtual assistant for your business. They can help save your business money, access to global talents, expertise that you may not be able to get locally and help your business enhance overall productivity.
When you find the right virtual assistant for your and your business, it’s worth it to take steps to ensure they stay with you.
Are you still looking for the right virtual assistant to help you grow your business? A 15-minute FREE call with us and find the one to help your business to succeed.
