The moving industry is constantly developing, especially in the US. So, it shouldn’t be surprising that there are so many moving companies sprouting across the country. However, running a successful and efficient relocation company can be difficult. Just as with any business, there are many nuances and complexities that need to be addressed. If you want to leave a mark in the moving industry with your own company, then it’s crucial to learn about managing employee turnover and retention. Having a consistent number of high-quality employees is the key to running a successful business. Verified Movers can give you further insight into many other successful movers, but if you want to find out all about different tactics for employee turnover and retention, be sure to stick around.
But first, what are employee turnover and retention mean
Before we delve into different practices for managing employee turnover and retention, let’s first see what these terms mean. Employee turnover, in the moving industry just as in any other industry, represents the number of people that leave a company and are replaced by new employees. This number is usually depicted as a rate, and it is of great value if you want to consider the company’s efficiency, productivity, and profitability. On the other hand, employee retention depicts the company’s ability to keep its employees for longer periods of time. As you can see, both of these terms are detrimental to a company’s operational status. When you take into consideration the inflation impact on the moving industry, running a successful business is now harder than ever, and one small mistake can easily lead to bankruptcy.
Employee turnover is a very common problem in the moving industry nowadays, and controlling this occurrence should be every business owner’s top priority. The industry is demanding longer hours and more demanding work while keeping the wages unchanged. Because of this reason, people often opt for relocating to a more pleasant and comfortable job, that will require less labor. Luckily, there are many strategies and practices that can be easily applied that can reduce overall turnover. By doing so, moving companies will make their services high-quality, set a professional standard, and become a popular name in the industry.
Be mindful of who you are hiring
A moving company can’t be successful and efficient if its employees are not. The process of recruiting new hires should be thorough but also straight to the point. A moving company should tell its new and potential employees about the way the company functions. Telling candidates what they want to hear and sugar-coating the truth will only lead to major problems down the line. Also, when looking for candidates, be sure that you are choosing correctly from the beginning. Talk about their future role in detail, and if any candidates seem to be unwilling or disinterested, confront them about it. Investing time into candidates that will leave your company after a few months will cause damage to your company.
Another way to acquire a better judge of a character is to organize a personal visit of potential candidates. That way you will get a better insight into whether the employee is worth hiring or not. This way, you will also be able to give detailed advice to your employees, and in that way, they will realize what their role inside the company will be. Letting people know what exactly is expected from them is a great way of managing employee turnover and retention. Also, placing the would-be workers into offices with their future colleagues will tell you what kind of a person they are.
However, even if you can’t set up a personal visit, be sure to organize a video call at least. Due to the recent outbreak of the pandemic, some ways of doing business have changed, so be sure you, and your future employees, are up to date with the new technologies.
Provide incentives to your employees to stay
One of the best ways of managing employee turnover and retention is to give your employees incentives to stay. Offering competitive compensation is a must, but be sure to also provide different kinds of benefits packages. This will help to make your employees feel like a part of the community at work. Some of the benefits that you should definitely have are:
- Health Insurance
- Retirement Plans
- Paid Time Off
- Racial And Gender Pay Equity
- Flexible Work Options
All of these will make your employees feel appreciated and valued. And, by investing in your employees’ well-being, you are also increasing the odds of your moving company being a success. Sometimes, even if you can’t provide a concrete benefit to employees, be sure to let them know that they are appreciated and wanted. And, of course, provide new opportunities and places for career improvement to employees who are with you for long periods of time.
Create a positive working culture
Any business that promotes open communication, teamwork and recognition for a well-done job is set to be a successful one. So, if you are looking for methods for managing employee turnover and retention, pay attention to the morale and satisfaction of your employees. Organize team-building activities and help your employee socialize, for example. If your workers are happy and content, so will your customers, and in turn, your business will flourish.
Also, when it comes to promoting a positive environment, be sure to cut out toxic employees. Not only will these employees underperform on their own, but they can also greatly influence others. Finding toxic employees will require time and effort, but it is well worth it. Look for any persons who constantly initiate conversation during working hours, shift blame to others, and undermine others. First, try to see whether you can make a change to this kind of behavior. If not, then it is best to throw out the ‘bad apple’ so that it doesn’t negatively influence your company’s success.
Managing employee turnover and retention is not easy, but it is crucial
You can’t run a successful business if you do not succeed at managing employee turnover and retention. Keeping your employees inside your company will guarantee its success. Luckily, there are more than a few practices you can stick to in order to have an efficient moving company.