It’s inevitable that some of your team will move on from your business. Changes in personal circumstances, relocation and offers from your rivals will happen, however, having a high staff turnover can seriously damage productivity, team motivation and in many instances your bottom line.
Replacing staff requires an investment of both your time and money, so it’s important that businesses do what they can to hold onto their best talent. If you’re assessing your staff retention strategies, we’ve got five tips that will help you out.
It’s important for businesses to know what salaries look like in your industry and region. If you’re not paying a competitive salary, your team may be tempted to move to your competitors for a salary increase.
We recommend having an annual review to see what the wider salary picture is in your industry. You can use tools like Payscale and Glassdoor, to ensure that you’re offering competitive salaries or have a conversation with the recruiters you use as they will have their finger on the pulse.
Whatever level an employee is at, they will want to feel that their hard work is appreciated. However, too many employers don’t recognise their teams’ achievements often enough. There are plenty of ways that you can acknowledge achievements including:
Rewards like these are separate from remuneration and are great for boosting employee morale. Ensure everyone receives some praise from time to time and judge what works best for each person i.e. public or private praise.
A decent salary and benefits package will help to attract good candidates and to motivate staff, however, it’s dangerous to assume that this is enough to keep your team engaged. Rewards are important, but your employees also care about their career and where it is going. What are their long-term prospects and how can they progress in your company?
This is why providing ongoing training and development opportunities is essential. Work with your employees to create Personal Development Plans (PDPs) and review these regularly to ensure your team feel like they are moving forward. Set up skill-sharing sessions, explore e-learning and webinars and consider relevant courses your employees can attend. If your staff don’t feel like they are progressing with your business, they may be tempted to move elsewhere.
When you have a position to fill, you should first think about whether there is anyone you can promote from within. This can boost the morale of your whole team as they will see that success and hard work are rewarded at your company and they may have the opportunity to move up in the future too.
The demand for flexible working options is at an all-time high and more and more businesses are getting on board. Offering some flexibility will boost employee satisfaction and has been proven to increase productivity. Something as simple as allowing employees to come into work earlier and finish earlier (or come in later and finish later) can make a big difference.
A study from Forbes found that 77% of millennials say flexible work hours are a key to boosting productivity. And as millennials will be making up the majority of your workforce in years to come, it’s important to listen to them.
Finding new talent for your business is a challenge (we know because we do it every day). When you do get some high-calibre employees onboard, you’ll want to keep them and make the most of them. By putting a strong retention strategy in place you will definitely increase your retention rate and help to maintain an engaged, motivated and happy team.
If you do need help recruiting for your business, get in touch with us today.