With unemployment at its lowest rate in over forty years, it’s certainly a challenge for businesses to locate the right individuals to fill their roles right now.
Because of this, more organisations are having to consider how they can retain existing members of staff.
If you take into account the cost of employee turnover, then factor in negative cultural and the impact this has on productivity, employee retention is a logical business priority for 2019.
However, over a third (39.7%) of Brits revealed that they dislike their current job, meaning that businesses have a challenge in front of them.
This guide will help you to identify strategies to keep staff engaged and increase retention rates in your business.
Pay well
It sounds simple, and it is.
Salary is often the single biggest factor that will keep staff on your side; a competitive salary will prevent them from moving elsewhere.
Especially as many employees are aware that they can get a pay rise just by changing companies.
Although the initial cost of paying a competitive salary may hurt, it will pay off in the long run. A lack of resource is one of the main challenges that hiring professionals face and high employee turnover could end up costing you far more.
Recruit the right staff
When interviewing candidates, be sure to make notes of how they would fit in with your company culture.
They should be passionate about what you do and have a genuine desire to learn about how your company operates.
Alongside possessing the relevant skills, candidates should also demonstrate valuable soft skills.
Look for those who will bring new skills to the table but can also get along with the employees you already have.
Take candidates around the office and introduce them – it's important to see how they would fit in with the company culture you’ve created.
Approach people who’ve had many different jobs with caution. This is a good indication that they are ‘job hoppers’ and will be difficult to retain.
Provide development opportunities
Putting people in a role where they can’t grow is incredibly career-limiting and staff will resent this.
If they feel they can’t contribute anything else to your company, of course they will eventually abandon ship.
By providing ongoing opportunities for training, you’re showing employees that you’re investing in their worth.
These development opportunities within a company set out a clear career path.
In return, staff will become more engaged with your company and excited about the prospect of being rewarded for their improved skills.
They’ll be less likely to seek career satisfaction elsewhere.
Offer benefits
Whilst salary is of primary concern for most candidates, it’s not enough to secure loyalty to your company.
Large corporate organisations that could previously rely on the pull of enormous salaries are facing competition from smaller start-ups to offer a more comprehensive package to candidates.
This is where the need for benefit packages arises. Benefits will act as an incredible motivator for employees.
You could take a survey to analyse how employees feel about the perks which you’re already offering.
Some of the most desirable benefits have been described as flexibility and at least 25 days’ holiday.
In addition, offering rewards for loyal employees who have served a set amount of time with the company, or performed exceptionally well, is a great way to improve employee retention.
Encouraging flexible working alongside this can help you to stay ahead in the market.
It will ensure that a workforce can be scaled up or down to meet future needs of the organisation, depending on the talent it retains.
Communicate honestly
You might be surprised to learn that you could be the solution!
Four in ten people claim that their boss is their biggest cause of stress at work.
The best thing you can do is have an open-door policy, where employees feel that they’re able to communicate honestly with you about their concerns.
Letting employees know that their worries have been heard should massively improve their engagement in the workplace.
Even if you can’t address their worries instantly, being willing to listen says a lot.
Learn from mistakes
If somebody decides to leave your organisation, you might be offended or upset at first.
However, it’s crucial that you seize this opportunity to have a chat with said employee and find out what went wrong.
Their reasons for leaving could also be affecting other members of staff.
By rectifying these issues within your organisation, you’ll hopefully be able to retain other excellent employees.
In summary
Employees can make or break your business.
Like it or not, they determine its success.
By listening to their needs and looking out for their best interests, you’ll ensure that they don’t start thinking the grass is greener on the other side.
Thanks for the tips Jack!
Staff retention is a difficult one at the moment, with job hoppers and millennials (who are open to switching jobs) becoming very common.
However, it really has become a game of "who can provide the most job satisfaction".
So by doing all of these, you'll be up in the top choices.
