It’s no secret that retaining top talent is key to an organisation's growth. Recruiting and retaining employees can be expensive and time consuming, so it’s vital that you get it right.
Employee retention is an organisation's ability to prevent a turnover of employees, which is the number of employees who leave their job over a certain period. This may either be voluntarily or involuntarily.
Increasing employee retention has a direct impact on the businesses operations, performance and success.
Individuals may leave their role for a number of reasons. Some may leave voluntarily, if they have found a more suitable job, while others may leave involuntarily from factors like redundancy.
Since the pandemic, many workers look for jobs which have greater flexibility, such as remote working which can offer a better work-life balance. If a business is unable to meet these demands then it is likely an individual will find a better employment package elsewhere. We always recommend businesses to review and update their benefits regularly to ensure they’re staying competitive.
Other reasons why someone may leave a role include a lack of development opportunities, feeling underappreciated and limited stability within their current role.
A good way to counteract employee turnover is by ensuring that you are attracting the right talent from the get to and then using the correct strategies to retain them.
One of the key ways to do this is by creating benefits that will entice candidates in and keep them happy and satisfied throughout their career. Some benefits you may offer could include help with healthcare and wellness, additional days off, progression programmes and offering a flexible working environment.
Other ways you can retain employees is by making sure they know what you expect from them, and vice versa. It can be difficult for employees to enjoy their job if they don’t feel like the company cares about them or that their work is valuable.
Making sure your employees are heard can have positive implications in work performance, stress management, employee retention and company brand. One way to do this is by carrying our regular pulse surveys with your team to find out what’s working and more importantly, what isn’t.
Here are our top six ways to remedy any existing employee retention issues:
Disengaged employees can be detrimental to any business. They can reduce morale, discourage other employees and set poor examples.
A few things can cause this disengagement, including employees feeling like they have a lack of voice. Employees want to feel like they are helping the workplace and help it move in the right direction, so giving them a real say in the business can dramatically increase retention.
Introducing opportunities for employees to give feedback is valuable to them and your company. Employees can highlight problems before they surface, suggest new projects and lend outside perspectives to company decisions.
Employees who feel recognised and appreciated at work are more likely to work harder and stay at a company for longer. Building a culture of recognition requires frequent and specific acknowledgment regularly.
To make consistent recognition a reality, you should prioritise social recognition as well as monetary rewards. You should also make sure showing recognition is easy whether employees are in offices or working remotely.
Making employees feel like part of your business should start with the onboarding process. It can take a while for new employees to be on the same level as longer-standing team members, so making them feel comfortable from the offset does wonders for retention.
You stop new team members from feeling like an outsider by educating them about their responsibilities, giving them the resources needed to complete their tasks and goals and creating an environment where they feel accepted.
It can also be beneficial to set up a mentor scheme quickly so they have someone on-hand to answer any questions and support them in their initial weeks and months. Building relationships between coworkers is another great way to increase the likelihood of retention.
Educating your employees, setting clear career paths and implementing training programs makes everyone more creative, engaged and effective at work.
You don’t necessarily have to purchase training courses; instead, encourage your team members to teach one another new skills. Or you could set up company wide lunch ‘n’ learn’s to improve the skillset that exists within the business. Whatever you do, it’s important to remember that individuals require different training and development so tailoring personalised programs is the best way to support your team.
Company culture is paramount to retaining talent. Creating a strong organisational culture will deepen existing employee relationships, pave the way for a desire to work and draw in exceptional talent.
Developing a standout culture also involves rewarding team members who act on your company’s values daily. These values should be meaningful to every employee and communicated in a way that everyone can internalise and understand.
Employee burnout is a major issue across a variety of different industries. Burnout can manifest physically, leaving employees tired and unmotivated with potentially no choice but to leave your organisation.
Try to give employees flexible hours, making sure that their responsibilities and expectations are clear and appropriate. Teach managers to look for signs of burnout and reach out to people who might be struggling. Encourage employees to use their vacation time and help them find hobbies that ignite their curiosity.
Employee retention is vital to ensure productivity remains high and this goes hand in hand with improved levels of engagement, which ultimately increases revenue. It promotes the health and success of your business.
The stress, time and cost of hiring and training new employees is significant, and can have a negative impact on your business. A high employee turnover brings about multiple problems including high costs, knowledge loss and low productivity.
If you’re currently looking for candidates, or are struggling to retain top talent, our team of recruitment consultants can help you. Get in touch with us today for support with employment and recruitment.