SEmployee retention is an absolutely crucial element of running a successful company. By holding onto reliable and talented employees, you increase morale, knowledge and also the satisfaction of customers. At the other end of the scale, the constant turnover of employees can be a huge drain on finances, the time of staff and also morale. When staff constantly see other members of staff leaving and being replaced, it’s not exactly going to fill them with confidence.
When a strong team has worked together for a long period, they will be more productive, cost effective and motivated. While there is a common assumption that inadequate salaries lead to poor employee retention, there are so many other factors that contribute to this. Poor management, lack of progression opportunities and being overworked are just a few of the potential reasons for employees leaving, so implementing a strategy which actually works to ensure employee retention is high is essential.
Step 1: Establish Policies and Expectations
Ensuring employees have a clear understanding of what is expected of them and how they will be evaluated is so important, as it can be extremely frustrating not knowing where they should be heading, to the point that they may look elsewhere for work. There is such a simple solution to this, by making sure that employees have an extremely clear idea of what they should be achieving and when, as well as having a solid understanding of company policy. This should all be done through regular progress meetings. Not only will this make your employees happier and more motivated in their roles, but it will also ensure that from a management point of view, your staff are hitting their targets.
Step 2: Invest in Employees Future
When a company invests in their employees by giving them the chance to further their skills and knowledge, they are placing their trust and confidence in an employee and their potential, which of course will result in personal and professional growth for the employee, as well enabling you to grow a more knowledgeable workforce. If employees aren’t offered any opportunities for development throughout their career with you, and they have this chance elsewhere, why would they stay? This could be conferences, a mentor or even tuition. Incorporating these activities as often as possible will benefit both the business and its employees.
Step 3: Be Open to Communication
When team members feel as if they can communicate with their colleagues and management teams and speak their minds, any issues or grievances can be discussed and resolved, meaning tensions are less likely to build to the point where someone feels so uncomfortable that they feel the only option is to leave. Involving senior management in this sense of openness and discussion is also important in breaking down barriers and building relationships between staff and management. If an employee feels confident in their management team, they are more likely to want to stay within the company.
Step 3: Offer a Great Benefits Package
Your staff work hard for you all year round, and so deserve to be treated well. Providing benefits such as holiday pay, pension plans, sick pay and other extras such as gym memberships or group bonding trips are all great incentives for your staff to work to their full potential throughout the year. You will get back what you put in, so investing that bit of extra money is worth the hard work you will get in return. Flexible working schedules for parents and bonuses are also proven to be successful in retaining employees. Going the extra mile to help your employees in times of need, such as helping them with spouses visa applications or helping to pay for tier 2 visa sponsors and immigration solicitors can go a long way, and will make your employees feel supported and valued. Aim for feedback from your employees in terms of benefits to give them the opportunity to raise any issues they feel may easily be solved.