Best Employee Retention Strategies
Retention of your company’s top talent is crucial to its success. A high turnover of staff is not only costly in business, it can also be detrimental to the team’s morale and productivity. So how can you improve your employee retention strategies?
To fully understand how to retain employees, it’s important to understand the main reason why people leave a job. Some of the most common reasons include poor salary and benefits or a lack of development opportunities. Issues with colleagues, management, the commute to work or a lack of work/life balance are other common reasons.
Employee retention strategies need to be focused on improving and incentivizing your employee experiences. Although pay is one factor in retaining your top talent there are many other ways to ensure your employees are looked after. We love Sir Richard Branson’s, ideology that “If you look after your staff, they’ll look after your customers, it’s that simple.”
Invest in your employees development
Training and skill enhancing courses and workshops will appeal to staff interested in developing themselves. New technology, updating sales techniques and changes in employment law are some reasons your staff would want to up skill. Offer online training courses, mentoring programs or outside seminars and classes to invest in staff development.
Recognise your employees accomplishments
By rewarding the team for achieving their performance goals, you foster a sense of loyalty and commitment. Nominating your best performers for industry awards is one option to show recognition in the business. Alternatively, a simple handwritten thank you note works effectively for recognition.
Focus on creating leaders not bosses
Share where the company is going so your employees feel involved, instead of segregated from management. Being available for your employees and creating a culture of open communication and contribution is crucial.
Help your employees take more responsibility for their work without micromanaging them. Through experience and support from others, leaders are developed.
Offer a competitive benefits package
We have worked with many clients that have some great perks and benefits for staff. Here at Journey Recruitment we also offer great benefits to our staff to ensure they feel valued. These include: flexible working so our consultants can work from home when necessary. For a fun, motivational working environment we listen to music in the office. All new starters receive a welcome gift of luxury chocolates or biscuits and a welcome note on the office whiteboard. 25 days holiday as standard and a fully subsidised Christmas party at the end of the year are some of the other benefits we offer.
Other unique client perks include free breakfast each day or dry cleaning. Some clients run regular cash lotteries, team sweepstake’s or raffles sometimes worth thousands. Often, it’s the small things that mean that most too and anything from winning a bottle of bubbles for hitting targets to bringing your pet to work days works well. Another way to enrich your employee experience is by offering discounts and freebies through a service like Perkbox.
Give them a better work / life balance to improve employee retention
Extra holidays or time off work usually goes down well with employees too. Gone are the days when companies just offer 20 days annual leave, plus bank holidays. By offering an extra half day to your staff on a rota basis to knock off early you’ll be sure to gain even more committed staff. This is great for enjoying the long summer evenings or doing that last bit of Xmas shopping. Another option would be to stagger start and finish times amongst your team to reduce commuting stress.
However you decide to reward and incentivize your staff, adopting a strategy for staff retention will greatly benefit your business. We would love to hear about any incentives and retention strategies you use in your organization so please leave us a comment below and share them with us.