4 Strategies for Effective Staff Retention
Besides high staff turnover having a negative impact on the employee brand, the loss of valuable knowledge, expertise and experience can be costly for the business. The last thing a company wants is for its top performers to hand in their notice. Where the actions of an employee cannot be controlled, there is still a lot that can be done to make the work environment and job remain attractive. If you are currently facing high staff turnover or need some tips on how to retain your staff, we have put together 5 well-known strategies for effective staff retention.
The first step is to understand why employees are likely to leave, so it can be prevented and or combated.
Why employees leave
- Inadequate salary and benefits
- Limited career advancement
- Lack of recognition
- Boredom
- Dissatisfaction with the company culture
- Dissatisfaction with the work environment
- The desire to make a change
- More desirable opportunities at other companies
- Feeling overworked and/or unsupported
- Unhappiness with management
The onboarding experience
This is the first internal perspective and the first impression the employee will get of the company. Making them feel like they are a part of the organisation from the start will help them to settle in quicker. Be sure to introduce them to the team and those they will be working with. Arranging welcome drinks or lunch with the team is also a wonderful way to help them get acquainted with everyone. It will also give them an insight into the company culture.
Secondly, the training and support provided whilst they become acquainted with their role can set the tone for their entire tenure at the company. Training and support are crucial, through this the employee can identify ways to contribute and thrive in their role.
Employee compensation
It’s important for companies to consistently offer a competitive salary, evaluating and adjusting salaries may help retain your staff. It’s common for companies to offer a pay increase only after the employee hands in their resignation, but by then they may have found another role that is offering more. If the company is not able to offer a pay increase, consider providing other forms of compensation. A poll we conducted this month revealed that respondents were willing to sacrifice a percentage of their salaries for certain benefits. Here are the results
58% of respondents would sacrifice a percentage of their salary for Flexible working
22% of respondents would sacrifice a percentage of their salary for Upskilling Opportunities
19% of respondents would sacrifice a percentage of their salary for More Leave Days
Lastly, tailoring the compensation to the employee and considering elements such as job satisfaction when deciding on what to offer may help in retaining staff.
Training and development
Helping employees identify areas for professional growth, by providing feedback on performance is a useful tool in training and development. As seen above, upskilling is an important part of today’s workforce, particularly in a world with continuous technological advancements and change. A large percentage of people are driven by gaining new competencies and abilities as business requirements evolve.
Investing in your workers’ professional development should be a priority, not only does it benefit them, but it also benefits the company, providing tuition reimbursement or offering to cover a percentage of the cost will certainly help.
Recognition and rewards systems
Everyone wants to feel appreciated and be recognised for the work they are doing. Be sure to express your gratitude as a manager or company to those who go the extra mile. Creating tailored rewards based on what the individual likes is a good idea, it doesn’t have to be something big. Some companies set up a formal reward system and recognition programs even with a small budget.
Peer-to-peer thank you’s, social media recognition (an appreciation post), mid-year and end of year awards, and monetary rewards, can all go a long way to making your employee feel appreciated.
If you’re looking for a way to efficiently digitalise your reward system. We have put together a list of useful recognition platforms you can utilise:
To conclude, retaining staff requires a consistent effort from the employer. It is not enough to implement the above strategies, they must be continuously utilised and improved, as the workforce and technology change.
If you’d like to find out more about how you can improve staff retention or have any questions from the content above. Please contact us via [email protected]
