Staff turnover is inevitable, and recruitment is a time consuming and expensive process. In this article, we will explore some of the employee retention techniques that you can use to retain your workforce.
The first question you might ask is, “what is an employee retention strategy, and why is it important?”.
The average employer spends £3,000 and 26 days hiring a new employee. This cost does not include training or team building once you have onboarded new staff. A good employee retention strategy identifies the reasons why employees leave and proactively “plugs the gap”. Having an effective system in place fosters long-term employee commitment and an overall more productive workforce. Job hunting is a stressful business, and an employee will only look for a new job for one of a few reasons:
So, let’s look at a few ways we can address this.
One of the key tactics for keeping your staff is to employ the right candidates in the first place. Hiring is not simply filling a vacancy with the right skill set. It’s also about finding a good fit for the existing team and a good fit for your company’s culture. For example, employees who have good relationships with their peers and co-workers are more likely to stay in their position for longer.
Money is a significant factor in why people look for alternative work. While some professionals may make concessions in return for the right benefits or flexible working opportunities, salaries should still be competitive to attract the right candidates. Ensure that your pay structure is transparent and understood by your employees, so employee expectation is equal to policy.
Good communication is the key to a happy workforce. As discussed in previous articles, positive work culture is based on open and honest communication, trust, and support. One of the ways to gather honest feedback is by using customer engagement surveys to assess the contentment of your staff. To encourage candid feedback, keep the surveys anonymous, so employees are not fearful of reprisals. Ask questions such as:
Issues relating to race, gender or disability are just some of the challenges an employee may face in the workplace. And this isn’t merely associated with what could be perceived as a “hostile environment”. Even a well-meaning business can subconsciously fail to recognise the needs of a minority group. According to Glassdoor, representation burnout relates to stress caused by being the only person of a particular identity within a specific environment. A business must be inclusive to retain its staff. Take time to know the demographics of your current workforce and incorporate this into your recruitment strategy.
Most of your employees probably spend more time with their co-workers than they do with their friends and family. By having valued friendships at work, your employees will enjoy their working environment more and inevitably perform better. Furthermore, by embedding the concept of a “work family”, employees will feel greater company loyalty and less likely to consider wanting to work elsewhere.
A survey by public opinion research group The Harris Poll demonstrated that a lack of career growth is one of the biggest reasons employees leave their jobs, second only to low pay.
Businesses should ensure that their employees have a development plan and opportunities for further learning and training. If your employees have career aspirations, set goals to help support them. Employees who can see opportunities for career advancement and investment in their personal development will feel valued and more committed to their employer.
Even with the best retention strategy in place, there will always be leavers. Do not assume to know the reasons why. Set an exit interview with your leaver to understand their reasons for leaving fully. Leavers will be more open (as they are leaving the company). Therefore, it is an excellent opportunity to understand the feelings of your workforce and the perception of their workplace environment.
Vero HR offers a range of global HR solutions to meet the needs of your business, from Recruitment to Payroll. Please do not hesitate to give us a call on 01733 830830 or email us at firstname.lastname@example.org.