One of the biggest challenges facing businesses is staff retention. This impacts not only the individual teams who are always getting new people but also the HR professionals who are responsible for maintaining the requisite workforce and talent levels for the productivity output needed. High staff turnover can be an expensive issue as training investments are lost while key skills need to be re-sourced or developed anew; the impact on your business’s bottom line can be significant. In this article, we look at a few of the ways you can minimize staff turnover and retain the kind of long-haul loyalty you’d expect from the core team members in your business.
Start as you mean to go
Prevention is always better than relying on a costly cure. When it comes to staff retention, one of the most effective methods exists at the very start of the journey with your hiring process. Always ensure that the role is clearly defined and understood by you as much as by your prospective employee. If expectations are apparent right from the get-go, then you are more likely to find your staff investing in their new role and the culture of your company for the long term.
Maintain fair remuneration
If an employee feels strongly that they are not being paid in alignment with current average rates for their role in your industry, then they might start to look elsewhere. As they develop, improving their worth and their value to your business ensure that their wage and the benefits are adequate with their output. Hence, set personal expectations that staff would eventually question their salary grade so you need to allocate time for a discussion. Undervaluing your staff is a sure way to risk their perception that the grass is greener elsewhere.
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Make your engagement strategies consistent
Most companies restrict their staff engagement policies and efforts to the bare minimum, perhaps ticking a box with an annual survey. To invest in your team and ensure maximum retention, you need to make your engagement consistent and create a complete plan that focuses on engagement all year long, and this will ensure that everyone feels like their voices are being heard. There are experts and software platforms out there to help support you in this; inpulse.com is a great example. Invest in employee engagement to significantly boost staff retention.
Treat and reward your staff
Alongside a fair pay and staff benefits structure, you should additionally look to positively reward your employees in recognition of their continued efforts, successes, and loyalty. Do not just make annual or Christmas bonus schemes, but also regularly throughout the year. This is as motivating as it is loyalty supporting, and if you aim to make your rewards targeted to the recipients a social experience, it will amplify the effect.
Support flexible working conditions
Too often today, the work-life balance presents a challenge to both employers and their workforce. Creating a flexible working environment for staff sends a strong signal that you are investing in the whole of their wellbeing. Studies have shown that remote working does not equate to a drop in productivity, and, very often, your flexibility will be rewarded with improved productivity, staff positivity, and retention.