Losing your staff could be costing you more than you think
You have spent time, effort, and money recruiting staff you have handpicked to help your business grow. Employee retention should be at the top of every companies priority list for many reasons. According to Achievers, around 77% of the reasons behind employees leaving are preventable. The key to reducing this number is to find out the driving factor behind employees going and work on ways to retain those employees.
This month, Perfect Team take a look at some of the best employee retention strategies you can bring into your business and the benefits you could receive from doing this.
The benefits of employee retention for you and your business
It’s no secret that employing staff costs you money. Recruiting, interviewing, time, paperwork and development, not to mention onboarding, uniform, and other business-related costs, add up very quickly. Losing that staff member after such a short space of time is, therefore, something we would all like to avoid. But it’s not just the cost of hiring, losing and replacing your staff that makes employee retention strategies ideal.
Losing employees puts a significant strain on your remaining workforce. You may notice more unhappy faces in the workplace, more mistakes being made and more talk of others leaving. Let’s face it, some of them are probably already stretched anyway in this current climate, and those job duties don’t disappear when your employee leaves the business – someone has to take them on, and that’s generally down to your existing team. Putting extra responsibilities on an already busy team is likely to leave them feeling unappreciated, unsatisfied and very tired.
When an employee leaves, other employees notice how they were treated. If they see something they don’t like; this may leave them feeling worried or insecure about their positions or the future of their place in the company. It takes time to build your team, and once you have a strong one in place, you will find that they are the backbone of your company. But if you are continuously replacing lost staff, you will never reap the rewards of a structured and robust workforce.
Top 5 employee retention strategies to help your staff get job satisfaction
Communication is key to the success of any business, and good workplace communication is at the heart of this. Employees should feel they can communicate their concerns and ideas to you as a leader, so you should be promoting communication most effectively. Proactively connect with your team members regularly to show you are eager to understand the ideas and challenges. Practical and constructive communication should be at the foundation of everything you do.
Recognition and rewards
There is nothing worse for an employee than doing an outstanding piece of work, only to be ignored by their manager or having the work passed off as someone else’s. Your employees deserve to be recognised and rewarded for any fantastic work they do, and gratitude will go a long way for your employees and your business. These rewards don’t have to be monetary, particularly if you have a limited budget. Get creative with your recognition scheme and show your staff you are grateful.
Recruitment and onboarding
Start your employee retention strategies before you have even employed a candidate. Make your new staff members feel confident, comfortable and part of the team from the moment they join. It can be daunting to try and integrate into a team that has already established its roles, responsibilities and inevitable friendship groups. If your new employee doesn’t feel comfortable in their new position, the chances are they won’t stay around for long. So don’t overload them with information, do set them up with a mentor and keep in contact with them to see how they are settling into the new role.
We have learned from working at home during lockdown that we have very little work-life balance. Without the commute to work, we logged on earlier, stayed online later, and often skipped lunch breaks as we felt guilty for working at home. A healthy work-life balance is essential for job satisfaction, so encouraging your employees to set boundaries, taking vacation time and not taking work home at night will show them that you understand they have lives outside of their careers, and working is not their only commitment.
Training and development
You won’t find many employees who are truly happy to stay in one position for the rest of their career – unless they are winding down for retirement. If an employee doesn’t feel they are being developed or trained for their future, chances are they may go to a company that is offering this type of development. Investing in your staff through training and development should be a priority if you want to keep your employees. Not only are you succession planning for the future of your business, but you are showing your employees that you believe in them.
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Perfect team are the recruitment agency that helps you retain staff
It is not just the internal side of employee retention which is essential, but also the external side. By this, we mean the recruitment of new staff. Perfect team are the recruitment agency that helps you retain staff. The better your recruitment agency, the better the quality of the staff that you can attract to your business. If you are tired of replacing the staff leaving your business, it may be time to consider handing over the recruitment reigns to a trusted recruitment agency like Perfect Team.
With over 20 years of experience in the recruitment industry, supporting many clients to find perfect candidates and placing hundreds of candidates into a new career, we have the time, knowledge and expertise to take the stress out of your recruitment and help you retain your employees for many years to come.