In this ever-changing employment market where a job is no longer for life; it's harder than ever to retain the best talent in your business.
Every organisation wants to keep its top talent, but in this competitive market; your standout employees will be in high demand from other businesses.
We have compiled six of the most mentioned "top tips" for employee retention.
Employee retention – what is it?
Employee retention is defined as an organisation’s ability to prevent employee turnover. It is measured using a simple equation – dividing the number of employees with one or more years of service by the number of staff in those positions one year ago.
Ideas on how you can improve your employee retention?
1. Training and development:
What do you currently offer your employees?
Do they have access to any internal training?
Do you have access to any external training that your team can access to aid their own development?
Do they have a clear development plan to enhance their career?
2. Benefits and perks:
Do you offer any "perks style" benefits package(s)?
Do you have any recognition awards for tenure within your business?
Small things can go a long way, like getting breakfast or lunch in every now and again or even offering a weekly fruit delivery to keep your team fit, healthy and energised whilst at work.
Corporate Social Responsibility and wellbeing days are also a popular offering to employees!
3. Hybrid/remote /flexible working:
This appears to be the most controversial topic currently!
Is your business able to offer hybrid/remote working?
Are you flexible with your employees to have the ability to work from home?
Remember this is a personal choice, you may find some employees don't have an adequate workstation set up at home, many of us worked from home through Covid, so will enjoy the personal interaction and others prefer to be around like-minded individuals for positive well-being reasons!
One size certainly doesn't fit all here!
4. Leadership and management:
“A leader takes people where they want to go. A great leader takes people where they don’t necessarily want to go, but ought to be.” – Rosalynn Carter, former first lady of the United States
What is your business doing to create future leaders?
Are the business leaders accessible and does your team feel their ideas and values are shared?
Are they offered ongoing training and development, to develop their teams and as individuals?
5. Create a positive culture:
Do you currently have high attrition levels?
What is the makeup of your team - do you have an experienced team or are they new to the business/ team?
Do you encourage feedback and ask each team member to participate in creating the culture?
New hires/ promotions/ changes in the business will alter the culture – you just need to ensure it’s perceived as a positive cultural change!
6. Diverse workplace:
How diverse is your workforce?
Do you use inclusive wording in your job adverts and job specifications?
Have you considered extending the holiday calendar to include holidays which represent different religious beliefs?
Do you have a no-discrimination policy accessible to all staff?
Are you open to employees’ feedback?
If your employee retention rate is not quite where you would like it to be, then why not give one of our experts a call on 0208 706 0016 so we can help you today?