For businesses large and small, employee retention can be a major issue. Aside from organisations that design their entire business model to account for employee drop-off, all organisations want better ways to keep their talent and grow their business.
As with anything business-related, the reasons why employees might leave an organisation can vary greatly. Some leave for more money, others due to conflict of personality within the workplace and some simply because they want a change. Regardless, we have put together this shortlist of strategies and techniques you should consider if you are having a staff retention crisis or just want to make sure you keep who you’ve got.
Pay and Reward Schemes
The foundation of all job roles is pay and reward. Staff don’t come to work solely because they enjoy it – though that is important – they come to work so that they can be rewarded. This is why salary is the fundamental baseline of employee retention and why it’s so important to ensure you are paying staff competitively considering their experience and the rest of the market. Offering a relocation package to a valuable employee is one example. ARCrelocation.com, who helps organize such career-changing opportunities, believes that it gives your employees a chance to explore better career paths, work in a new environment and immerse in a new culture.
Setting up employee reward schemes is the most tangible way of identifying and fixing issues within your current salary and reward system. Reward doesn’t just mean money; there are other ways to reward staff and improve their satisfaction from saying thank you to recognising when they have gone above and beyond at work. All of this has an impact on how likely your staff are to stay at your business so it’ definitely worth looking at.
Facilitate Workplace Collaboration
As humans, we are innately social. We crave interaction and attachment with others, which is why organisations that encourage workplace socialising and collaboration often have higher employee retention and satisfaction.
Ultimately, it comes down to the fact that staff want to work with people they like. If you create a space where they can develop a relationship with co-workers, they are more likely to want to come to work and enjoy their time there. This is all key to keeping your employees happy and engaged.
Building upon the importance of co-workers in the employee loyalty recipe, toxic staff are easily one of the most destructive forces within your business. Much like fruit, a single bad staff member can spoil it for the whole team, resulting in a dissatisfied and unproductive team that is waiting for a new opportunity so that they can leave.
To tackle this, training managers in how to identify problems and remedy them is a great first step. Beyond that, organising 1-1s with staff or anonymous satisfaction surveys can also help point out where people are causing problems. Warnings can quickly curb the issue though sometimes, people simply aren’t a good fit for your business, in which case you may have to let them go.
Create a Culture of Honesty, Openness and Security
Finally, above all else, employees want to work somewhere where they feel that their opinion will be heard, considered and valued, even if it’s critical. They want to feel secure in their role knowing that they have an impact on the business’ success and truly make a difference. Fostering this culture and attitude is a long-term goal which is hard to achieve quickly and cannot be rushed but once there, this will lead to stronger employee loyalty and more effective business operations.
Using these strategies, you should be able to noticeably improve employee satisfaction and quality of life. By keeping your talent happy and in your organisation, you can then promote business growth and work towards expansion and success, the fundamental goals of almost all organisations.