Employee retention keeps a solid work environment, boosts employee morale, and creates a tight-knit team. It may seem obvious as a business owner that retaining employees is crucial however, employers often forget that there are certain strategies or practises an organization can follow for maximum effect.
Losing highly performing employees can impact team productivity and employee attitudes as adjustments are required to the daily functioning and workflows of the team. Hiring new staff can become expensive in terms of time and money if your company is refreshing its workforce every week, something is going wrong. So, let us take that time and effort and reduce your stress with our top tips and tricks.
Most employees want the opportunity to advance and progress, whether this is in the form of a promotion or personal growth opportunities. In turn, employees will feel more valued and become a crucial part of a company’s success.
2. Offer Benefits and Incentives.
Attractive compensation packages are vital in competitive industries this can include anything from office perks, salaries, bonuses, paid time off, health benefits, mental wellness, financial resources, or retirement plans.
3. Retentions Starts with Recruitment.
Improve your onboarding process to find the best candidates to suit your company culture and structure. Ensure that the first points of contact start to build a relationship with the candidate, not just to gather data about them.
4. Highlight Recognition and Appreciation
Employee appreciation initiatives are an excellent way to show your employees that you are recognising their hard work. Recognise small milestones they achieve individually as well as for the company with yearly awards or celebrations.
5. Be Transparent and Communicate
Employees should feel like they are able to go to their colleagues and uplines with ideas, questions, or concerns. Make sure to check in with staff on a regular basis and having an open-door policy allows employees to feel on par.
6. Leverage Technology and Data
Use employee data to identify who is most likely to leave and why. Using AI and advanced analytics can help to pinpoint factors contributing towards attrition and helps you figure out what next steps to take.
7. Work-Life Balance
When an employee’s work-life balance is out of tune the job becomes an effort and no longer enjoyable. A sense of wellness and flexibility is desired by employees and if a company shows they care it will gain loyalty from customers and employees alike.
McDonald’s is well known for its top-quality retention and recruitment strategy offering flexibility, opportunity, equality, and development. Every year McDonald’s spends £43million in training to help develop their staff in ways that they wish. This includes pensions schemes, degree apprenticeships, free meals, discounts at major retailers, awards, and performance reviews.
Of course, you are not expected to spend this sum of money in retaining your employees however a lot of strategies can be taken from them, tweaked and downscaled.
The bottom line is that it is employee retention is vital to building and growing a successful business. Workers who truly want to be part of your company are hard to come by, they need incentives and motivation to feel they are a valued part of the team.
If you are looking for dedicated hardworking employees who are keen to contribute to company growth and success, please don't hesitate to contact us on 01603667777 or firstname.lastname@example.org, we look forward to hearing from you.