Employee retention, it’s a hot topic! With over 1m current vacancies in the UK right now, it’s no surprise that 9 in 10 people consider changing their job as part of a fresh start.
The challenges of lockdown have all had an impact on our working lives. Therefore, it’s never been more important to look after the health and wellbeing of your employees to help stop churn. And after all, a happy workforce, is a productive workforce.
What is the cost of employee turnover? As a rule, the financial implication is around 33% of salary. Doesn’t sound too bad? When you think that 1 in 3 will leave a company within 2 years the costs can soon add up! And it’s not just the direct costs, what about productivity? This can be reduced in many ways. Losing a talented member of the team will have a direct impact on productivity. A new hire can take time to get up to speed. And there’s the potential of a key member of staff moving on making other members of the team reconsider their job.
So how do you keep hold of your most valuable business asset – your employees? Our team share their 4 top tips.
Employee retention starts right at the beginning
When it comes to improving your employee retention, there’s no better place to start than at the beginning. Making sure that your recruitment process is not only finding you the best candidates for the job, but that they are also staying for the long-term. Speak to our team about how we can help recruit people who are less likely to move on quickly. We will always so our best to find people who represent your values.
Development potential
People don’t only change jobs for an increase in salary. And whilst regular salary reviews will go some way to hold on to your best talent, its important to consider other things too. Think about the advancement opportunities you could offer. It doesn’t have to just be promotions either. Could additional training help with employee engagement and also bring new skills into your team? Or maybe there’s a project on the horizon that you can involve team members in? Always think about the next steps for each of your team and you’ll be sure to keep them engaged, motivated and happy. These are employees that are less likely to leave.
Benefits
Candidates used to just want the standard benefits of holidays, pension and healthcare. But benefits go so much further now! Whilst flexible working or working from home may not be possible in your company, what else can you offer? Additional holidays maybe? You’ll no doubt have seen companies giving their staff a week off (at the same time) for mental health benefits. There will be more of a focus on mental health and wellbeing in 2022 too. Is it time to review your company benefits?
Communication is vital for employee retention
Don’t wait until the exit interview to find out problems. Most problems can be easily rectified, but only if you know what they are. Ensure that you have a communications framework that checks in regular with employees. And don’t just focus on the core elements of the job. Consider the personal elements too. Talking regularly to your team may also mean that you improve productivity. Maybe they can suggest a better way of doing something that won’t just help them but their colleagues too.
If you are looking to hire into your team then speak to us. Not only can we find you the very best person for the job – we can advise you on benefits, development plans and more. Find out how we can help you today – get in touch.
