From utilising the talent you have, to ensuring you get the most out of your return on investment; there are many reasons why it’s a good idea to improve employee retention.
One of the most impactful benefits is that it can cost a considerable amount to hire someone new, especially if you need to replace a specialised role. As well as the initial advertising fee for the new role and the cost of the replacement salary, you have to consider the indirect costs of the loss of production. If you struggle to hire someone straight away, there will be extras work to do with no time to do it in. The longer you leave the role empty the more stress it can put on your existing employees. But, this doesn’t mean you should hire just anyone.
The better your retention strategy, the happier your employees will be. To get an idea of what you should include in your strategy you should ask your team what they need or consider a perk. If you understand how your employees work, you can better understand what would influence them to move on.
Here are some of the best ways you can help keep your best employees with you.
Offer flexible working
Making it easy for an employee to come to work will help them essentially, be at work. With modern-day stresses and the rise in remote working, creating a good work life balance should be an essential strategy for any sized business.
Check your environment
If machines are breaking down, the air conditioning is faulty and the seats and building is old, worn and tattered, it’s not going to create a pleasant work environment. Make sure the conditions are pleasant to help build morale around the office.
Offer company benefits
Whether it’s a bike to work scheme or money off childcare, sometimes that little something extra could be the thing that topples the pros list in your favour if a similar job comes along.
Provide training opportunities
If an employee feels like they’re treading water they’re going to tire of the role they’re in. Make sure everyone knows what progression is available to them and how you can support their career growth within the business. This is also a good time to train up any employee that may be falling behind. After all, a business is only as good as its employees.
Compete with the industry
An employee may leave a role because they’ve outgrown their salary. If an employee has gained valuable skills and experience at your company yet their salary does not reflect this, they will leave. No one wants to feel undervalued or underappreciated and if they can see their counterparts sailing about them, they will look elsewhere. In most cases, it can be cheaper to give someone a raise than to look to replace them, especially if the role is niche or at a higher level.
What if I can’t afford to add company benefits?
If you’re a small business and your funds are tied up in other projects, you may not be able to manage a shed load of benefits. You can, however, offer cheaper training alternatives. Peer to peer tuition and shadowing schemes can help an employee get a flavour for other roles. As well as employee’s picking up new skills, it can help build a sense of community among the team. If a workplace is fully integrated, collaboration can happen naturally and create a better work environment.
What to do if someone leaves
With life getting in the way of business, unfortunately, there is no sure way to retain an employee. You may not be 100% positive of where you’ll be in a few years time. A retention strategy is more about creating a pleasant and productive work environment while having a set plan for when someone leaves.
When someone hands in their notice, no matter what level they’re at, you should look at how that role has evolved. No matter what industry you’re in, ways of working and technology do change. Update the original job description before you advertise for the role to stay as transparent as possible.
Even though it may be difficult, you must always interview a replacement position like it’s a new role. Look at each candidate fairly, focusing on the new things they can bring to the business. During the recruitment phase, you should also try and work out whether the candidate is in it for the long run. You could ask them where they want to be in a few years to give you a better understanding of their career goals.
As well as being prepared when an employee leaves, which will happen no matter how much preparation you do, it’s more productive to focus your attention on keeping your team as happy as possible.
- Keeping your employees happy can help improve your bottom line by avoiding new hire costs.
- Speak to your employees to find out what they would like to change within the company. Include them in initial strategy brainstorms to get their thoughts.
- Training can be an important tool to help build up your team’s skills and ensure they’re getting the most out of their job role.
- Make sure all your employees know of their career paths and what training they should take on to achieve this career progression within a company.