Retention is far more cost-effective than recruiting. It also boosts your profile as a great employer- attracting more talent to your door. But how do we instil a sense of loyalty in our employees? What can we do to make sure they want to stay with us for the long term?
Statistically, most people leave their posts due to insufficient salaries. This is very closely followed by stressful work environments, poor management and a lack of personal development opportunities.
Here we’ll be providing our top ten strategies for boosting your retention rates in 2024.
1. Remain Genuinely Competitive
Basing your salary ranges on out-of-date data or low-balling highly qualified candidates despite having the budget to pay them their worth is a recipe for disaster.
Colleagues become friends, and friends talk. Your new employee may accept a low offer on the belief that that’s what the company can afford, but they’ll soon find out if the person opposite them is being paid more for the same role.
Consider your employee benefits, parental leave policies and holiday allowances too. Employees will rightly see these benefits as part of their compensation package.
2. Make Onboarding a Dream
Set the tone from day one. Make sure your employees feel welcomed and supported from the moment they arrive. A slick onboarding process will take the pressure off other staff members and ensure your new hire has everything they need to get off to a great start.
Consider a welcome pack with key information, video instructions for key processes and appointing a “buddy” for your new recruit to turn to with any questions.
3. Communicate a Clear Vision for the Company
Culture is important. And a huge element of creating a company culture is to communicate a clear strategy that everyone can get behind.
Relate tasks back to the company’s aims for the quarter. Tell employees what their work has achieved in line with annual targets. Let them know where their commitment is leading and outline the benefits for them personally should targets be reached.
4. Maintain a Positive Working Environment
Cultivating a culture of openness and respect can take time if it’s not always been the case. But watch your retention rates improve with every stride.
This one comes from the top down. If you want people managers to communicate in a positive, transparent, supportive manner, then the folks at the top need to model that.
5. Provide a Clear Path for Development
This isn’t to be confused with a “clear path to promotions”. Not everyone wants to move up, but the majority will want to develop their skills and move laterally.
Either way, employees should know what (challenging but achievable) hoops they need to jump through in order to change roles, be promoted or take on new responsibilities. Lay out clear pathways from day one and check in with staff regularly to gain an understanding of their goals.
6. Rewards and Recognition
A little appreciation goes a long way. Celebrating employee’s successes, both big and small, can make them feel seen. Motivation will follow soon after.
Rewards don’t have to be monetary, but bonuses are the preferred option for most employees. Just make sure they’re handed out fairly throughout the organisation. Again, people talk!
Besides financial rewards, there’s always are public appreciation email, a thankyou note left on the desk, an offer of career development, a table of sweet treats or a high street voucher. If you know your employees the way you should, it shouldn’t be too hard to make the right choice for them and their achievement.
7. Promote and Model Work-Life Balance
Providing flexible hours and allowing work from home, ensuring everyone takes their lunch break, not freaking out if someone asks for time to go to their kid’s sports day… the list here is endless.
Modern employees value work-life balance over almost anything else related to their job. Acknowledging that people have busy, complicated lives outside of the office is vital to retaining great talent.
For employees to feel at ease utilising your work-life-balance related policies, they need to see upper management doing the same. Shout about it, be obvious about it and actively encourage them to do the same.
8. Encourage Team Building
Great teams support each other. They fill in each other’s skills gaps and can become lifelong friends. Having a genuine support network is vital to employee happiness and job satisfaction.
You can organise team nights out, team-building days (for the brave!), or just actively encourage collaboration. Noting the skill sets and personalities of everyone in the team can be a great segue into working better together.
9. Collect genuine Feedback and Respond Accordingly
Regular, anonymous surveys can help you track any employee concerns. You can then act on those concerns to right the ship and show employees that you care about their opinions, their wellbeing and theirs needs.
Make sure each survey is followed up with openly shared information about key trends. Explain what will be done to support and continue the positives and correct the negatives.
10. Implement a Wellness Program
If budget allows, this will make for a speedy return on your investment. Looking out for the physical and mental wellbeing of your employees should be a no-brainer. Less sick days, fewer burn outs and a boosted, happy work force. What’s not to like?
You can start small by offering healthy meals once a week, go up a gear by booking in a fitness class for the whole team or go the whole hog and provide private health insurance with regular check-ups.
These strategies come together to create a happy workplace where employees feel valued, engaged, and motivated to stay. Put simply: invest in your employees, and they will be motivated to stay, support and develop your company for the long term.