How to retain your staff
Posted on 5th December 2018 at 14:55
Statistics show that 4% of employees leave on day 1 of a new role and 22% within the first 45 days. Does your company have a high staff turnover and have you looked at the root causes of this and the impact that it may be having on your business?
A low staff turnover means that generally companies have a higher morale, their customers are more satisfied, the company is better at maintaining its knowledge and expertise and will see better sales growth. What are our top tips to increase your staff turnover?
1. Make sure your employees know what is expected from them.
Constantly changing expectations can create un-necessary stress for your team. Make sure that those being recruited have a realistic idea of what the job entails.
2. Get your management and supervision right
Dissatisfaction with management is one of the top reasons why people leave an organisation, again clear expectations and empowerment are critical for staff engagement with the role and company. Ensure that your leaders and managers are getting the right training for their roles too.
3. Allow your employees to have a valued voice within your organisation.
People want to feel valued. Work to create a safe environment where new ideas are valued, people are encouraged to contribute and offer criticism without fear of reprisals. Employees that feel valued and proud of the role that they do will immediately improve your turnover rate.
4. Training and development
This again feeds into individuals being valued. Make sure that there is a clear induction process in place along with an on-going training and development plan as well as clear career development opportunities as an individual progresses within your organisation.
5. Consider the work/life balance
How long it takes someone to get to work can have a direct impact in their longevity with the company. Flexible working can also be an important consideration and can enhance someones loyalty to your company if you can get the flexibility right to their circumstances how could they consider a move somewhere else?
6. Look at your benefits and rewards package
Whatever incentives and extras you offer make sure that they are truly beneficial to the individuals and not something that isn't of interest, or isn't achieveable by the team.
Staff retention and engagement starts the moment that you offer someone a job and should be part of a retention strategy for your organisation. Annual staff surveys can help to determine whether there are changes in morale happening within the organisation and so allows for changes within the retention strategy. Exit interviews for staff who have handed their notice in can also help in signposting problems - although by this stage it is too late for that particular individual. Low turnover rates can make a huge difference to business compared to a similar company with a higher turnover, it is worth investing in your strategy and allowing true feedback from your employees to look at continually improving this area.
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