Are you keen to increase your staff retention rates?
The wisest amongst us know the key to success in any business is holding on to your best employees.
That’s why we’re using this blog to explore the most effective ways to help keep your staff happy, motivated, and committed:
Why Are Staff Retention Rates Important?
We’ve got a nugget of gold to share with you today: clear career progression and competitive salaries are not the be all and end all when it comes to improving your staff retention rate.
Sure, we’ll be discussing them, because they’re an important aspect of making your people want to stay at your organisation.
However, we’ll also be looking at company culture, employee engagement and staff benefits packages, to give you an insight into what you can offer to truly set your company apart from the competition.
Pay A Competitive Salary
In this candidate-driven market, employers must be prepared to both offer competitive salaries and reward their staff with appropriate pay rises (plus any other financial benefits relevant to their industry).
Faced with the highest inflation rates for generations, it should come as no surprise that employees value and prioritise opportunities which help them to overcome the higher costs of living we’re all currently experiencing.
Findings from the most recent annual Randstad Employer Brand Research report suggest salary and benefits are such a strong motivator for the current workforce that employees are willing to change jobs in order to secure the remuneration they feel they’re worth.
That should be telling you, loud and clear, that if your business isn’t willing to invest in curating a competitive compensation package, you can expect to lose some of your top talent.
Provide Career Progression
For most of your staff, personal and professional development will be something they’re keen to work on throughout their time with you. That’s why it’s vital for you to nurture their growth by offering a range of opportunities to upskill.
With a dedicated budget per team for learning and training, you could provide access to anything from workshops and webinars to industry-relevant books and/or journal subscriptions.
Those who are willing to invest in employee development and focus on the future for their talent will be rewarded with a positive working environment which fosters long-term prosperity and success.
Encourage A Positive Company Culture
Building on the basics of clear career progression and competitive salaries, the next level up is to take a serious look at your company culture.
Whilst it’s challenging to provide a concise definition of what company culture actually is, it broadly speaks to the ‘feel’ of a workplace, the way its employees interact and the atmosphere that this creates.
An inexpensive yet effective approach to nurturing a culture of positivity and productivity is to make moments matter, through highlighting significant staff milestones.
Annual reviews have their place, but setting smaller goals throughout the year and celebrating when they are achieved will do wonders for employee morale, and encourage them to continue improving month on month.
Overlooking the dedication and commitment shown by your team will lead them to feel unappreciated and undervalued — not exactly a recipe for stellar staff retention rates.
Keep Employees Engaged
At the end of the day, if your employees are engaged and take pride in the work that they do, as well as in the organisation they work for, they’re more likely to want to stick around.
The ultimate goal is for each and every member of your workforce to understand and believe in the direction of your company, so that they can benefit from feeling part of something bigger than themselves.
If you have the budget for implementing big, expensive initiatives, that’s great. If you don’t, however, that doesn’t mean your staff have to miss out.
Something as simple as regular and structured 1:1 conversations between managers and their team members is enough to consistently drive high employee engagement.
Provide Additional Benefits to Improve Staff Retention Rates
In addition to the competitive salary we talked about earlier, you’re going to need to ensure your benefits package is sufficiently attractive.
This is what provides holistic support to your staff, encompassing their financial, mental and physical wellbeing.
Employee Discounts
Introducing an employee discount scheme is a great idea for helping your team to get more for their money, whether that be on essentials such as a weekly grocery shop, to weekend treats like a trip to the cinema.
Health and Wellbeing
As the cost of living rises, maintaining good health becomes increasingly difficult thanks to the expense of routine appointments such as the dentist or opticians.
Make life a little easier for your employees by providing them with a healthcare plan, and reap the benefits of fewer sick days and time needed off work as a result.
Flexible Working
Many employers have already recognised the value of incorporating flexible working policies at their companies.
If you haven’t made the leap yet, it’s worth keeping in mind that offering different working patterns or allowing employees to work from home for part of the week has tangible advantages, such as saving money due to less commuting and increasing time spent with loved ones.
Whilst a certain amount of staff turnover is to be expected, if your staff retention rates are especially low it’s likely a sign that your employees are unhappy. That’s when it starts to become increasingly difficult to retain your top talent.
If you’re interested in learning more about HR Star and how we can help you improve your staff retention rates, get in touch with a member of our team today.
Alternatively, why not check out our previous blog on updating your HR policies?
