Employee retention is one of the biggest issues facing business owners today. You might spend thousands training a member of staff only for them to leave and take their skills elsewhere. That costs your company a lot of money, and it ends up being a waste of time. With that in mind, we’ve come up with some strategies that should help you convince them to stay. Human beings are complex creatures, but there’s a lot to be said for incentives. You need to make the role as appealing as possible to the individual if you want to make them feel fulfilled. Workers who enjoy their jobs and feel valued are much more likely to stay with their current employers. At the end of the day, applying for new jobs and navigating the interview process again is a pain. They won’t want to do it if you keep them happy.
Lucrative employee benefits
The best way of keeping your employees is to provide them with as many benefits as possible. There are lots of workplace schemes you could use to make their lives easier. For instance, perhaps you could seek out an arrangement that keeps their medical bills to a minimum? There are programs they can pay into each week to reduce prices. Of course, that’s something your HR department will need to organize. If your company isn’t large enough to have one, you just need to outtarget. A representative from Ellis Whittam’s HR consultancy said many business owners follow that path. That’s because it works out cheaper, but you can still get the same results. You should also look at pension schemes and other benefits that assist your workers.
It’s always a good idea to check out the market and explore what your competitors are offering. The more you remain proactive the better retention strategies you can implement. If an employee gets a better offer from another company, there’s little you do to maker him/her stay.
Pay a fair wage
The UK government recently introduced the living wage. It replaced the old minimum wage system, and it was designed to ensure all workers earn enough to survive. However, some employers dropped their salaries when that happened. Like it or not, £7.20 per hour is not sufficient for an adult to pay their bills. That is why you must reward people adequately for the work they undertake. If you want people to stay with your company, you should offer them fair wages that reflect their efforts. Ideally, people need to earn somewhere in the region of £9 or £10 per hour to find themselves in a comfortable position. Nobody will feel happy if you’re making a fortune in profit and they’re struggling to pay their rent. So, think about that as you move forwards.
Create a career progression path
No growth, no gain. The saying is applicable to the employee and the company. Nobody wants to spend their time working in a dead end job. That is why you must create clear career progression routes for your employees. You must show them that hard work pays off, and they will advance because of it. Maybe you could look into providing specialist management training for your best workers? That would allow you to promote them into senior roles after they’ve shown some willing. The process isn’t going to cost a lot of money in the grand scheme of things. However, it could encourage your workers to stay put for many years. When all’s said and done, you don’t want to spend your entire day telling people how to do their jobs. That is why you must use incentives to ensure people stay with your company for a long time.
Organize team building activities
Making your workers feel like part of a team is vital if you want them to become dedicated to your company. So, maybe you could arrange some fun days out with the entire workforce? Take them paintballing or find another suitable team building activity. They will become closer as a unit, and they might even make friends with their colleagues. At the end of the day, you need to run a happy workplace where everyone gets along. That’s much easier if you spend time together outside of the office. You will get to know each other’s families, and you might even get a better understanding of what makes them tick. There’s no need to spend a fortune on this concept. You just need to identify something that will bring your team together.
You should now have some excellent ideas for improving staff retention rates. With a bit of luck, you won’t have to deal with the employment process too often after reading that advice. Now you just have to put it into practice and witness the change in your workplace. Some people are always going to leave no matter what you do. However, there are many others you could keep if you make the right moves.