It is no secret that hiring someone new costs more than retaining current staff.
For example, The Harvard Business Review estimated that 80% of turnover loss is a result of poor recruitment. Additionally, with so much going on such as the General Election and Brexit; it can make for uncertain financial times within any organisation. This means that it is more important than ever to focus on retaining current strong members of staff, to ensure they won’t leave your company for another brand. We understand this can be a difficult process, so we’ve put together a list of how you can focus on retaining your employees….
Identify the valuable members
First, it’s best to identify your most valuable employees, for example, who obtains strong commercial skills out of your team? Who goes above and beyond to ensure work is completed to a high standard? Once you have identified the stronger members within each team, you can focus on their career path, showcasing career mobility and ensuring that they are in the correct positions for their skills set.
Research has found that only 13% of employees feel “highly engaged” which shows us that challenging your employees can be a crucial factor when it comes to retention.
Adapt retention approaches for each person
Every person is different and expecting that you can retain each staff member, in the same manner, is incorrect. Think about what’s important for each person, for example, employees starting out may respond best to positive feedback and a sense of inclusion. Whereas, others may respond better to a clear career path which offers progression. Either way of identifying each personality early on is the best way to retain staff.
Money isn’t everything
Although every member of staff would say money is important; it definitely isn’t everything. It was found that out of 4300 workers 74% felt that they weren’t achieving their full potential at work. This can lead to employees feeling complacent, and bored. In order to counteract this, be sure to keep them motivated by offering them workplace training.
Workplace training can improve employee confidence and helps to portray that you value them as a member of the team. Additionally, workplace training also keeps staff up to date with the latest knowledge within their sector. Moreover, not only will this benefit the employee it will also benefit you, the employer. This is down to the fact that even though it may be uncertain financial times, a strong team can help to navigate this and ensure company success.