Do you want to reduce staff turnover and retain good staff?
The resounding issue that employers and clients I speak to have is that currently they cannot find good quality experienced staff. The pool for experienced, quality candidates with the right skills seems to be very small. Whether this is because employees are not moving or looking to move around as much or that there is a skills shortage, it is a concern for many employers and is a clear barrier to business growth.
There are numerous reasons why having a low turnover of staff and retaining your best people is important to the success of a business, however when there is such a small pool of skilled employees it is crucial that you retain the employees and skills that you already have.
So how can you reduce your staff turnover and retain those great staff?
Tell employees how important they are to you and the business
Communication with your staff generally is of course vital to the success of any business. But specific one to one communication with staff is equally important. You need to ensure that you actually tell them how great they are and how much you appreciate their contribution to the business.
We all want to know that we are appreciated for what we are doing, and given how easy it is to do, and the fact that it is free all employers should be looking at ways to tell staff what they are doing well.
Innovate, take action and move forward
Good quality skilled employees will want to continue to grow their skills, to improve and move forward. It is often this desire to better themselves and strive for the next thing that make them the best employees to have. Therefore, you need to ensure that you are feeding their appetite for development.
For example, if you are using old and out dated technology, how will this impact on their view of the business and their future with your organisation.
If an employee’s expectations are unrealistic it is important to manage them and make changes where possible. Ensure that the staff understand that you do want to innovate and move forward as much as they do and that you are taking action and listening to their concerns.
Benchmark against your competitors for salary and benefits packages
For most people their primary motivator is not money, however it is human nature to look around at what others have and what is happening at your competitor business.
Ensure that when you are recruiting, undertaking salary reviews or talking to staff about benefit packages that you know and understand what is happening in your industry and if you can find out, what is happening with your local competitors.
You don’t necessarily have to match or exceed what your competitor is doing but it is better that you are well informed in any discussions with staff. You can bet they will know what is happening elsewhere and what their ‘value’ is to your business.
Give employees incentives to stay
You are permitted to reward long service and loyalty in your business and this could be from as little as a thank you card on the anniversary of their employment with you each year, to extra holiday, financial incentives or public recognition of their good service.
Gone are the days when you wait until someone has been employed for 10 or 20 years before recognising loyalty. Many of the most successful businesses in the world now recognise and offer loyalty rewards after 1 year.
Ask staff why they are leaving
This may seem fairly obvious but it is surprising how many people do not ask their departing staff what it is that has made them decide to leave. Listen to the answers as this is normally the time when staff are the most honest about their feelings and motivations.
Once you have listened to why they are leaving you need to take purposeful action to change things for the better to stop the next person wanting to leave from making the leap.
I would love to hear if you have any particular ways of rewarding and retaining staff so please do get in touch. Equally if you would like some help to reduce your staff turnover I would be very happy to arrange a coffee chat to discuss some specific strategies. You can contact me by email [email protected] or 01983 897003 / 023 8098 2006.
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The information contained in this blog post is provided for guidance and is a snapshot of the law at the time it is written. It is provided for your information only and should not be used as a substitute for obtaining legal advice that it specific to your particular circumstances.
The guidance should not be relied upon in any decision making process. It is strongly recommended that you seek advice before taking action.