Hiring, training, and inducting staff into your business can be costly, and it takes a while for the investment to return to you in the form of a well-trained and competent worker. If they decide to leave to work somewhere else, you have lost your investment.
Staff retention is incredibly important to the continued success of a business, and many managers and business owners are unsure how to turn the tide and keep their staff happy and productive at their company. These four top tips should help you stem the flow of experienced workers leaving your business and retain these valuable assets.
Create Career Paths
Many employees become frustrated with their employment because they cannot see a route forward. New starters can be very enthusiastic about their job in the early days, but as time goes on, they can feel that the role they are in is the only one available in the company. This can lead them to take the skills and experience they have learned at your business elsewhere, often to a competitor. Make sure that your employees can progress within their company, and they will not start looking around to see what else they can do in another company.
Reward Their Hard Work
For many workers, feeling underappreciated can lead them to move on to new pastures. By creating some simple incentives and rewards you can give employees more value from their job without having to massively increase your wage bill. You can celebrate employee accomplishments with gift cards to show your appreciation for a reasonable cost, and it will make a huge difference to how your employees see their work, and your company. Just a little recognition and a demonstration that you care can change the atmosphere and culture at a workplace dramatically.
Communicate and Negotiate
How people see employment has changed in the last few years. People are much more aware of the importance of work/life balance, and how their commitments to working hours can often negatively impact their health and their family life. Talk to your employees and try to find ways that suit them and the business that will help them rebalance their lives and give them more value from their employment. This could be from flexible working hours that help parents to manage their children’s lives, or from remote working initiatives that let people stay productive but also tend to their home and their family, and get more from their lives.
For many businesses, the majority of their workforce lives within a short distance of the work site. By taking a more active role in the community around your premises, you are making an investment in your workforce as well as your local area. Work with community leaders, including local government, and schools to see how you can support local education and environmental initiatives or invest funds in local facilities. This is not only good public relations for your brand, but it also shows your business cares about its workers, their families, and where they live.
Use these simple and effective methods to enjoy returns on your investment in people year after year. With recognition, rewards, a better work/life balance, and open lines of career progression, your staff will never want to leave.