Something that sets a good leader apart from the rest is their concern that their employees are happy. Retaining staff should be a top priority for companies, as the cost of turnover can be detrimental to a company’s bottom line. Studies show 47% of HR leaders said employee turnover and retention are their top challenges. The average cost is difficult to judge, but there are six costs associate with staff turnover,
- Time spent to recruit a new person
- Lost of productivity and morale
- Corporate Culture suffers
- Hiring externally is more costly than hiring internally
- Impact on the relationship between
So now we know how important it is to retain staff to avoid unnecessary costs to the business, below are some tips for retaining staff.
Solid Onboarding Program
A solid onboarding program to ensure every new employee has both a welcoming and seamless integration into the company. We recommend an epic welcome into the company, ensuring the entire team are aware of the new starter and have a celebration to welcome them into the team. A quality onboarding process shows how much a company cares for its employees and essential in the retention of staff.
Create a value-driven culture
Studies show 50% of employees feel they have different values than their employers. Ensure when hiring new staff that the person you select aligns with the company’s core values. Not everyone will be the right fit for the company and not every company will be the right fit for a candidate. By hiring someone with similar values to the company, will ensure a smooth and easy transition into the company and therefore aid in retention.
Empower your team in the decision-making process
Complete team buy-in will ensure employees feel empowered and involved in the strategic decision-making process. This also makes employees feel like they are apart of the wider goals of the company and feel motivated to achieve these. A great way to do this is to involve employees in strategic planning days, this way they can see how all departments come together.
Invest in personalise growth and development
Employees are driven by career progression and advancing their skills. Offering or supporting professional advancement and personal growth is essential in retaining staff, if they don’t feel like they are being challenged they will become bored and move onto the next. Investing in your employees will result in long term loyalty with the company.
Don’t underestimate the fun element
Work should not be all work and no play. Ensure your workplace is a fun environment to walk into every day. A great way is to organise regular team building activities, employees get a break from work and the time is spent building the ties between each other. Snacks With Bite have a table tennis table in our office which encourages employees to take a break from work, invite a colleague for a game.
Train managers to be coaches
Managers are more than delegators, they need to know what their subordinate’s strengths are, what drives them and guide them on the path of success. Having regular catch-ups with your team is a great way to develop a meaningful connection and create an open environment. Employees tend to stay at the company’s longer when they are given clear direction on what success looks like for them, so set clear KPIs with your team members.
Effective employee retention strategies target different needs of your employees and the strategies you implement will depend on the industry and the size of your organisation. However, it is clear trust, meaningful relationships, connections, value, growth and fun are all factors that will ensure you retain staff and reduce turnover.
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