How to Increase Employee Retention

Attracting and keeping the best talent can be a struggle. Often when employees reach the top of their game, they move onto greener pastures. This drains resources and uses up valuable time and money to find and train up new hires. There are a variety of reasons in regards to why people decide to leave their workplace and it’s impossible to address every single concern of every employee. By creating a healthy, positive, dynamic, and supportive workplace you can mitigate employee loss and create an organisation that your team is proud to be a part of. So, what’s the best way to keep your top recruits?

Create purpose

Employees stay where they feel their work is meaningful and they believe in what their organisation is trying to achieve. When going through the hiring process, it’s vital to ascertain whether the prospective candidate will fit within your company culture. Do they reflect the ethos of the organisation? Someone who feels that their needs and values are consistent with their employer is more likely to enjoy being at work, which in turn drives up productivity and also leads to better relationships with co-workers.

Provide opportunities

No one wants to stay where there is no real career progression, chance to evolve, learn or grow. Create space for your team to be able to develop their skills and climb up the corporate ladder. Outgrowing a role can lead to boredom, dissatisfaction and lack of motivation. Ensure there are advancement opportunities so that you employees have something to strive towards and can visualise the bigger picture. It’s important to have direction and goals to reach for.

Communication

Open and honest communication is key to understanding the needs of others. When organisations create systems which encourage transparent feedback, it provides valuable information on how a company is perceived. Understanding what employees enjoy and where there is room for improvement can uncover potential drivers for talent which may be considering a move. This method also shows that the company takes concerns seriously and is willing to make changes where necessary.

Recognition

Recognising an employee’s efforts, abilities and talent is essential to not only helping one feel engaged and appreciated, but also allows you to see who the workplace stars are and promote them accordingly. We all have an underlying desire to be valued, through promotions and awards, it is possible to shine a light on all the good work your team are doing which goes to show it’s not in in vain and their contribution matters. Public recognition matters, and coming up with creative ways to express appreciation can go a long way in making someone in the workplace feel good for all of their hard work. Consider adding the following achievements:

-Living by company values

-Commitment to always growing

-Going above and beyond

-Most inspiring co-worker

The more recognition and accolades team members receive, the more they feel a part of the organisation and engaged with the long-term goals of the company.

Work Perks

Sometimes perks matter even more than a large salary. Those with families may seek situations which offer remote work opportunities or more time off, to increase their work/life balance. Others may be drawn to lucrative bonus schemes or solid healthcare packages. Another great addition which benefits both the employer and employee is a dedicated ‘learning budget’ where team members can spend money on books, self-help apps, online courses and more. Dedicated volunteer time within the community is also a fantastic way to lift employee morale and give back. When we feel as we are contributing to a better society and we are a part of something bigger than ourselves, this gives us a real feeling of joy and inner peace and who doesn’t want to work for an organisation that they are proud of?