A really great employee can be hard to come by, so when you manage to secure one, you don’t want to let them go! Not only do your top workers help to keep business running smoothly and boost profit, but the cost of a replacing them if they were to leave can be monumental.
However, in order to retain your best talent, you’re going to have to provide them with a good reason to stay.
There are a number of factors that individuals look for in a role, from a company culture that suits their personality, to the opportunity to progress in their career; so what can you do as an employer to ensure you are catering for your employees’ needs and keep hold of your best staff?
1) Hire the right people
If you hire somebody who is a good fit for the role, as well as for your company culture, they are more likely to settle in nicely and stay with the company for a long period of time. By rushing or skimping on the hiring process, you are at risk of hiring somebody who does not suit the working environment and is high risk of jumping ship after just a short stint with the company.
2) Effective communication
Employees want to be kept in the loop about what’s happening in the company, so it is important that you keep staff updated about any significant changes to the business, new clients/projects, etc. They also want to feel like they are being listened to and their ideas are taken on board, so it is essential that they are given the opportunity to contribute and communicate any business suggestions. By involving your employees and keeping the informed they will feel more valued and invested in the business.
3) Offer employee perks
Though some of the largest global firms have a the budget to offer extravagant employee perks like company cars and staff holidays, employee perks don’t have to be huge and something as simple as the option to work remotely or finish early on a Friday could help to keep your staff sweet. Offering perks unique to your company will also help to differentiate you from other employers when recruiting.
4) A competitive salary
Employees want to feel like that they are given the compensation that they deserve, or they are likely to look elsewhere. Do your research, so that you have an accurate idea of what the average market wage is for the particular role and make sure you can either match it or even exceed it, if you can afford to do so. Salary can be one of the most competitive factors for job seekers, so you don’t want to lose out on the best candidates because they got a better offer.
5) Training or development opportunities
It’s never too late to learn new skills and improve on existing ones, so a lot of professionals look for jobs that offer them the opportunity to undertake further training or personal development while in the job. By offering training courses to your staff or promoting from within the company, employees are more likely to feel inclined to stay and grow in the company.
6) Encourage feedback
Creating an ‘open’ environment, where your employees feel comfortable bringing up any issues they may have, can help to pinpoint problems that need to be resolved before they can cause any damage. Encourage your staff to provide feedback and suggestions about ways that things could be improved and areas they would like to see change, to ensure they don’t have any bees in their bonnet.