As you’re probably already aware, it’s not typically the “done” thing in recruitment to be...
It’s now more important than ever to retain your employees within your organisation due to the current labour shortage. Hiring the right people in your business is the starting point and keeping them is just as important. It’s a topic I often discuss with my clients since each organisation is different. I’ve put together my Top 5 Ways to Retain Your Staff which are appropriate for all organisations, no matter on the size or structure.
1. Pay them appropriately
Regular review of your existing employee’s compensation is essential to ensure that it’s not only fair but competitive. When it comes to retaining employees, offering better than average salaries and excellent benefits is a no-brainer. Encouraging employees to stay for the pay as perks alone is a good place to start. It’s beneficial to be aware of the salary averages for the type of position, company, and responsibilities, along with knowing what other organisations pay.
When it comes to retaining your internal teams, compensation, benefits, work environment and rewards all impact their decision to stay. It’s worthwhile paying someone currently within your organisation more than your competitors, since the time and financial costs of hiring someone new can be not only expensive, but detrimental to the organisation.
2. Create an open, inclusive workspace
Expectations are important here. Being aware of your employees’ expectations and comparing that to what you’re willing to offer as an organisation is useful to understand whether it’s compatible. People are looking for organisations where they are supported in sharing their ideas and speaking freely in their teams and within the wider organisation.
Encouraging staff to provide their input and feedback shows them that you’re really listening and hearing them. Surveys, forums and openness of upper management are some ways you can incorporate this within your organisation. Transparency is also important companywide when it comes to employees wanting to share their opinions, some employees feel they may not be able to speak out due to fear of retribution, so it’s important to instil a culture of openness and inclusivity.
3. Provide transparency into decision making
When looking to retain your workforce’s top employees, providing transparency and openness about the company’s pathways and movements is important. People want to feel that they are part of something bigger than their day-to-day jobs and are working towards something. Hidden agendas, conditions and lack of full information and resources can make individuals feel like they’re “just a number” and that they aren’t positively impacting an organisation.
Building a culture of transparency where individuals are encouraged to collaborate and contribute and having them personally involved in decision making processes can encourage them to stay within the organisation as they feel integrated. Not only does this improve workplace morale, but it helps to avoid misalignment within the wider organisation.
4. Give clear progression paths
Retaining great staff members begins at the application and interviewing process. It’s essential to identify what cultural and strategic aspects of the company you’re looking for within your staff members and seeking those out from the beginning.
Promoting from within doesn’t just provide clear progression paths, compensation and responsibility, it ensures that your staff members feel they’re valued and crucial to the organisation’s success.
5. Training & development
From the very beginning, identifying candidates who will stay the course is paramount, those who are invested in the recruitment process, interviews, and the organisation itself are great indicators. Their loyalty is important to ensure that training and development is not wasted. Once identifying this, the benefits of providing effective training and development to your employees is an essential way to train them.
In the current hiring climate, people crave career and professional development, several studies have suggested that over 80% of individuals would leave a company that doesn’t offer development. Training and development not only makes employees feel invested in, but the investment of proven training methods will also benefit your business massively. opportunities.
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Retaining staff does not come down to one factor alone, it’s important to consider the five individual aspects mentioned about, but collectively to improve the working environment for your teams. When it comes to rounding out your employee retention programmes, consider whether you’ve successfully implemented the key areas mentioned above to retain your staff members effectively.
If you’re needing support or advice on hiring and retaining great staff members, feel free to reach out to me on james.pickering@visionexecutives.com
