If you have good staff, you’ll want to keep them, which is why it’s important to have a strong employee retention policy in place. After all, hiring new recruits can be costly and time-consuming, especially if you’re a small business.
The key to keeping your best employees from going to the competition is understanding why they want to leave.
Pay attention to pay
Strangely enough, money, or a lack of it, isn’t always the main motivation for someone leaving one firm to work at another, but if you’re not paying market rates, it can be an influencing factor.
If you don’t want a rival company to poach your best workers, then it’s important to make sure you’re paying them what they’re really worth. Reward high performers with bonuses and other incentives. This has the added bonus of creating friendly competition among workers and boosting productivity.
Be transparent when it comes to pay increases. If you tell a new recruit that there’s a pay review after six months, then make sure that there is one. There’s no easier way to frustrate workers than avoiding discussions about proposed salary increases.
Make sure that employees doing similar work are on the same wage. Company morale can take a big hit from rumours that someone is getting paid less than someone else in the same job.
Perks of the job
When looking for a new job, added benefits can make all the difference to a great candidate who is in demand. Everyone has different needs, such as stock options, a gym membership, family health insurance, or paying for educational/upskilling opportunities. If you can be flexible when it comes to the perks of the job, then you’re much more likely to keep people at the firm for longer. One way of doing this fairly, is to offer a variety of benefit options in a package that employees can tailor to meet their own needs and circumstances.
Appreciate and recognise the talent you have
Workers like to be recognised for what they do. Even a simple ‘thank you’ can go a long way when it comes to making employees feel appreciated. Better still, when praising a worker for doing a good job, ask for ideas and input on how to improve things at the firm. This is a great way to engage workers and keep them enthusiastic about their role in the success of the business.
Try to promote from within the company whenever possible. If someone consistently does a good job, make sure they know that their prospects for career progression at the firm are good. Recruiting externally for the role above them, when they feel they’re more than capable, can be a real demotivator. Wherever possible, let workers progress through the ranks and recruit for the vacancy created by that promotion.
If your workers are prepared to go the extra mile for you, you should be prepared to do the same for them. Your employees have lives outside work with all the same issues and problems as you, so if they need some time off for an emergency, try to be flexible. Any work-life policies, such as flexible working, will go a long way to making sure employees feel appreciated and valued. These policies will help further when it comes to recruiting new talent.
Hire the right person for the job and the company
One sure-fire way of getting people to stay with you longer is to hire the right person for the job at the outset. Hire someone who is wrong for your business, and they’re going to quit sooner or later.
This means making sure your recruitment processes are effective throughout, from creating a clear and detailed job description to ensuring new hires get all the help they need with on–boarding. Be clear on company culture and expectations throughout and get professional recruitment help, if at all possible.
This applies equally to managers. A bad manager can play havoc with your retention strategy. Hire leaders, not bosses. Ensure your managers buy into company culture and are trained to deal with conflict management.
If you invest in your people and your retention strategy, you’ll see the rewards in the talent you hire through greater productivity and performance.