How to make sure your business retains its top talent
You may have put in the time, money and effort to ensure that you have managed to attract the top people into your business, but you also need to take steps to retain that talent. This is because high staff turnover is costly, while having the power to demoralise staff, diminish your business’s reputation and dampen the overall company culture.
This comes after research by CV Library which revealed how well over one-third (39.7 per cent) of Brits confessed to hating their job. The survey also noted that the most common reason for being unhappy at work was feeling undervalued (48.8 per cent), right through to not being in a desired role, working somewhere with a poor company culture, being underpaid and feeling bored.
This all means that keeping staff engaged is a more pressing issue than ever. If in doubt, try following our top tips for increasing retention rates across your business.
Recruit the right staff
When interviewing candidates, take note of whether they display enthusiasm or passion for what you do. Look out for people who will enrich your business by bringing new skills to the table which complement and enhance those of your existing staff members. Show candidates your work or office space and introduce them to the team so that they can see how they might fit into the culture you have created. Approach people who have had many different jobs with caution, as their history indicates they might be more tricky to retain.
Provide opportunities to develop
When talented employees are not offered the right training and development opportunities, it is likely they will look elsewhere to enhance their skill-set. Let your employees know that there is room for advancement in your company. You could do so by offering an industry-related qualification, leadership program or tuition for continuing education. Provide challenging and stimulating work and tap into the passions and interests of your employees by allowing them to focus their energy on projects they truly enjoy.
All of the above will go a long way towards encouraging loyalty towards your business offering. Greater career satisfaction will also give rise to better retention rates. Upskilling your workforce is, ultimately, an investment which will eventually further the success of your own business.
Reward good work
In order to retain talent, you must make your employees feel respected, appreciated and worthwhile and that their contributions to your business are valuable. Take the time to provide honest and sincere feedback, whether that takes the form of a thank you in front of the entire team, a handwritten note, a trophy or a post shared across the company’s social media channels.
While salary is the primary concern of most workers, it is not the only thing which they are motivated by. Work benefits have the power to elevate your company culture and create a sense of goodwill and community across the business.
It could be that you offer flexible working hours, ensuring that your workforce can be scaled up or down to meet the varying needs of your business, while affording employees a good work-life balance. Other benefits of note include bonuses, social events, healthcare and retirement plans, life insurance and paid time off.
Have an open door policy
Creating an atmosphere of honesty in the workplace is vital when it comes to preventing grudges and complaints from escalating. It will also help all of your employees to come together to achieve your overarching strategic goals.
To that end, provide feedback on work performed well and be willing to listen to the concerns of your employees. Take the time to sit down face-to-face and discussing any work-related concerns. Be open and listen to new ideas and accept suggestions for problem-solving. Be available when your employee asks for your guidance and keep your top talent informed about what is happening with the company, rather than allowing rumours to take over. If there are any problems or set-backs, communicate this among the wider office.
Create a positive environment
Allow your employees to feel secure in their role. Greet them by name when you can, let them know that they are valued and that their contributions are appreciated. Gather their input on any changes that need to be made, encourage goal setting and let people make their own choices as often as possible.
Be clear on company goals
Have job descriptions in place so that your employees know exactly what is expected of them. If you implement any changes, make sure they are communicated clearly and directly across the business.
Offering a competitive salary will, quite simply, encourage your employees to stick with you. A lack of resources is one of the key challenges which employers are currently facing but losing talented staff could be more detrimental than the initial cost of increased pay.
Retaining top talent in the current climate is not without its challenges but looking after the best interests of employees and increasing retention rates will help your business to prosper and grow.
Stay tuned to the Claremont Consulting blog for all the key recruitment insights you need to know.