Staff turnover has a dramatic effect on companies. It costs valuable time, resources and money constantly searching, hiring, and training new staff only to go through that again every few months. It is so important to keep up with the marketplace, be in the know and continuously adapt and revisit strategies to make sure that what you are doing will ultimately benefit your company, the employees, and the future success of the business.
Companies are now having to navigate through all the changes the pandemic has brought with it, not just for their personal goals but for their employees too. Through so much uncertainty, there is a record number increase in employees rethinking their careers and the purpose it serves them;
-A better work-life balance
-A company aligned with their values
-Career development opportunities and continuous learning
-Financial stability.
Adapting and changing to the demands of the marketplace is vital in order to retain and engage your employees. First and foremost you must wholeheartedly care about them. No strategy will overcome a lack of empathy or appreciation that you should have for your employees. The main aim is to keep employees satisfied in their jobs which will deter them from seeking employment elsewhere. Ultimately, you should be building a talented workforce and reducing staff turnover.
Things to keep in mind when looking at how can you best retain the talent you have got:
- Can you offer a flexible working environment and hours?
Being flexible to the demands of your employees’ personal lives is something that is extremely important in the changing workforce. Consider back-burner projects or new organisational initiatives that would allow employees to work remotely when the typical nature of the job wouldn’t. This can be something they can do once a week, for example, some research or admin tasks.
2. Give your employees opportunities to grow
Look at all the transferable skills your employees have, instead of looking outside of the organisation to fill other openings, why not develop some training programs which will ultimately allow your employees to feel valued and will give them something to work hard towards and look forward to. When there is a path for career advancement, your workforce will feel like they are a critical part of the company’s success.
3. Recognition, communication, and rewards
Employees need feedback in order to grow, develop and improve in their work. Doing this with both positive and constructive feedback is essential. Positive feedback motivates employees, throwing in some rewards like a late morning start or an extra day off here or there not only benefits the employee that has achieved that but motivates others to do so too. Constructive feedback is extremely important especially if something needs to be addressed immediately, and offer solutions to encourage positivity.
4. Competitive wages and perks
Employees want to feel as though their work and time are valued, yes, money isn’t everything but a fair salary goes a long way in people knowing how valued they are as part of the team and company. It’s important to make sure that the salary is fair among those who have similar jobs, tasks, and responsibilities. Remember your employees need to cover the cost of living and feel as though they are doing rewarding work.
5. Workplace culture
Develop a culture of respect, fairness, accountability, and one that promotes a healthy work-life balance. Having employees that have time for themselves and their families are more productive, and happier and the overall atmosphere in the workplace will be very balanced. Encourage respect for employees, not just from leadership roles but between colleagues and departments. After all, the company needs everyone in order to run smoothly. Create an atmosphere that is clean, open, and encouraging to all that is in it.
6. Earn the trust of employees and regularly ask for feedback
Employees do a much better job when they trust management and those giving them their tasks. They are more likely to achieve the goals that are set for them when they believe in the person that’s getting them to do the work. Another way to earn the trust of your employees is simply to ask for feedback. It’s important that they feel as though they are being heard and taken seriously. When employees don’t feel like they are being heard, they assume the company has no interest in improving or pursuing good ideas. There need to be opportunities for both public and private feedback. Create a culture where employees feel comfortable offering their thoughts and ideas.
There are many other factors that can make an employee decide to leave, poor management, lack of value in the work they are doing, personal issues, and so on. So if you have frequent staff turnover it really is time to dig a little deeper and find out the source of this issue.
Staff retention is usually a good measure of the kind of company you run, low staff turnover suggests that you are a good company to be working for.
In January 2021 an IMB survey was taken. It showed that more than one-third of respondents indicated that they and their colleagues have asked their employer for more flexible work arrangements, improved compensation and benefits, and more physical and financial safety and security in the past year. However, only about half of employees give employers high marks on their ability to deliver on what is most important to them.
Listening to the needs of your employees is imperative in this competitive changing workforce. If they are ignored, chances are they will leave.
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