November 12, 2019

Employee Retention Strategies

Employee Retention Strategies are a MUST

Employee retention is a big problem for many companies. When you hire a new employee or member of staff you put in a great deal of time, effort, and money. Then, after you have spent out on getting your new hire up to the standard that your industry requires of them, they leave. That means another company gets the benefit of the development that you have invested in.

Losing staff is an expensive business and if you are perpetually haemorrhaging team members for one reason or another. You need to find a way to retain the staff that you have brought in. You need employee retention strategies. 

Get It Right From Day One

When it comes to employee retention, first impressions are worth their weight in gold. The day that an employee joins your company is the most important in their career with you. This is the day that you get to create a lasting impression.

Many companies will assume an arrogant position when it comes to bringing in new employees. They are the company and the employee is just another cog in their machine. This is problematic, and you need your new employee more than you are giving them credit for. 

Show your appreciation for your new staff members by making them feel welcome and part of the team immediately. Show them that you care about the contributions that they will be making. You can do this by providing them with a smooth and thorough onboarding process. Inductions take a lot of planning and effort, and you can help to manage this using software such as ELMO onboarding.

Provide Incentive To Stay – a key retention strategy

People like to stay in a job role that provides security and the long term prospects of progression. If a staff member can see where their career will be heading if they stay with your company, they will be more inclined to stay with you instead of trying their chances elsewhere. 

Pay your staff a reasonable rate. Living costs can often skyrocket and leave wages behind, and if you are not reviewing salaries inline with the cost of living, then you will lose staff members who cannot afford to live with you. Remember, the cost of attrition and lost revenue due to staff leaving can be quite high. You can, therefore, afford to invest more money in retaining staff. When it comes to setting staff wages, you will often need to look at the wider picture and not just consider short term profits. Remember that paying a little more upfront for employee retention is WAY cheaper than a high employee churn rate.  

Keep Your Staff Happy And Motivated

Create a positive workplace where the achievements of your team are celebrated. Having upbeat managers who look for the good in their team members will incentivize your staff to push harder and achieve for a company where they feel accepted and valued. 

Where development is needed, use constructive feedback delivered in a positive way. Offer support and really spend time in developing your team members rather than putting all of their training needs squarely at their feet. In the long term, all of these things will help to ensure you have well-trained staff who will stay with you for many years to come. 

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Michael Veazey

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