Did you know it can cost almost double an employee’s salary to replace them after they quit? Plus, when one co-worker walks out the door, it’s often only a matter of time before others start wondering if they should be looking for new opportunities as well.
And if you think employees would choose job security over a move to better growth opportunities, you’d be wrong — even during a pandemic!
If cutbacks are made, and opportunities are fewer, ‘high-performers who have taken on more work and responsibilities without any corresponding pay rises may look for their chance to exit. And despite mass redundancies in many industries, it’s not difficult for top talent to find greener pastures. (Turbulent times provide the ideal climate for poaching workers.)
This is why effective employee retention strategies should always be a top priority. We’re not just talking cushy perks and attractive pay packages, either. Nearly one-third of employee turnover is attributed to unsupportive management and a lack of development opportunities, so these strategies need to go beyond the surface level.
Here are our five top tips for keeping hold of your best employees…
1. Establish an attractive company vision
If your employees are the heart of your company, your values are the soul. And it’s the values that employees buy into and resonate with, so they should excite people and make them want to stay.
People also want to feel they are part of something — a journey. This is why it’s vital to demonstrate your company’s commitment to growth and development. To keep talent on board, be sure to reinforce your values and the direction you’re moving in as a company so that employees understand their purpose and the role they play in upholding them.
2. Be transparent
There’s room for improvement in every organization, and problems are bound to crop up (particularly in times of uncertainty). But how you handle these problems can make a world of difference to your employees.
If things go wrong, it’s important to be open and honest with staff, acknowledging and taking accountability for problematic areas. It’s also crucial to ensure there are appropriate channels available for people to raise any issues or concerns in confidence. If staff feel confident that you’ll listen to any problems and take steps to address them, they’ll be less likely to run off to competitors.
3. Give your employees a voice
If you don’t know what your employees want, how can you expect to give it to them? Like we said, your staff are the heart of your business, so it’s essential to give them a voice and ensure they’re involved in shaping people-related decision-making, your visions and goals, and your response to challenges. This can be done in various ways — from team meetings and feedback sessions to one-on-one chats and surveys.
By asking questions and gaining insights from employees, you’ll improve communication and job satisfaction, giving staff greater commitment and ownership, which will drive their desire to stay.
4. Make wellbeing a priority
As an employer, you have a duty to ensure your staff’s wellbeing. And this responsibility has only become more crucial over the past year. When employees feel you genuinely care about them, they’ll be more motivated and productive. Wellness programs that address workers’ physical, emotional and financial health are an excellent way to engage employees and retaining.
With remote working becoming increasingly common, it’s also important to be flexible with working schedules and accommodate employees’ lives outside of work. A little empathy and understanding go a long way in reducing stress, maintaining a positive work environment, and keeping your best talent. Plus, when you focus more on work done and less on hours clocked, employees can also concentrate on producing quality work rather than watching the clock tick until it’s time to go home.
5. Invest in your employees’ development
Learning and development is a powerful employee retention strategy. If employees feel stunted in their current roles, it won’t be long before they start looking for growth opportunities elsewhere. So, it’s crucial to nurture your employees’ potential through online courses and other forms of training, including on-the-job upskilling opportunities.
Providing these opportunities demonstrates your commitment to nurturing your people’s potential. And if you invest in them and their career development, they’ll invest in you and stick around for years to come.
For more information or support with your global employment services, contact PEO Worldwide today. As an international Professional Employment Organisation, we’re here to help with all your HR and employment requirements.