How to retain your staff during an economic recovery

There is evidence recovery is taking place all around. Not only in the UK but very recent figures have indicated growth in both Germany and France. After six quarters of Eurozone recession, now at least there has been some small growth reported on 0.3 per cent. This is the longest recession to affect the area since it was created, and it comes as a relief that the economic picture is improving, albeit slowly.

With Germany and France leading the recovery, one swallow doesn’t make a summer. There are plenty of calls for caution. In Europe, the jobless rate stayed at 12 per cent last month, according to a Bloomberg News survey. In the UK the Office for National Statistics reported that unemployment fell by 4,000 in the three months to June leaving 2.51m out of work.

Recruitment patterns in the UK have been curious throughout the economic downturn and frequent comments have been made about the number of employers actually hiring, although far more of the jobs available are part time. Now that there really do seem to be some green shoots of recovery, employers are much more likely to face the risk of employees moving on.

Retention of good talent is one of the holy grails of HR. Given the cost of recruitment, employers want to do all they can to keep the right people in their company. After all, there’s no way a business can flourish and thrive if your best workers are dropping out of the company like flies.

Here are some tips for keeping your best people on board:

Direction

Provide a sense of direction for individuals and the team they work with.

Communication

Communicate consistently and regularly about what needs to be done as well as how they are doing in terms of their feedback.

Give helpful feedback (even if it’s of the “you have to raise your game” variety)

Employees need to know what they’re doing right and wrong.

Incentives

If you give employees an incentive, but they are not incentivised by the reward, then you’re wasting your money. Believe me, there are plenty of highly incentivised but demotivated staff!

Don’t make assumptions

What is important to you may not be of equal interest to your employee. Find out what individuals want before deciding what to offer. It’s all about finding out what floats the boat of that employee, and pushing that button. One way is to take the pick and mix approach. Make an equal pot of money available to each employee and they can choose the benefits they want to have.

Have a chat with everyone on a regular basis

This is much more about day-to-day management and supervision. Remember that employees often leave supervisors and managers rather than organisations.

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