As unemployment plummets to its lowest rate in over 40 years, many businesses are feeling the strain of locating the right individuals to fill job vacancies. They’re having to devote more time and resources to find employees in an increasingly candidate-driven market.
Hiring new employees is undoubtedly a costly process. Moreover, a high employee turnover can demoralise staff and have a negative effect on company culture. So how can you improve your employee retention rates and keep top talent on board?
This guide will help you solve this simple, but common issue. Some 39.7% of Brits claim to dislike their current job, indicating that businesses have a challenge in front of them.
Take a clear stance to employees jumping ship and use these top tips to increase retention rates in your company.
1) Pay well
Your company could be the best player in its league, with top of the range offices and a ton of workplace perks. Without a competitive salary though, staff won’t be persuaded to stick around. Many employees nowadays are aware that they can get a pay rise simply by changing companies.
With 45.8% of Brits stating their ideal salary is more than the UK national average of £27,600, the pressure is on to offer a pay cheque that will make employees think twice about searching for work elsewhere.
Although the initial cost of this might hurt, it’s certainly more economical in the long run.
A lack of resource is one of the key challenges that employers are currently facing and losing talented staff could be more damaging than the initial cost to cough up.
2) Recruit the right staff
When interviewing candidates, take note of whether they’re passionate about what you do.
Alongside possessing the relevant skills, candidates should also demonstrate valuable soft skills.
Look out for those who will bring new skills to the table but are also able to get along with the employees you already have. Take candidates around the office and introduce them – it’s important to see how they would fit in with the company culture you’ve created.
Approach people who’ve had many different jobs with caution. This is a good indication that they are “job hoppers” and will be difficult to retain.
3) Provide development opportunities
When talented staff aren’t being given the right development opportunities, it’s inevitable that they’ll look elsewhere to grow their skillset. It’s the duty of employers to encourage their staff to take opportunities to grow as individuals wherever they can.
This could be through an industry-related qualification, leadership program, or software skills course.
These types of opportunities will increase employees’ feeling that they’re valued. In return, staff will become more invested in your company and excited about improving their skillset.
Greater career satisfaction among employees will create better retention rates. Don’t avoid upskilling your workforce, as it’s an investment which will eventually further the success of your company.
4) Promote benefits
Whilst salary is of primary concern to most candidates, it’s not enough to secure loyalty to your company. Large corporate organisations that could previously rely on the pull of enormous salaries are facing competition from smaller start-ups to offer a more comprehensive package to candidates.
Work benefits have the potential to renew a sense of company culture among employees. To make sure you’re on the right track, you can take a survey to analyse how employees feel about the workplace perks that you’re offering. A benefit which is repeatedly named as one of the most desirable is flexible working.
Implementing flexitime is an innovative way to stay ahead in the market. It ensures that your workforce can be scaled up or down to meet the varying needs of the organisation, dependent upon the talent it’s able to retain.
Alongside flexitime, reward loyal employees for continuous commitment to your company. The combination of the two perks ensures that you have a dynamic and viable workforce.
5) Adopt an open-door policy
Being the boss can play a decisive role in retaining employees, with nearly half of Brits (48.8%) claiming that they felt undervalued at work. In order to combat this, adopt an open-door policy.
Creating an atmosphere of honesty in the workplace is essential to preventing grudges and complaints from escalating. If you can make one employee happy in the workplace, it will have a widespread positive effect on staff morale.
Even if you can’t solve their problems straight away, the fact that you’re willing to listen to their concerns will be reassuring. Moreover, honing meaningful connections with staff will differentiate you from every other boss out there.
Retaining top talent in 2019 is not without its challenges, but with this guide, you should feel more prepared to tackle any obstacles that come your way.
Looking after your employees’ best interests and increasing retention rates will see that your organisation is on the road to success.
Share this story