It costs a fortune to recruit staff these days, and the higher up in the organisation the vacant position, the more expensive it is. Once you have the people you need, you must hang on to them. A high turnover of staff is immensely damaging to an organisation. Not only is the cost of replacing them expensive but a vacant position is damaging to morale. In addition, your other employees will need to take on the burden of doing the work of the person who left, which has a knock-on effect on them.
Employees are a company’s biggest asset and high calibre individuals are worth their weight in gold. In this article, we’re going to look at how to retain the best people in your organisation.
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Find the Right People
It doesn’t matter how great someone is, if they are a bad fit for your organisation, they will not stick around for long. People leave a job for many reasons, but often it is because the job isn’t right for them. They get fed up with the role or they aren’t qualified. Either way, it is a loss for you and them.
This problem can be avoided if you are more thorough in the recruitment process. If the recruitment is handled internally, make sure you are clear about what the job entails and ask the right questions during the interview. Always have more than one person present during interviews, so everyone’s opinion can be cross-checked.
Pay Well
Salary isn’t everything but if you want to hang on to your best people, the salary you pay needs to be competitive compared to other employers in the same sector.
The best candidates will typically be able to cherry-pick jobs from a pool of offers. You need to ensure that any offer you put on the table is as good as you can afford. It is worth increasing the offer you make to attract – and keep – the very best people. Ensure any pay offer is commensurate with their experience and the contribution they can make. Otherwise, you could end up losing a top-notch person to one of your competitors, all because you tried to cut your overheads.
Remember, as we have already said, employees are assets, so treat them accordingly.
Once you have someone amazing working for the company, don’t let their pay stagnate. Performance-related pay is a smart way to squeeze the very best out of your top talent. Pay performance-related bonuses for great work. This will encourage them to try that bit harder and hit targets sooner.
Create a Supportive Company Culture
If employees feel fully supported from the start, they are less likely to leave for pastures new. Make sure the onboarding process is thorough. Assign a mentor to all new employees, to help them find their feet and act as a point of contact if they have questions or issues.
Make it clear the company is there to support them in every way. Their success is your success, and vice versa.
Offer Plenty of Opportunities for Advancement
High-calibre employees will want to know they can advance within the organisation. If there is no chance of promotion or a glass ceiling between them and the best positions, chances are they will soon cut their losses and move on to a new organisation where the prospects are better.
Nurture your best employees by offering them established paths for advancement within the company. This could be a fast-track management training programme, or you would offer to pay for additional training or new qualifications relevant to the role.
For example, bright managers who might be good candidates for the C-suite will benefit greatly from studying for a Master of Business Administration. The skills they learn during their course can be applied to your business. These include leadership, agility, and negotiating. If you think a candidate has what it takes to progress in the organisation, invite them to look at the online MBA courses offered by Aston University.
Investing in an employee’s education sends a clear signal that you value their contribution to the company. Employees that feel valued are less likely to leave.
Offer Benefits
Employee benefits can come in many forms, but they are all valuable when it comes to hanging on to the best people in your organisation. Once you are certain your best people are being paid a competitive salary, look at other benefits that might keep them happy.
Private health insurance is one benefit that many employees appreciate, especially when it covers their families. The type of health insurance you offer will depend on the country where the business is located, but it’s definitely one to have on the table.
Other benefits are less tangible but no less important. Flexible working hours are something a lot of employees appreciate. Parents often find it difficult to juggle work with family responsibilities, so allowing employees to finish early to do the school run or work from home some days will make a huge difference to morale.
This sort of flexibility will do wonders to attract competent female employees with children.
Other benefits, such as free tea and coffee, fresh fruit in the staff room, and other small comforts make a workplace a lot nicer for everyone. People are less likely to leave a workplace when they feel comfortable and happy.
Schedule Regular Staff Reviews
Staff reviews are not just an opportunity for employees to provide feedback on an employee’s performance. They also offer employees a chance to discuss what they are unhappy about. Treat this as a valuable opportunity to make positive changes in the workplace. For example, you could discover that a manager isn’t very effective and some of the team are deeply unhappy. Instead of being caught out when several talented individuals hand their notice in, you can tackle the problem immediately by offering additional training or moving the person to a different position.
Also read How To Improve Department Store Staff Efficiency?
Finally, remember to treat all employees equally. If there is any whiff of favouritism or nepotism, morale will slip, and people will leave.
