Retaining Your Staff
Retaining your staff is vital to the success of your company. However, it’s also one of the biggest challenges you’ll face as an employer. It’s one thing getting the right candidate into a vacancy, it’s quite another to get them to stay and really contribute to your business.
Recent statistics have shown that today’s candidates are willing to take a pay cut for the right employer, demonstrating that staff retention certainly isn’t easy. Today’s candidates know their worth, both financially and personally. The result is that the best candidates are unlikely to settle for anything less than a job that makes them happy, keeps them fulfilled and of course, pays a decent salary.
As a business owner, you’ll need to do your research in order to understand what candidates want from you as an employer.
How To Retain Staff
There are so many reasons why your employees may choose to leave your company. They might be relocating, have family commitments, or have chosen to take a completely new direction in their career. Too many however, leave employment simply because they’re not getting the job satisfaction they need – they’re unhappy with their role and their employer.
Here at Headway, we take a different approach to recruitment. We don’t just focus on the skills and experience a candidate has, we look beyond this. We use psychometric profiling to ensure that you get the right candidates for your business, and we strive to access the pool of talent that isn’t actively seeking a change to their employment. For us, good recruitment is about providing your business with candidates that stay, thrive and achieve results.
Our INSIGHT model uses the data from psychometric profiling to ensure that you recruit a team fit for the future. INSIGHT focuses on getting the right candidate in the first instance, increasing employee engagement and productivity – our INSIGHT process ensures higher retention rates, saving you valuable time and money.
If your business is struggling with poor retention rates, speak to us now to see how we can help. In the meantime, here are our tips to ensure that you attract staff who achieve results and stay.
- Set goals. Giving your employees something to aim for will go a long way to increasing their job satisfaction and productivity levels.
- Have a strategy specifically designed to retain your staff. Such a plan should cover issues of salary, training and development and the importance of your company culture. You should also set out clear hiring policies, any mentoring programmes you support and be clear about how you intend to keep your staff happy and fulfilled.
- Salary. Whilst staff retention isn’t solely dependent upon a good salary, that’s no excuse for offering unreasonably low pay. Be aware that today’s candidates know what they’re worth and they’re not afraid to tell you. Do your research into what your competitors are paying and what the average salaries are in your area. At Headway, our unrivalled knowledge of West Yorkshire and it’s economy make us perfectly placed to advise you.
- Take a look at your company leadership. Does it meet the expected standards? Would you work for you? You should be able to openly communicate with your team and your leadership strategy shouldn’t be based on fear and intimidation. Bad management results in nothing but low morale, and with low morale comes lower staff retention rates.
Employee Benefits Other Than Pay
Achieving solid staff retention rates is like walking a tightrope. You need to offer a good salary, but pay isn’t everything. You need to provide great leadership, but never micro-manage. As always, balance is key.
There are a number of things that today’s candidates are looking for in respect of their employment beyond the pay packet – things that attract them to a company in the first place, and encourage them to stay.
Training and development
If you don’t offer your staff the opportunity to develop and progress, there’s really no incentive for them to stay. It’s as simple as that. The best candidates actively seek employers who are willing to invest in their personal and professional development – make sure they find you.
A sense of direction.
If you haven’t got a company vision, you need to get one now. Your staff need to feel valued and that their contribution makes a difference. They need to feel as though they’re working towards a greater good, so make sure that you have a clear company vision.
Flexible working and other benefits
Excessive overtime, long hours and a disdain for those who leave the office on time – these are all culprits when it comes to your staff looking to jump ship. Make sure your flexible working policies respect the work-life balance and are promoted to each and every member of your team, and to candidates at interview.
Have break out areas, offer a good benefit package and ensure an active social calendar amongst your team. Encourage your staff to take care of themselves and ensure that your company is a pleasant and healthy place to be.
A good company culture
Your company culture is extremely important for good staff retention rates. Encourage an open door policy, promote healthy values of honesty, communication and friendship. Think about the layout and style of your office – make it airy, light and a pleasant place to work. Let your employees voice their opinions and bring new ideas to the table. All of this will go a long way to fostering an environment of respect and will also increase staff productivity.
No employee ever wanted to stay with an employer they didn’t trust. Be open with your employees as far as you can. Don’t leave them worrying about mergers, financial issues and any other causes of concern, it will damage morale and lead to a lack of trust. Ensure that your staff know at least something about your plans for the future and ask for their contribution. After all, it’s their company too.