The ability to realize the full potential of your business relies on having the right people in place, and with employing and retaining top talent being as tough as it's ever been, it’s important to have a focus and understanding of people and behaviours alongside positive engagement and reward strategies that work for best for your company.
Understandably, it’s not always easy, and so to help, we’ve included some simple steps to take towards success with employee retention strategies.
Do Your Research
Don’t hesitate to involve employees in the recruitment process as much as possible. Asking questions to find out what attracted them to your business to begin with is important to discover what motivates them and keeps them engaged, as well as giving a good indication of what potential employees may want from a career within your company.
One common mistake companies make when creating a position is to base the salary on budget rather than on the market realities, which in turn leads to unsuccessful recruitment. If the same position you are hiring for is being offered at a higher starting salary with your competition, why would someone want to accept the same position in your company for less?
Hire the Right Managers
Hiring good managers makes all the difference when recruiting for other positions in the company. Managers often have first interaction with a potential candidate and are heavily involved with the interview process, so it is critical to work closely alongside the managing team to make sure there is a constant line of communication between potential new employees and your managers. It’s imperative that managers cooperate and work positively with all employees to reduce staff turnover.
Consider Culture Fit
It is important when hiring new employees to look beyond skills and ensure that the right person on paper would also fit in with the culture of your organisation. If this isn’t considered, the employee won’t work to their maximum performance and you may have to re-employ down the line. By understanding your company culture and the team you have in place when choosing the right employee, you are more likely to have a long lasting working relationship with the person you do employ.
Lifestyle and Benefits are Important
With nearly everyone having access to a mobile, laptop and internet, it’s becoming increasingly more popular for people to work from home if the type of business allows. With many employees being just as concerned about quality of life as they are about the amount of money a position offers, look at how you can make your company more attractive to the right person for the job. If you can offer flexible working hours or work at home options, don’t hesitate to let potential employees know, as this could make a positive difference to their work/life balance.
Recognize, Reward and Reinforce Positive Performance
Money and benefits may attract people to your company, but it often takes more to stop them leaving. People have a natural human need to feel appreciated and proud of their work, and so recognising positive performance through incentive programs is essential to keeping your top talent on board.
A successful reward and recognition programme does not have to be complex to be effective. Ask your employees for their preferred means of recognition and then implement various approaches based on the feedback. It’s important to pay attention to how each employee is motivated as not all employees like to be rewarded in the same way. When the policies are in place, be sure to communicate them to potential new employees as part of your employment process.
Develop Skills and Potential
For most people, career progression is just as important as money they earn. Skilled people will not remain in a job if they see no future in their position within a company. To eliminate the sense of lack of advancement, every position should have an individual development plan.
It is important to provide training programmes and, if available, educational opportunities to your team. Communicate to potential employees how your company will set goals and provide support to help them on their desired path, whether it be through the opportunity to develop new skills, a chance of promotion, or more money after a certain amount of time on the job, and in turn attract top talent and increase engagement and retention.
Evaluate and Measure Your Workforce
Continuous evaluation and never-ending improvement is central to measuring progress and determining what satisfies and de-satisfies your team. The evaluation process consists of a number of ways to gather information, such as employee satisfaction surveys, entry and exit interviews and examining departments with high turnover rates.
There are many management strategies for attracting, engaging, and retaining employees, however these tips should serve as a good start. Know your company; have a clear employee value proposition and communicate with potential new employees early to know what they want and what motivates them. This, in turn should hopefully set you up for a successful partnership that leads to a more positive long term performance.
The contents of this article are necessarily expressed in broad terms and limited to general information rather than detailed analyses or legal advice. Specialist professional advice should always be obtained to address legal and other issues arising in specific contexts.
Understandably, it’s not always easy, and so to help, we’ve included some simple steps to take towards success with employee retention strategies.
Do Your Research
Don’t hesitate to involve employees in the recruitment process as much as possible. Asking questions to find out what attracted them to your business to begin with is important to discover what motivates them and keeps them engaged, as well as giving a good indication of what potential employees may want from a career within your company.
One common mistake companies make when creating a position is to base the salary on budget rather than on the market realities, which in turn leads to unsuccessful recruitment. If the same position you are hiring for is being offered at a higher starting salary with your competition, why would someone want to accept the same position in your company for less?
Hire the Right Managers
Hiring good managers makes all the difference when recruiting for other positions in the company. Managers often have first interaction with a potential candidate and are heavily involved with the interview process, so it is critical to work closely alongside the managing team to make sure there is a constant line of communication between potential new employees and your managers. It’s imperative that managers cooperate and work positively with all employees to reduce staff turnover.
Consider Culture Fit
It is important when hiring new employees to look beyond skills and ensure that the right person on paper would also fit in with the culture of your organisation. If this isn’t considered, the employee won’t work to their maximum performance and you may have to re-employ down the line. By understanding your company culture and the team you have in place when choosing the right employee, you are more likely to have a long lasting working relationship with the person you do employ.
Lifestyle and Benefits are Important
With nearly everyone having access to a mobile, laptop and internet, it’s becoming increasingly more popular for people to work from home if the type of business allows. With many employees being just as concerned about quality of life as they are about the amount of money a position offers, look at how you can make your company more attractive to the right person for the job. If you can offer flexible working hours or work at home options, don’t hesitate to let potential employees know, as this could make a positive difference to their work/life balance.
Recognize, Reward and Reinforce Positive Performance
Money and benefits may attract people to your company, but it often takes more to stop them leaving. People have a natural human need to feel appreciated and proud of their work, and so recognising positive performance through incentive programs is essential to keeping your top talent on board.
A successful reward and recognition programme does not have to be complex to be effective. Ask your employees for their preferred means of recognition and then implement various approaches based on the feedback. It’s important to pay attention to how each employee is motivated as not all employees like to be rewarded in the same way. When the policies are in place, be sure to communicate them to potential new employees as part of your employment process.
Develop Skills and Potential
For most people, career progression is just as important as money they earn. Skilled people will not remain in a job if they see no future in their position within a company. To eliminate the sense of lack of advancement, every position should have an individual development plan.
It is important to provide training programmes and, if available, educational opportunities to your team. Communicate to potential employees how your company will set goals and provide support to help them on their desired path, whether it be through the opportunity to develop new skills, a chance of promotion, or more money after a certain amount of time on the job, and in turn attract top talent and increase engagement and retention.
Evaluate and Measure Your Workforce
Continuous evaluation and never-ending improvement is central to measuring progress and determining what satisfies and de-satisfies your team. The evaluation process consists of a number of ways to gather information, such as employee satisfaction surveys, entry and exit interviews and examining departments with high turnover rates.
There are many management strategies for attracting, engaging, and retaining employees, however these tips should serve as a good start. Know your company; have a clear employee value proposition and communicate with potential new employees early to know what they want and what motivates them. This, in turn should hopefully set you up for a successful partnership that leads to a more positive long term performance.
The contents of this article are necessarily expressed in broad terms and limited to general information rather than detailed analyses or legal advice. Specialist professional advice should always be obtained to address legal and other issues arising in specific contexts.
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