How to retain talent
No business owner wants their company to be known as having a ‘revolving door’ when it comes to employees.
Recent data from the Chartered Institute of Personnel and Development (CIPD) suggests the average annual staff turnover rate in the UK is 15%. Nearly 23% of UK workers are planning to change jobs in the short term, and the most common length of service is between two and five years.
Businesses want dedicated, hardworking employees who stay with the company for the long haul, and the only way to achieve this is by creating a workplace environment and culture that supports and values its employees.
Here’s five ways you can retain talent in your business:
Promote a good work/life balance
One of the leading causes of employee turnover is burnout. Offering flexible hours, remote working options and generous leave policies can help employees maintain a healthy work/life balance. And lead by example - show employees it is perfectly okay to leave work on time!
Foster a positive workplace culture
A workplace where employees feel valued, respected and heard can significantly increase retention. It’s important to ensure all communication with employees is clear and inclusive, and you should make it a priority to ensure every team member feels included and acknowledged.
Offer compensation and benefits
We all have mortgages/rent and bills to pay, so offering a competitive salary and benefits is a sure fire way to retain your team members. You should consider regularly reviewing your salary structures, benefit packages and any bonuses you offer to ensure they’re competitive within your industry.
You could also consider benefits such as health and wellness programs, health insurance, and professional development allowances.
Recognise and reward performance
No-one likes to work hard for someone or on a project for it to be totally disregarded and not acknowledged, so simple gestures such as acknowledging achievements or just good work in general is a must. You could also consider implementing a rewards program or even a simple ‘thank you’ - it goes a long way!
Act on employee feedback
One-to-one catch-ups, regular surveys and exit interviews are great ways to ensure employees feel heard and their concerns are understood. Acting on feedback, whether it's adjusting workloads, improving processes or offering career development opportunities demonstrates that the business really values its workforce.
If you can create a workplace culture where employees feel valued, supported and motivated, you’ll reap the rewards and retain a top team.
If you’re ready to strengthen your team and reduce turnover, get in touch for our help. We can help you implement effective retention strategies and build a workplace where talent thrives and loyalty lasts.