October 7, 2024
Julia Palmer-Randle, the Recruitment Business Manager at SVC Solutions, shares three top tips to help your business improve employee retention and build the experience of your teams.
It is universally acknowledged that staff are a business’ greatest asset. They bring with them the intangible but vitally important virtues of imagination, commitment, loyalty and creativity. And if staff have worked at a company for any amount of time, they also have a wealth of knowledge which is irreplaceable when they leave.
By contrast, recruiting new employees can be time consuming and expensive and, with the best will in the world, it takes time for the new recruit to get up to speed in the new role.
Retaining staff is of the utmost importance to any successful business, but how do you do it? Here are three ways to improve employee retention:
Ensuring a healthy work-life balance
Most employees spend a third of their lives at work, an estimated 90,000 hours over a lifetime. That’s an awful lot of time and there is the perpetual risk in this busy day and age of becoming burnt out. It is at this point employees look to leave, either to find a new job or to give up work altogether. However, action can be taken to achieve a healthy work/life balance which respects the employee’s life outside work and encourages them to stay.
Achieving flexible working – whether in terms of hours or location – can be a strong incentive to stay with a company. There can be a conflict of interest between the needs of a company and the employee, but a conversation on how to square this circle can often result in an amicable and profitable arrangement for both sides. Positive action to find a way for an employee to work flexibly but without damaging the business will reap dividends. It might be the smallest of adaptations but one which is crucial for the employee. Being prepared to negotiate demonstrates how the company values its employee – a sentiment which will be repaid with gratitude and loyalty.
A change in office culture will also improve the work/life balance. New rules being introduced by the government mean workers will soon be able to ignore work-related emails and calls outside office hours. This can be a good move in relations as it is a clear statement that an employee will be able to leave work at the door without the insinuation they lack commitment.
Career advancement
There is nothing more demoralising then being stuck in a rut. If a job has become stale, it is no longer stimulating and the temptation to move to pastures new will become ever greater. Employers should develop a conversation with their staff, find out what they enjoy doing and where their ambitions lie. They can then offer them training to enhance their knowledge and create new opportunities. This investment in the employee’s future not only improves their skills and capabilities but demonstrates how they are valued.
Be competitive
While staff are loyal, they also have to pay the bills. Employers must make sure their wages are competitive otherwise staff will be tempted to take their skills and expertise to a new firm. Of course, most businesses also need to keep a tight rein on the finances, but there are other ways to reward good performance including offering benefits and perks, outside courses and special treats. These also demonstrate a recognition of the employee’s worth – a perceptible thank you which is worth its weight in gold.
For more information from our SVC Solutions training and HR experts, contact us here.
