Staff retention can be one of the biggest challenges that businesses face. Many HR professionals claim that it is the most challenging part of their jobs, even more so than recruitment. Generally, when an employee moves to a competitor’s business, they receive a substantial pay increase. Therefore, holding on to your most talented staff can be a daunting task. While you might not have the resources to match a pay rise, you can employ other methods to enhance staff retention.
Provide Opportunities for Professional Development
Generally, one of the primary things that employees expect from their organisation is the opportunity for personal growth. Staff members who leave due to a lack of options can be one of the worst forms of turnover. Often these individuals are some of the most curious and driven workers in companies.
Additionally, offering career development opportunities will allow you to develop the skills you require in an employee in-house. One of the most significant challenges of a recruitment drive is finding individuals with the needed skills to perform in a role. If you develop these skills within your company and offer career development. As a result, you will have an engaged, competent and dedicated workforce.
Recruit Internally
All businesses will face changing needs as they develop and grow. Some departments might need additional staff, whereas others may need to be downscaled.
This is especially relevant at present since business models have changed a great deal over the past year. With the end of furlough coming up, many people are returning to work. However, the needs of companies have changed, so some employees could be facing redundancy. This can be costly in various ways for a business.
As a result, it is a good idea to consider redeploying staff into different departments. This will allow you to retain your talented employees by moving them into other roles. Ultimately, this can simplify recruitment, boost productivity, enhance loyalty and reduce costs associated with redundancies.
Recognise Your Employees’ Achievements
The majority of employees report that they feel compelled to leave their place of work when they feel underappreciated. Additionally, nearly two-thirds of those in the workplace feel like their efforts aren’t recognised. The problem is evident here, and if you are not making an effort to recognise and celebrate your staff, you run the risk of losing them.
To improve how appreciated your employees feel, you should build a culture of recognition in the workplace. You could encourage staff and managers to write each other personal messages in which they thank one another for their contributions and explaining why they are important. While many of the steps to boost recognition are relatively simple, they can dramatically affect employee retention in your business.
In Summary
Overall, the points above represent a brief guide to boosting staff retention in your business. The importance of keeping hold of talent as your business grows and looks to remain competitive cannot be overstated. Ultimately, unless steps are taken to ensure the happiness and engagement of staff members, they will likely leave for a competing business.