When you find good staff, you want to keep them, it’s as simple as that. Hiring new employees is expensive and time consuming, so making sure that you are creating a rewarding environment for your employees is important. So, let’s look into how you can retain great employees in your business!
Know Who You Are As A Business
One of the best things you can do to retain employees is to know who you are as a business. Understanding what your customers want and having a clear path for the future is what employees look for, as there are no questions over what the company stands for or what each employee is working towards. As a minimum, create a document to send to each and every employee containing an insight into the company’s goals, core values and where you are moving towards in the future.
This is a fantastic way to make sure that everyone in the business has a clear idea of what they are working towards and they know they are working for a company with a strong vision. If you do not currently have this strong vision, it should be worked on as a matter or urgency. Get in touch with a strategy team, as well as a branding agency Manchester or London based for the best talent, to help you establish who you are and where you are heading. Knowing where they are moving towards as an employee can be extremely inviting in terms of long term prospects.
Show A Clear Path of Progression
As mentioned previously, knowing where you are moving as a company is key. However, it is also important to show your employees what their own path of progression looks like. One of the main things that would cause an employee to leave is knowing that they do not have room to grow with the company, so outlining this from the beginning is key.
Set up regular review meetings to acknowledge your employees accomplishments, to discuss any room for improvement, to clarify their position in the company and then to also make a plan for moving forwards. This might be outlining where improvements need to be made for them to progress or to reward them with a promotion for their hard work. Reminding your employees that they can progress with the company is key to retaining the best.
Offer A Strong Benefits Package
Next up, it is important that you offer a strong benefits package. Although benefits are not the be all and end all, as job satisfaction is also important, showing your staff that you care is vital. There are a few essentials that should be offered, such as a pension, maternity and paternity pay and a good amount of holiday. You can then look at added extras which are becoming standard, such as gym memberships, bonuses, staff parties, reward schemes and sabbaticals.
This isn’t about beating the competitors, but speaking to your employees to see what they would like, to boost morale and show that you care about their health and wellbeing.
Pay Them Well
An obvious one, although often overlooked, is making sure that you pay employees well. Look at up-to-date salary data to make sure that you are offering a competitive salary and also keep up with what your candidate’s expectations are in terms of pay. Making sure that you are offering a fair salary, whilst also keeping your employee happy, is key. Don’t be afraid to go above the average salary if you can afford to. Calculate what you can afford and reward your employee accordingly.
Be Prepared To Pay For Training
Another way that you can retain great employees is to offer external training courses if someone wants it. If another company offers fantastic training on a particular area that your employee is interested in, that could be enough of an incentive to leave. So, even if you don’t offer training in that area in-house, make sure that employees know that if they are interested in any external paid training, then that is certainly something you would be willing to offer.
Each employee could be assigned a budget per year for relevant external training, to help them explore their interests that could strengthen their abilities within the company. This is certainly a win-win situation for both the company and the employee, as your employees’ knowledge has been expanded and you are keeping them happy.
Ask For Input and Ideas
Regularly asking your staff for input and ideas when it comes to your company is key. Often major decisions are made without any input from the majority of staff, who could have extremely valuable insights from their perspective in the company. People who have worked for the company, as well as new employees, might have innovative and inspiring ideas that they are waiting to share, but they could be too nervous to say anything when they have not been given the space to do so.
Make the effort to consult your team on some major decisions, especially ones that require creativity, as multiple brains are certainly better than one in this sort of situation.
Final Thoughts
So, there you have it! A few simple ways to help you retain great employees in your business. Once you find a team you are happy with, it is important that you reward them, not only in terms of monetary assets but also by reminding them of how valued they are in the company.