How to implement an effective retention strategy to stop losing your best people
Many of the world’s most successful businesses are known for their infectious company culture. For these companies, there is an undeniable link between the business culture and the level of employee satisfaction, productivity and creativity
Keeping employees engaged and loyal can aid business growth, performance and internal stability, as well as reinforce a positive company image. For this reason, staff retention is a fundamental component of business success. However, it’s still something that many company owners overlook.
With this in mind, co-founder of Fleximize, Peter Tuvey, outlines six ways that employers can stop losing their best staff members and, in doing so, boost their business.
A candidate is more than a CV
Well-calculated hiring decisions are essential for successful employee engagement. When hiring, it’s important that candidates don’t just have an impressive CV, but that they also fit the existing company culture. This can prevent issues such as low job satisfaction, poor work quality and high staff turnover.
If a staff member does not share your company’s visions, values or even sense of humour, they are unlikely to stay in your organisation for long. As such, if you don’t invest time into your recruitment process, you’ll find yourself hiring for the same position a few months down the line.
Create a desirable company work ethic
The first point to consider when establishing an ethos for your business is the values and behaviours that you personally want to underpin it. Put yourselves in the shoes of a candidate, and ask yourself what you’d be looking for from the company.
Once you realise what makes your company attractive, you can create a business that people want to build a career at. An open, helpful and cooperative culture, where your employees have the confidence to ask advice, will make all the difference.
If your employees stay late to help a colleague or feel confident approaching management directly with an issue, you’ll know you’ve created a desirable company culture.
Create a relaxed and vibrant working environment
Setting up a ‘home away from home’, where employees feel comfortable and at ease, will encourage staff productivity and keep spirits high.
Demonstrating due recognition and appreciation for staff achievements and accomplishments is paramount when creating the optimum work environment. Even small gestures, such as saying ‘thank you’ in person or via email, or making positive comments on recent performance, will help motivate staff and make them feel valued.
Too many offices have adopted a culture, intentionally or unintentionally, that encourages employees to work through their breaks. In my experience, regular breaks promote fresher minds and greater focus, problem-solving and creative thinking, so try setting up a dedicated breakroom, and prohibit employees from eating at their desks.
Invest in staff development
By offering staff the chance to excel, develop and grow within your company, you will reduce turnover and reinforce commitments to long-term working relationships.
Seven out of ten people say that training and development opportunities influence their decision to stay in a company. Development days, monthly reviews, workshops and training programs can all help to unlock employee potential and improve skills. By implementing any of these, you will see your staff flourish and stay with you for longer, as well as an improvement in morale and job satisfaction.
Communication, communication, communication
Honest and transparent communication is one of the greatest contributors to staff engagement and satisfaction.
Ensure channels of communication between individuals and departments are open, and keep staff informed on any corporate changes. This will foster strong relationships and ensure staff feel valued and included.
Likewise, when dealing with staff complaints, address them attentively and in full. Portray your appreciation for their courage and honesty, and emphasise the company’s goal of working productively and efficiently as a team.
The best thing about this communication technique is that it won’t cost you anything; it just needs effort and commitment from you and your management team.
Emphasise a work-life balance
Too much pressure in the workplace can reduce productivity and efficiency. As an employer, it is your responsibility to ensure that employees do not become too stressed or take their work home unnecessarily.
If you notice a member of staff looking stressed, remind them that you’re there to help, consider offering them flexible working, telecommuting or extra holidays when needed. You will see an uplift in productivity once they are given the breathing space to achieve.
Peter Tuvey is co-founder and managing partner of Fleximize.