The most effective way to retain top employees is through job satisfaction. Here are a few strategies you can try for yourself.
Any manager or company director will be well aware that losing an employee is disruptive to the business. What’s more, by the time you factor in recruitment and onboarding costs, it’s also expensive.
While we all do what we can to avoid this, 67% of UK SMEs struggle to keep existing staff so the sad reality is that staff retention is a big problem for many of us. While a good salary, pension plan and holiday entitlement can go a long way when it comes to attracting and keeping talent, the most effective way to retain top employees is through job satisfaction. Below are a few strategies you can try for yourself.
Show your employees you value them
If someone doesn’t feel secure in their job, you can guarantee they’ll jump ship as soon as the opportunity arises. Make your staff feel like they’re a real asset to your company however and they’re far more likely to stay loyal.
Some great ways to help employees feel valued include:
- Make sure you know who everyone is. Greet employees by their name, know what their role in the company is and what they contribute to the business.
- Get everyone’s input about changes happening within the company and what they see for the future of the business.
- Encourage goal-setting, career development and promotional opportunities.
- Don’t micro-manage – allow employees to make their own choices as often as possible.
Create an open work environment
Most unhappy employees don’t say anything. More often than not, the first an employer learns about it is when someone hands in their notice. You can prevent this from happening by creating an open and honest environment.
Have individual face-to-face discussions where you can give feedback on work performed and listen to any concerns your employees may have. Also be willing to listen to new ideas and be available when someone asks for guidance.
It’s also a good idea to keep people informed about what’s happening within the company. If there are changes occurring, rumours often take over which could lead to panic.
Provide opportunities for growth
A good employee will always want to progress their career. Sometimes this means there’s nothing you can do to stop them leaving but by offering internal opportunities, you greatly increase the chances of them staying with you rather than going to a competitor.
- Let employees know that there’s room for advancement
- Provide tuition for continuing education if appropriate
- Delegate challenging and stimulating tasks
- Allow employees to focus their time and energy on projects they enjoy
- Encourage training, personal development and gaining new qualifications
- Map out a potential career path for employees
Recognition for a job well done goes a long way when it comes to creating loyalty. Make sure your praise is specific however otherwise it may not come across as genuine. State the project the employee did well with and in particular, which aspect of it.
In order to retain top talent, it’s important that people feel appreciated and that their contributions to the business are important. Many studies and surveys have showed that when we feel undervalued and unappreciated, we look for other employment.
If staff retention is something you’re struggling with, please get in touch with Alpha. We’re more than happy to come in and chat through the problems you’re facing as well as provide great advice that will help you to turn things around.