Are you a business owner that finds it difficult to keep hold of staff for long? Have you considered how this might be affecting your company financially and in terms of its development?
We are amid a ‘Great Resignation’ as people get to grips with how our lives have been shaped by events such as the COVID-19 pandemic and the cost of living crisis.
High staff turnover is something you can combat, however, and it might not cost you as much as you might think.
The Importance Of Staff Retention
One of the easiest-to-digest reasons for focusing on staff turnover is that it costs you money!
Considering training time, potential recruitment fees and much more besides, you might end up forking out a chunky percentage on top of your new hire’s salary just to get them in the door.
If you retain your staff for longer periods, these costs will naturally decrease and you can concentrate on securing the talent that is going to take your business to the next level.
How To Retain More Staff In 2023
First impressions count both ways when you are dealing with new employees, and it’s just as important that you make a good one as the other way around.
If new hire is simply left to fend for themselves with little training or chance to get to know their new colleagues, they may take advantage of any probation period you utilise and leave you at short notice.
Having key messages that underpin your activities as a business is a great way to pull everyone together and increase that ‘team’ feeling.
Hold regular meetings – both in groups and individually – to update people on the company’s prospects and crucial focus points.
You could even go the whole hog and put up posters and banners around the workplace to drive those messages home further.
Take Personal Development Seriously
Whether it’s for professional pride or financial gain, anyone you employ will want to progress their role in some way.
You should take steps to help people do this. Create working structures that allow people to strive for promotions and chart their progress with regular catch-ups.
By giving people a degree of control over their seniority, you may well uncover great ideas and methods that can help the long-term prospects of your business too.
Promote A Work-life Balance
Take an interest in your employees’ lives outside of work and build a strong rapport with them.
This is great on a personal level, of course, but it can also alert you to times when an employee might benefit from time off to deal with personal issues.
Work-life balance is a more important factor even than salary when job-hunting for many – bear that in mind!
Provide Positive Feedback To Motivate Employees
Positive and constructive feedback will help your employees to improve their work efficiency.
You should provide positive feedback frequently so that your employees feel motivated and stay determined to put in their best effort.
It is also important to provide corrective and constructive feedback. On the other hand, negative feedback will discourage your employees.
If you make one negative comment, you should make six or more positive comments.
Even though many organizations promise to value creativity, in reality, they do not take sufficient policies to support creativity. ‘
You should encourage your employees to give suggestions and take their suggestions seriously.
You should also give incentives to your employees for providing innovative suggestions. You can hire different people who can think differently.
Maintain A Culture Of Respect
Salary is not the only thing that people expect from their jobs. They need respect in the workplace.
This is why you can not talk or behave disrespectfully to your employees.
You should not also allow any of your employees to do that. You should maintain a culture of respect in your workplace.
You should also empower your employees with the resources and tools that they require.
If your employees trust you and the management team, they will perform better.
When you maintain transparency in communication and they believe in you, they will work hard to accomplish the goals.
You can arrange different programs to improve the engagement with your employees.
You should also develop personal bonding, focus on transparency and honesty, and motivate your employees to build more trust with them.
These strategies are useful to improve staff retention in your organization.
You should also offer your employees different opportunities to grow and improve so that they stay at your organization and work more efficiently had.