Maximising employee retention rates
There are many secrets to success when running a business; one of which is maximising employee retention rates.
Retaining staff is extremely important for a number of reasons when it comes to running a business. When you retain your staff, you save money in advertising job openings, in training new employees, in paying leaving employees out and in avoiding the chances of loss of profit due to client dissatisfaction with an experienced employee leaving.
There are a number of strategies you can adopt in order to retain your staff, including:
If a position is too challenging, or is not challenging enough, individuals are likely to experience low rates of job satisfaction. By providing your employees with a career that is challenging and provides them opportunities to develop their skills in problem solving, lateral thinking and teamwork in a safe environment, they are likely to not only grow as an employee but to enjoy their work.
Rewards and incentives
Offering employees rewards and incentives for the commitment they give to your business is a great way to foster a positive relationship between them and their employment, meaning they are more likely to stay with the business for a prolonged time frame. Different rewards and incentives you can offer may include:
- Pay rises
- Team outings
- Monthly bonuses
The ethos of the environment in which your employees work in every day is extremely important when it comes to retaining staff. Individuals who work in a healthy work atmosphere are more likely to have positive work experiences. In order to provide an atmosphere like this, consider the following:
- Open working spaces
- Living plants
- Artwork or other interesting eye points
- Strong team
- Team bonding activities
- Structured introduction process for new employees
- Clear guidelines and expectations articulated