Ask any business owner about their main challenges and staff retention is right up there.
Sometimes it’s the case of the grass always being greener on the other side… and recent labour shortages have enabled the workforce to pick and choose a lot more… and go in search of higher rates of compensation.
Apart from maximising pay rates and strengthening company culture, here are a few of the ways I have seen businesses addressing the expensive problem of poor employee retention rates…
◀️ Career & personal growth
Even small and medium-sized businesses should strive to create a clear picture of their employees’ futures and do their utmost to deliver it. And that starts with empowering and supporting people in their jobs.
◀️ Enhanced benefits
I’m seeing a growth in health insurance options within businesses, which is an increasing draw. As our creative pension plans. More common is a gym membership, cycle schemes, discounted activities and services, and additional paid time off.
◀️ Flexibility
Work-life balance is increasingly seen as a must-have and not some kind of special privilege. Flexible work arrangements have been shown to increase employee satisfaction and productivity, while also reducing long-term stress levels.
◀️ Recognition
Not surprising that staff who feel appreciated and valued are more likely to stick around. That can be informally or through bonus programs, for example. There was a recent study by Deloitte which identified a clear link between staff engagement and financial return for the business, through improved productivity and performance.