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Wednesday, April 17, 2024

Unlocking the Secrets of Employee Retention: Insights into Strategies Employed by Savvy Business Leaders

Staff turnover is a problem faced by businesses of every shape and size. But while it’s inevitable that the occasional employee will decide to leave the business, there are some instances where patterns of departure can indicate a systemic problem in the organisation.

Staff turnover is a driver of many problems. When an employee leaves, a replacement must be sought out, inducted and trained. This imposes high operational costs and disrupts the social dynamics of the workplace. It can also indicate a toxic workplace culture.

If you’re trying to improve the fortunes of your business, in other words, then it’s worth seeking out and addressing the factors which are pushing valued employees away.

Flexibility

In the wake of the COVID-19 pandemic, employees understand that it’s possible to work productively from home. Moreover, they might expect their employers to allow for this. If your work-from-home policy is minimal, or inflexible, then you might find that your employees are less likely to remain loyal.

Now, there are some work environments where flexibility isn’t practical. If it is done in the wrong way, after all, remote work can drive down productivity. If you do need people to come into the office, then you should make sure you can justify the decision, and that recruits are comfortable with it.

Growth opportunities

When employees perceive that there’s no path forward within the business, then they might seek opportunities elsewhere. Promote from within, and you’ll not only enjoy a source of quality recruits who are already immersed in the culture and practices of your business, but you’ll also send the message to the rest of the business that employees who apply themselves are valued by those who make hiring decisions.

Perks

While salary matters, it isn’t the only kind of reward that a workplace can offer. In many cases, the perks you offer can confer a cultural side-benefit, incentivising employees toward behaviours that will make them better able to contribute to the company. You might also help with the basic costs of living. If a given role requires driving, for example, then you might look into providing short-term car insurance as a perk.

Social connection

One major downside of a remote or hybrid workforce is that employees can feel atomised and isolated from one another. As human beings, we’re adapted to crave a social environment. A healthy workplace can provide this, not only through daily working life but through social activities outside of work, too.

Salary

Finally, we should mention the obvious reward for valued workers. When you’re making your pay decisions, you should factor in the potential cost of having to replace a given worker. It might be that by offering a few thousand pounds extra, you can avoid spending much more than that in the long term.

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