Employee retention is a critical issue, now more than ever. With Monday marking the beginning of easing lockdown restrictions within the UK, many businesses are looking to get back to work. Recruiters are receiving more CVs than ever and are busy matching many employers with fabulous candidates as companies and businesses compete for talent in a tight economy.
However, once you have found your new a fabulous employee, how can you ensure that you retain your team?
Kiwi Recruitment have explored a few of the top causes of employee turnover and some approaches to take in order to help you imrove employee retention.
Create Professional Development Opportunities
Providing development opportunities is one way to improve employee retention. 94% of employees surveyed by LinkedIn for its annual Workplace Learning Report said they would stay at a company longer they were reassured that their workplace was invested in their professional development. Employees who remain in the same role for an extended period are more likely to leave an organisation.
Employees want to be appreciated. hey want to continuously be challenged and do what they can to learn new skills and advance within their industry. They want to know that there’s room to grow within their current organization and they are not facing a dead end.
Good employees, whether they are new starters or experienced, are looking to advance within their career. Many can be motivated by the prospect of promotions and enjoy rising up to the challenge by being given more responsibility and more ambitious tasks.
Ensure your Employees are Appreciated and Recognized
It is important within the workplace to ensure that your which employees are feeling appreciated. Many employees work hard in what they do and so even a small amount of recognition of appreciation can go a long way within employee satisfaction.
To improve recognition within your business you could propose small goals and achievements such as “employee of the month” or, if you have a bigger budget, small events such as awards ceremony’s where recognised employees are honoured for their efforts.
Encourage Your Employees To Give You Feedback
It’s one thing to give feedback to your employees, but you must also accept feedback in return. To ensure to stay on top of employee satisfaction, regularly collect feedback from your team. Make it clear that there is a safe space for your team to share their honest opinion and suggestions within the workplace. When employees don’t feel like their thoughts are being heard, they assume the company has no interest in improving or pursuing worthy ideas.
Asking your employees to offer their feedback on an important project is another way to improve employee retention. Allowing for your employees to feel more included within your team.
When it comes to your employees, high turnover is something you want to avoid. Not only is there the operational hassle of finding and hiring someone else alongside the added workload and responsibilities for the rest of the team but the cost of employee turnover is extremely high. it’s estimated that losing an employee can cost 1.5-2 times the employee’s salary. When a new employee is hired, they are eager to learn and start generating value for the business. However, you have to take steps to ensure each employee is completely engaged with and part of the company’s ongoing success.
When there’s no onboarding process at all, employees may feel unsure of their role and duties. For the first month especially when they are still finding their feet, this can lead to uncertainty, anxiety and self-doubt. This uncertainty can lead to higher turnover rates and lower productivity levels.
Offer A Competitive Base Salary or Hourly Wage
While salary does play a role in an employee’s relationship with the organisation that they work for, it is just one piece of the puzzle. Everyone has bills and living costs. Simply just covering these costs can sometimes not be enough. Your employees need to feel like the effort they put into work is worth their time. When it comes to employee retention, money isn’t everything, but offering a competitive wage can help your team feel like their work and time is valued.
Give Your Employees The Tools They Need To Succeed
In order for someone to succeed, you will need the tools to do so. Ensuring that you are providing the right resources and information an employee needs to succeed will allow them to carry out their work to high standards. All too often, employees are left to their own devices without any direction or guidance. Thus they fail to hit targets.
Paying attention to your team and checking in on new employees and asking them if they need any assistance can help bring any tasks to completion. You need to be willing to share your knowledge, and to mentor and guide your team. Often, you don’t always need to pay more, you may just need to pay attention.
Read more articles and news from Kiwi Recruitment here