Early on in the year, a lot of workers look for new opportunities to expand their careers, earn a little more, or just move on from their current company. Accordingly, it can be a difficult for business owners and managers to find and keep good employees
With this in mind, here are 9 tips on avoiding a high staff turnover in the coming months, and letting individuals know you value them.
Remind staff about why your company is great
If you have talented, hardworking employees, it’s likely that other companies have noticed them. Remember that you have to sell your company to your employees as much as they have to sell themselves to you. Retain team members by reminding them about the advantages of working at your business and highlighting what makes your office culture special.
Offer an opportunity for growth
If people feel stagnant at a company they are more likely to quit. In fact, according to a study by the Society for Human Resource Management (SHRM), 35% of leavers identified dissatisfaction with potential career development as a motivating factor.
If you see potential for your employees to grow, make sure that you communicate a prospective career path to them during performance reviews. Help them to see realistic rewards in the future, whether through a promotion, salary increase or bonus. This goes for lower-paid staff as well as those in more senior positions who may feel like they’ve reached their full potential at the company.
Teach and build your employees’ skills
Be sure to encourage individuals to learn and grow in your company in order to keep them stimulated while developing skills. This will keep them motivated while also benefitting your company by helping you create a more versatile team. This could take the form of time off for studying, personal development training or even paying for them to study further.
Improve their work-life balance
While it may not be feasible to have all your employees working from home all the time, consider offering your top performing staff more flexible hours in order to work around their schedules. This helps to give them a better work-life balance and may help you retain valuable team members who might otherwise be tempted to leave.
Re-evaluate their compensation
One of the main reasons why employees leave a company is compensation. While money isn’t everything, it is still a major contributor when it comes to job satisfaction. A massive 53% of leavers noted that they left their companies seeking better compensation and benefits according to the SHRM. Don’t assume that your employees are content with what they are being paid. Review your salary structure often in order to ensure that you are offering them competitive wages and benefits.
A little recognition goes a long way. If your team performs well, be sure to show your appreciation genuinely. Don’t offer praise for the sake of it though, this can come across as false. When you recognise their efforts, employees are more likely to feel valued and therefore more committed to your company. For example, at The Instant Group, we have started hosting an annual awards ceremony to celebrate teams and individuals who have made major contributions to the company over the past year. This has helped us to recognise their accomplishments in a tangible and public way.
Hire the right people from the get-go
You might be in a hurry to get someone to fill a certain position, but be sure not to rush on the recruiting. Hiring the right person for the job from the get-go will reduce your turnover rate and save you on training in the long-run. Regularly review your recruitment policies and employee turnover rate to ensure you’re hiring the best people for the job who are more likely to stick by you.
Utilise employees’ full potential
People can become despondent at work if they aren’t stimulated properly. If you have promising employees make sure that you utilise them to their full potential or they might find another company that will. Motivated people contribute to areas outside of their specific job role. Discover their potential and try to tap into it.
Share your vision
People are often more committed to an organisation if they know that they are making a difference and that their work matters. Be sure to share the bigger picture with your team so each person can see where their role fits in.
By Helen Taylor, Head of HR, Instant Offices