6 ways to retain your best employees
Posted on October 2020 By Nicholas Farley
“Your employees are your companies greatest asset” is a quote that has been regurgitated many times by many people in many industries over time.
For any business owner or manager, learning how to nurture and retain your best employees is a valuable skill. To put this in to context, replacing an employee can cost as much as 2x their annual salary and high performing employees deliver approximately 400% more in productivity than the average employee.
This, coupled with figures that show more than 3 million people are looking to change careers post COVID-19, portray the true cost of losing your best employees - a cost which in certain circumstances can be avoided if handled properly.
For employees to make a long-term commitment to a business, the employer has to provide good reasons to stay put. Whether the company is large or small, old or new, we’ve devised 6 things to offer your best employees and make them want to stick around.
Responsibility
The majority of employees are looking for ways to develop and get better at their job, so offering your best employees increased responsibility is one proven way to keep them engaged and stimulated.
Showing your best employees that you trust them with the offering of added responsibility helps nurture the relationship, and in turn will help you retain them in the long run.
Training
As of 2018, only 29% of employees are happy with their career advancement opportunities with their current employer, so offering training to facilitate this craving for career progression is important. Not only will you be able to run your business more efficiently when your team feels challenged and satisfied doing their job, you’ll also increase your chances on retaining them – offering training to your employees is a win-win.
Whilst it is one thing to offer learning and development in your organisation, it should also be promoted, as sometimes your best employees might not know of the available opportunities to grow and expand their knowledge.
Flexibility
16% of people are looking for a job due to flexibility issues, and flexibility was said to be the main consideration for top talent in a 2018 survey, so it is no surprise that offering this will help stop your best employees from looking elsewhere. Your employees have lives outside of working for your company, so providing them with opportunities to fit work around their personal lives is something that is unmatched in importance for many.
Optus deciding staff have the opportunity to work from home permanently, and none traditional working hours for employees who are parents or caregivers are examples of flexible working arrangements which will no doubt help in efforts to retain top talent.
Time off
It is a no brainer that employees are more likely to stay with you if you provide a more generous holiday entitlement than the industry standard. Despite the economy, providing adequate time off for sick days, family holidays and maternity can be highly beneficial to help employee relationships flourish.
Deloitte, Amazon and Microsoft are all hugely successful companies that offer extended generous leave periods and this, in combination with a number of other benefits, help retain their top talent. Again, this to some extent can be a win-win. Allowing employees to catch their breath and recharge after busy periods can avoid burnout and lead to increased productivity.
Reward
Everybody likes to be recognised and rewarded for their hard work. The rewards you give your employees should be appealing to their emotional needs and should go beyond monetary compensation. Recognition in front of other employees, internal awards and hands on time with the leadership team are all free, but will contribute to your company culture, boost morale and keep your best employees engaged.
Technology
The best employees want to be trained on the most cutting edge technology that is relevant to their field. Working on outdated systems and technology will create inefficiencies, and give off the impression that the business isn’t interested in staying up to date with the latest tools to make their job easier. Arming your employees with the industry best tools and tech allows them to work to the best of their ability and will ward off job offers from other companies who aren’t as invested in these solutions.
Sometimes it is impossible to prevent a member of your team looking to jump ship. The figures above show that in the coming 12 months, there is set to be a big increase in the number of people moving jobs when they become available again, coming at a cost to the businesses they currently work for. However, creating a company culture that fosters career progression, increased responsibility, flexibility and best-in-class technology where possible will almost certainly play a part in helping retain your best employees.
If you need help finding your next top employees, reach out to us today.
