5 Employee Retention Strategies Your Company Should Use
If you’d like to run a successful business, you must know how to retain employees. Learn about several employee retention strategies here.
The UK’s talent exodus is costly – to the tune of £17 billion. Four in ten employees are looking to change jobs.
That cost of employee turnover involves administrating an employee’s resignation, recruiting new talent, covering the position during the vacancy period, and training and onboarding new employees.
Ignoring the problem of talent retention is only going to hurt your organisation. However, if you follow these 5 employee retention strategies, you save money and keep your best talent.
1. Competitive Salary
Everyone wants to be well compensated for their job. When an employee’s responsibilities increase, have their wages also increased, or are they static?
Along with increasing an employee’s base pay, you can offer additional wage incentives too. Retention bonuses and sales commissions are two possibilities, as is additional compensation after long projects are completed.
2. Comprehensive Compensation
Compensation is about more than a good salary. Employees value other forms of compensation too, like good workplace pensions. The minimum pension contribution for employers is only 3%.
However, there is no maximum employer contribution. A higher pension contribution can retain employees. Providing matching contributions, as well as financial advice and online tools for your employees can be a key part of remuneration.
3. Training and Development
Learning new skills can boost employee morale. It shows that you care about an employee’s personal development and career growth.
Developing your existing talent means you can avoid the onboarding requirements that would occur when hiring new talent. This onboarding process includes the obvious regulatory compliance as well as the time it takes new hires to familiarize themselves with workplace culture.
Everyone, regardless of their job, wants to receive acknowledgement of a job well done or recognition that they are improving. Constructive feedback and recognition lead to more engaged employees.
During performance reviews, highlight your employees’ past successes. Reinforce the results you want to see.
Give more than verbal recognition. Put it in writing too. Highlight your employees’ successes in an email or feature staff in your company newsletter.
Even if your employees are remote, acknowledging milestones like their work anniversaries can be meaningful.
5. Learn From Exit Interviews
It’s inevitable that some employees may leave your company. In some cases, it may be completely unrelated to anything to do with their employer.
However, if your retention rate is low, you can learn a lot from conducting thorough exit interviews. What attracted your employee to your organisation, and why are they leaving? Perhaps the work culture has shifted, or they feel unsupported in their current role.
One Final Tip for Employee Retention Strategies
Employee retention strategies do not end there. The best way to retain your talent is to attract the right talent.
TalentSpa is the UK’s leading online recruitment specialist. We have helped over 5,000 employers reduce their cost of recruitment by an average of 75%. We specialise in applicant tracking systems, cv databases, recruitment advertising, RPO, contingent recruitment, and executive searches.
Ready to find your perfect hire? Contact us for help!