Employee Retention Strategies for your Business
Employee retention is critical to your company’s success. As an employer, your ability to hold on to your staff, especially in tight hiring markets, has a large impact on the morale of your workforce, their productivity, and your turnover costs.
Businesses in general are struggling to hire right now due to skill shortages, yet it is predicted in the next 12 months two thirds of the UK’s workforce is planning to make a change in their careers.
In this blog, we will look at some of the employee retention strategies you should adopt for your business. Great benefit and compensation packages are great, but they aren’t going to cut it in a candidate driven market. You need to think outside the box and do all you can to retain your top talent.
✔️ Make the right hires
Employee retention starts at the very beginning, identifying what values your company represents, will allow you to seek those same values in potential candidates.
Being transparent in your hiring process is crucial to finding the right employees for your business. Most new recruits admit they’d remain in a job if they’d known their full responsibilities prior to taking the role.
So, during your hiring process, don’t leave any detail out. Even if you think it’ll put someone off, it’s better to recruit the right candidate, than have someone leave after a few months.
💻 Onboarding process
Have you read our previous post about adopting a successful onboarding process? If you haven’t, we advise you do. You need to look at your onboarding process, as this can have a significant impact on your employee retention.
From day one your new recruits should be set up for success. Don’t just teach your staff about their job role, go deeper, look at your company values, set some initial goals.
⚖️ Healthy work-life balance
We have spoken about this in previous blogs, but a healthy work-life balance is so important for employee retention. This is especially highlighted in our blog – the importance of your EVP. Employees have more respect for a manager who understands they have a life outside of work, and recognise that maintaining a work-life balance is more challenging working from home.
Encourage your employees to set boundaries, take regular breaks, and switch off after working hours. Allow for flexible working and show your staff that you understand a healthy work-life balance is important.
📝 Training opportunities
Invest in your employee’s professional development, look at ways you can support their professional growth through training opportunities. Upskilling is important, especially when working from home, as technology continues to change how we work.
By providing financial aid and support, your employees will grow and evolve with the company, making in-house promotions more accessible. This will help with employee retention if they know there are opportunities to climb the career ladder within the same company.
80% of millennials and GenZ would leave a company if it didn’t offer development opportunities. So, it is something you need to consider if you haven’t already.
In a nutshell…
- Make the right hires from the outset, who share the same values as you
- Reconsider your onboarding process, include all information so your new recruit knows what’s expected of them
- Healthy work-life balance, provide flexible working and working from home opportunities
- Train your staff, invest in their personal development where possible
At GB Solutions…
We pride ourselves on the relationships we build with both our clients and our candidates. It may seem strange to have a blog surrounding employee retention, when we are a recruitment agency. However, we want to be there for our clients in years to come. Having built solid foundations with our clients, spanning over 20 years, we don’t want to just provide a quick fix to earn a fee. We want to forge relationships and partnerships that mean we are your recruiter of choice when you need us.
Be in touch for more information on how we can help with your recruitment needs – email@example.com