Acquiring the right talent for your business is one thing – but keeping them is another. When you find a good fit for your company – should they leave, it can leave you in a bit of a sticky situation. That’s why you need to make sure you have the adequate policies and resources in place to get the best retention rate you can. Here, we list some of those below.
Regular Staff Appraisals
This is one appointment in your business that you should never miss. Staff appraisals should be held regularly – and they shouldn’t just be an opportunity for line managers and directors to feed back on performance, but for employees to give feedback to you. It could be that they think there is a gap in their training, it could be that they feel they are suited to another type of role within the business – or it could also be that they have some great ideas for you, and this is a chance for them to share them. These staff appraisals will make your team feel heard.
A Profit Share in the Business
Many businesses are creating a profit share policy within their business where they will issue a certain percentage of the profit to their employees. The advantage of this is that employees will feel part of the success of the company, part of the journey – and look to build on that. Instead of being just a number, they will feel completely integrated with the business.
What better way to keep your employees happy than some extra perks? What benefits do you think your employees would appreciate? Invest some time and money to finding that out and you will no doubt improve your retention rates. There are some great online tools such as Zest Benefits which will help you streamline this entire process. It will allow you to engage your employees wherever they are, and at any time. An employee benefit like this will also reduce costs and reduce the amount of time your HR team need to spend on it. Reward them with a bespoke scheme that is created just for them.
Flexibility in the Workplace
COVID-19 has definitely made employers look at the way they operate. There is much more demand for remote or hybrid working than ever before. By introducing these policies into your business – you are much more likely to have a happier team, and a job that fits in with their lifestyle improving their mental wellbeing. People tend to be much more productive when they are working at a time that suits them which will also only benefit your business. This could also reduce the operating costs of your company. If you require less desks, this may mean smaller office space, which would mean lower overheads.
The Right Culture
Lots of companies shout about mission statements and values, but that doesn’t mean that they always put it into action. Create a culture of kindness where a priority for your team is to care about one another. When you get your wellbeing policy, HR procedures and such in place – the culture should ne engrained within your organisation. Put your employee at the heart of everything and you are guaranteed they will stay and provide you with the best results.
If you are looking to not only acquire but retain the right talent – then make sure you take these points into consideration. It will mean you have a much more loyal employee base, who will stay for longer.