Poll shows broad support for employment reforms
As the King's Speech approaches, the TUC has published new polling which reveals...read more
How to retain staff more effectively
Thom Dennis from culture specialists Serenity in Leadership highlights key approaches for employers retain their staff.
It used to be perfectly normal to stay at a company for five, 10 or even 20 years. Today, though, employees are aware of their own value and many are dictating what will keep them in their role. If employers can’t rise to the challenge, they increasingly struggle to keep hold of the best talent – and to recruit top candidates.
The cost of losing good people
Thom Dennis, CEO at Serenity in Leadership warns that the cost of losing talent is too often overlooked:
“It often costs a business more than that employee’s salary to replace them, because of the expense of finding and training a replacement. Added to that is the loss of productivity, the impact to team morale, and the consequences of delegating work to other colleagues.
“Suddenly it becomes obvious why leaders need to prevent valued employees seeking pastures new. Important aspects are long term development opportunities and good pay, but there is still a lot more needed to retain the best talent.”
Below are Thom’s 10 top routes to improving employee retention:
1. Offer competitive pay
A decade ago, most people changed jobs to get a higher salary. That’s still a key factor, but today it’s not just about disposable income; salaries are increasingly a mark of how valued employees feel for the work they do.
2. Allow discretion over job flexibility
Location was once crucial in choosing a job but today, flexible working hours and hybrid working mean it’s less relevant – depending on how often employees are expected to come to the workplace.
To attract and retain good people, middle managers need to be granted discretionary powers around working hours and remote working.
3. Align company values with employee views
Make sure the objectives of employees and the business are aligned. Low trust leads to fear and uncertainty: two powerful catalysts for people to seek work elsewhere.
4. Design clear career progression
While some employees thrive where there is a vertical career ladder, most people’s needs and priorities evolve over time. It is important for managers to develop clear plans for an individual’s growth.
Don’t wait for performance review dates if your employee is already exceeding expectations. If they deserve career advancement, act promptly to show you value their contributions – don’t wait for them to pack their bags.
Keep up to date with your employees’ needs and long term goals. Nail the onboarding process and meet with new starters frequently. That way you can understand and address their concerns quickly – something that’s even more important if they work from home.
5. Build strong ED&I policies.
We all know how important it is to feel psychologically and physically safe at work, and be able to be your authentic self within the workplace. Having strong policies against harassment, disrespect and bullying will heighten productivity and drive greater employee loyalty.
People want a culture that offers respect, value and purpose. They seek true equity in both recruitment and promotion, as well as a sense of belonging.
6. Invest in inspirational leadership.
Strong, inspirational management and mentoring are paramount in maintaining employee focus, productivity, motivation and happiness. Poor management is frequently the cause of employee exodus.
7. Prioritise training and team building.
Independent and collaborative learning are essential for career progression – and also strengthening working relationships. It’s common practice to cut training when budgets are tight, but this leads to disaffection. It’s a reason to go somewhere where employees feel more valued – making it a false economy.
Celebrating wins together, building team dynamics and even hot-desking can be good for team building. Encourage managers to take time out as a team.
8. Focus on work/life balance.
A culture that allows overwork and burnout will never retain employees. Workloads and demands must not restrict a healthy work-life balance.
Too much pressure affects mental health, affecting productivity, increasing absence and driving employees to seek a less stressful alternative.
9. Celebrate longevity at work.
The traditional approach of letting an employee choose a gift from a catalogue after five years’ service hardly says ‘we value you’. Instead, consider higher pension contributions, share options, flexibility, more holiday and increased salaries for longer standing employees.
10. Seek and act on feedback.
Ask for honest feedback from those leaving. What did they appreciate and where is there room for improvement? Assess whether there are any running themes and set improvement targets. Is there a pattern linked to workload, lack of inclusion, limited career growth or poor management? Respect poor reviews on Glassdoor because, even if you don’t believe them, prospective employees may. Seeking feedback from all leavers is not just a learning opportunity – it can help defuse negative feelings and leave people feeling heard.
Related
The HR implications of the election for working parents
The three traditional main political parties have made promises with significant...read more
