Businesses these days face fierce competition when it comes to hiring top talent that will help their company to succeed. Of course, the real trouble is not just attracting skilled workers, but also retaining them in the workplace. With 40% of businesses reporting that loss of employees is one of their top concerns, it is worth taking active measures to increase retention.
While raising salaries is one way to boost employee retention, there are several other measures you can take to help reduce staff turnover.
1. Manage workplace safety
No matter what industry you work in, accidents can always happen. Injuries and fatalities continue to occur in the workplace, with as many as 1 in 100 employees having the case for a serious claim following an accident at work. Of those, 33% are caused by lifting or handling objects, showing it can happen in most places of work.
Creating a safe working environment for your employees should be one of your top priorities. Not only does it reduce your risks of facing a hefty claim, but it also creates a less stressful working environment. Creating a safe and healthy workplace is essential for attracting and retaining top talent and allowing them to thrive.
2. Provide opportunities for development
Giving your employees a clear career path is well worth it, with 78% of workers saying they would stay with their employer for longer if they had one. When people don’t see opportunities for advancement in their current place of work, it is no surprise that they will start looking elsewhere. While you may think that your company is providing workers with a clear career path, as 60% of HR leaders do, only 36% of employees agree.
Investing in professional development will help your employees feel as if they have a future with your company and will contribute to improving your reputation, which in turn will help with future recruitment efforts. You will need to invest in adequate tools and training, as well as setting apart the time for your workers to develop.
3. Make company goals and expectations clear
Employees feel more satisfied at work when they have a clear understanding of what is expected of them. When this changes, it creates a stressful working environment, insecurity, and leaves workers feeling unsuccessful.
Expectations should be made clear from the very beginning, including in the job description. This doesn’t mean that you can’t make changes down the line; workers don’t want to remain static. However, changes need to be communicated clearly and directly within a particular framework.
4. Reward your employees
Rewarding your employees shows you actually care about them and that the work they do is valued. It provides something that monetary rewards can’t and helps to fulfill their emotional needs. While showing you care is one of the simplest things you can do, it is often overlooked. Your staff should always feel recognised, rewarded, and appreciated.
There are several ways you can reward your workers, and it doesn’t have to cost you a great deal of money. Offering recognition in front of the company, organising department parties, and simple handwritten notes will go a long way in creating a positive work environment and culture that can be fed through the whole team.
5. Offer a better work/life balance
One of the primary motivations for looking for another job is the desire for a better work/life balance, along with higher compensation, according to 35% of workers. Offering job flexibility in the sense of flexible working hours or working remotely is important, not just for your millennial employees, but also for Generation X.
With more and more companies offering increased flexibility, you don’t want to be left behind. Make arrangements so you can allow people to work at home from time to time and create flexible hours of work. You need to recognise what is important to your workers if you want to help improve job satisfaction, productivity, and lower turnover.
In conclusion
Retaining your top talent doesn’t have to be complicated or difficult. Making simple changes in the workplace and your organisational culture can have a huge impact on the way employees view their company. By creating a safe work environment, a positive and rewarding culture, and offering a better work/life balance, you can retain your best workers and remain competitive in your industry.