How to retain your staff
This is the first article in this month’s series on improving your recruitment strategy in Q1. More articles will be published throughout the month, and the full series can be found at monarchpersonnel.com.
You may be familiar with the phrase, ‘The Great Resignation’. If not, it doesn’t refer to a heroic figure flouncing out of a building, dramatically swishing a scarf across their neck while striding à la John Cleese.
No. The Great Resignation or ‘Big Quit’ is regrettably a symptom of our post-COVID time. It is a term coined by Professor Anthony Klotz of Texas A&M University. Here, it refers to the 24% of UK workers leaving, or actively planning to leave their employer in the next few months. The perception is that the grass is greener and this 24% are determined to make the most of it.
If, as a recruiter this induces an eye roll of epic proportions and an inclination to slump in a chair and weep, fear not. Here we’ll provide you with a staff retention strategy that will keep the hastiest of employees firmly within your organisation. No restraints necessary. They will stay because they want to.
Why is employee retention so important?
There are several damaging consequences of losing staff:
- Team disruption
- Cost of rehiring
- Cost of training
- Cost of time onboarding
- Impact on morale
- More pressure on colleagues
Retaining staff has a positive impact on the organisation:
- Skill and experience stays inhouse rather than going to a competitor
- Long term employees stimulate growth through their hands-on experience
- They help with training and onboarding new staffRetained staff offer insight and advice to employers
Tips for building a robust staff retention strategy
Get it right from the get-go. Onboarding should be welcoming, attentive, informative and inspiring. Make sure you tell your new employee about the culture of your organisation as much as what is expected of them.
Tell staff they have a future
Make sure your employees feel the love. Tell them how you are investing in their future, both currently and further down the line. Ongoing training, upskilling and empowering of employees will make them feel valued and want to stay.
A performance review is a two-way conversation. Yes, it is your opportunity to tell an employee what they’ve got right and where they can improve, but it is also their opportunity to let you know how well they feel they’re doing and to share any concerns or quibbles. This regular reciprocal approach can iron out problems before they become an issue.
If an employee excels, tell them you appreciate it. We all want to be appreciated and valued. Recognise their accomplishments. This can be done in many ways: direct praise, bonuses or incentives, promotion, more input to projects. Each organisation can come up with something that is most suitable to its culture.
Mindfulness and wellbeing
The pandemic highlighted a need for companies to promote mindfulness and wellbeing. Even before the pandemic hit, wellness was becoming a top priority for candidates looking for the ideal employer.
Essentially, everyone within an organisation needs to feel supported and confident to speak up if they’re finding it difficult to cope. A recent report by Business Solver states that 90% of employees, HR professionals and CEOs said empathy is important.
Stress management programmes, regular catch-ups with staff and an open door policy will all provide a good starting point.
Flexible work arrangements can lighten the load for employees who have important commitments outside of the workplace such as children, older relatives or medical appointments. Flexibility can be given in the number of hours worked per week, working remotely or agreeing to a flexible timetable such as compressed hours.
The agreed flexibility should be something that the candidate truly values and would stop them from considering alternative employment.
Look out for the next article
The second article in our February series will be published next Wednesday, February 9th in which we will examine 6 top reasons why candidates leave.
In the meantime, if you would like to learn more about Monarch Personnel, you can read our latest articles by signing up for our newsletter. You can also follow us on our social media channels: LinkedIn, Twitter & Facebook, or visit our website www.monarchpersonnel.com.