With UK unemployment a hot topic at the moment, employee retention is something all employers should be taking seriously.
From building a company reputation to saving your business money, we look at the key ways employee retention impacts your business and the factors to consider to keep your staff.
Table of Contents
Why employee retention is important
Below, we outline a few reasons why employee retention is important:
Saves money
Training new staff costs thousands of pounds. By investing in the long-term future of your employees, you will improve your bottom line.
Boosts morale
Employees who stick around for a long time are usually very happy with the company they work for. This in turn boosts morale for the entire workforce.
Builds reputation
Employees will discuss whether their employers are good or bad. If you are able to retain a happy workforce, news will spread and build your brand reputation as a desirable employer.
Key factors to maintain employee retention
Below, we outline a few key factors to maintain your employee retention rates:
Training schemes
Offering training schemes and progression for your team is a great way to keep them engaged and retained at work.
Talking with your team and clearly defining progression routes will help them to feel valued and motivated towards their, and your, success.
Supportive workplace
Supportive workplaces are essential for employee retention. Many employers are taking note of this too.
“Make sure staff know that they are safe and valued in your company by sending out positive messages about the future and praise the hard work they’re currently putting in,” says Angela, Team Experience Operations Manager at sign printing company instantprint.
Relevant benefits
Benefits need to go beyond the standard holiday days and tiresome team socials. Creating a benefits package that caters to your employees’ needs is a much better way to retain them in the long run.
Flexible outlook
Keeping working conditions flexible for your employees is a good way to retain them. Employees who can manage their personal lives around their working lives are usually happier, more committed and dedicated to their employers.
Daring leadership
Managers and executive-level leaders who dare to make work a better place for their employees often have higher retention rates.
Employees want to see that their leaders can navigate through troubling times, while being open and honest with them.
Employee retention is vital for your business and its bottom line, so keep your employees happy and reap the rewards long-term.
