67% of small and medium businesses across the UK “find it difficult to hire qualified staff…or keep existing talent in the company”. Decision-makers were asked what their main concerns are, with 20% finding it very hard to fill empty positions and 26% struggling to keep the most valuable staff.
Most employers found their staff were leaving to change career (23%), couldn’t progress enough in their current role (21%), or wanted a pay rise (19%). Some reasons for changing employment are unavoidable, but others are well within an employer’s capabilities for change. Certain incentives, attitudes and acknowledgements can make a huge difference to employee retention.
Nurture Your Company Culture
Workplace culture influences everything from employee satisfaction to productivity, and a negative environment will have staff looking for fast escape routes.
Workplace culture includes environment, values, recognition, and how the team works together. As the boss, it’s your job to nurture it by treating staff well, encouraging cohesion within the team, and what kind of conditions they work in. If something or someone is making staff feel demotivated, it’s your job to find out what, and create a more positive working environment.
Offer a Benefits Package
Benefits make sure staff feel rewarded for their hard work, and can make a really big difference to their basic pay.
Incentives can come in all shapes and sizes and don’t have to be purely financial. Flexible working, childcare vouchers, healthcare options, and time off for their birthday can all count for a lot. If your staff get all these benefits and they’re unlikely to get them anywhere else, they’ll feel valued and will have a greater incentive to stick around.
Improve Progression and Training Opportunities
Ambitious staff with long term goals and lots of motivation are the most valuable to an employer, but if you don’t keep them busy and give them plenty of responsibility, they’ll be the first to leave.
Start by asking all your staff where they want to be in the next few years and work out a way to help them with training and progression opportunities. This extra attention and nurturing will improve staff retention and give your staff lots of new skills that will improve their work and remit.
Conduct Exit Interviews
Some staff will leave for new pastures and there’s not much you can do about it other than learn from them. Before they go, talk to them about their current position, what they’ve liked and disliked about it, and why they’re leaving. You can always find out what their ‘non-negotiables’ are, what their new role is going to offer, and what they think you could improve on to keep your existing staff happy.
It always helps to get a bit of information so you can avoid repeating any mistakes, and find out what could have made the difference.
Securing funding for staff benefits and incentives is easier than you think. With Capify, you can raise anywhere from £3,500 and £500,000, depending on your average monthly turnover. Repayment is extremely flexible, making it simple and hassle-free for business owners.Get A Quote