A high turnover of employees costs your business valuable time and money. Although there are advantages to hiring fresh talent, there are also many benefits to maintaining a core team of hardworking, loyal individuals. If your business experiences a high level of resignations, it is a good idea to investigate where you might be going wrong. Perhaps you are neglecting your staff or not providing adequate training. If you are at a loss, many businesses find it helpful to offer private exit interviews or questionnaires to staff. This helps companies to get a better understanding of why they are leaving.
If your business is struggling to hold on to staff, here are four effective techniques you may wish to employ that could help you secure long-serving employees.
Make sure your business does everything by the book
If an employee perceives his or her employer as being “dodgy”, they are unlikely to stick around for long. As an employer, you have a body of laws and regulations to comply with. When your business obeys the letter of the law, you will gain the trust and respect of your employees.
Provide an appropriate salary for all staff
Many employees use resources to find out the average salary corresponding to their job title and responsibilities. If an employee discovers they are being paid a lot less than the industry average, it is very likely that this will prompt them to look for work elsewhere. So, to ensure your staff are happy with their wage, do your research and make sure you are providing the appropriate salary for each role.
Encourage a healthy work-life balance
Your staff will be happier in their roles if they can have a healthy balance between work and personal life. This can be offered by flexible hours, opportunities to work from home and by introducing a cap on overtime. At times the professional and personal life of an employee is difficult to separate. In these circumstances, an employee will greatly appreciate the understanding of his or her employee. For example, you may wish to provide an employee assistance programme (EAP) or just an informal chat if and employee experiences a problem that could affect their work. By explicitly recognising the importance of the work-life balance of your employees, they are more likely to stay put for longer.
It is important to offer regular incentives to staff to give them something to work towards and to reward them for their hard work. Incentives also benefit the employer as they boost morale and improve productivity in the workplace. The bonuses you can offer your staff will depend on the size and financial situation of your business. Some common employee benefits include relocation opportunities, regular training, professional development and health care.
By using one or more of these four techniques, your business can maintain loyal, trustworthy staff. Communicating to your staff that their work is appreciated, and you wish them to have a long future with your business, can go a long way to securing long-serving employees.