SimonStapleton.com

Boosting Your Employee Retention Rates: A Guide

Estimated reading time: 2 mins

A constant churn of employees plagues many industries and businesses. Changing jobs in the digital age is perhaps as easy as it has ever been, but for businesses, it’s vital they keep their best workers.

Low employee retention rates can cause numerous difficulties for businesses. Not only can high turnover have a significant impact on your revenue, but it’s a little bit like a hamster wheel that you can’t get out of.

If you feel like you’re stuck on the hamster wheel, where one employee leaving just seems to lead to the next employee going and so on, then there are some steps you can take to try and bring this problem under control.

Avoid Short-Sighted Hiring

When you’ve got a constant turnover of staff, it can be tempting to make quick hires just to fill the gaps. However, hiring the wrong people can really damage the morale of your existing staff and risk them leaving too.

If you put people into a position they’re not trained for, or not equipped to carry out just so you can fill a gap, it’s the existing employees that are going to have to pick up the slack.

You might have filled the gap quickly, but it’s not going to fix the deeper causes of your problems.

Offer a Competitive Package

If your competitors are offering better financial packages than you then it’s always going to make jumping ship an intriguing prospect for your employees. If your business is really suffering from high turnover, then looking at your best workers’ remuneration can be a good place to start.

Money isn’t everything, but it certainly plays a big part when it comes to employee retention.

Incentivize

Sometimes you don’t have any wiggle room when it comes to how much you pay your employees, so you have to look for other ways to incentivize them.

A great way to do this is to offer your employees shares in your company based on how long they stay in your employment. The benefits of a Company Share Option Plan are innumerable and can be a great way to boost your employee retentions rates.

Create a Great Company Culture

As we mentioned earlier, money isn’t everything, and there are other aspects that can be even more important for your employees. Creating a good company culture is another way that can help you with your turnover rates. If people enjoy coming to work, then why would they look to leave?

Consider ideas like flexible working hours and consider how you can make your company culture work for your employees.

Get People on a Career Path

Showing that your company offers its employees’ career progression can make a big difference to your employee turnover rate. If your employees believe there is space for them to grow within your company, then they’re much more likely to stay with you.

It’s not enough just to talk about career progression, you’ve actually got to show people that it’s a possibility by promoting from within and giving your employees tangible examples of career progression.

 

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

Post your comments

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Affiliate Promotion

simonstapleton.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. Amazon, the Amazon logo, AmazonSupply, and the AmazonSupply logo are trademarks of Amazon.com, Inc. or its affiliates.

Polls

When answering Employee surveys, do you always answer completely honestly?

View Results

Loading ... Loading ...
My latest book: ACE Your Performance Appraisal$4.99 on
How Am I Doing?

Did this discussion solve your problem?

Then please rate this post or leave a comment.