Whatever your industry, be it product or service driven, the key to ultimate success in the long term is an experienced, qualified and motivated team. Building your effective team is costly; you have the financial impact of fees to attract staff, costs of training, salary etc but it is also takes a lot of time to develop a member of staff until they’re at maximum capacity. Time is money.
It goes without saying that when you have them you need to be careful not to lose them. Staff retention should be an absolute priority, especially if you’re in a region like us in the South West where good people are scarce and there is a huge amount of competition for them.
Part of your strategy should be clearly identifying those people who are integral to the ongoing success of your business, utilising your HR function to assist you. As discussed in previous blogs, money is not the only motivator and you need to tailor your approach to individual needs. Spend time with your key people to find out what they need to feel valued and what would stop them looking elsewhere for something to make them happy.
As well as a fair and competitive salary structure consider other options, such as;
- Structured rewards and recognition schemes such as Employee of The Month, bonuses aligned to company performance etc
- Extra benefits such as including a company cashplan; incredibly cost effective as it is low cost and tax deductible but adds lots of value to the employee
- A Flexible Benefits package allowing employees to choose the benefits that matter most to them
- Improving communication across the company – show them they have a voice
- Implement Personal Development Plans and ensure employees are individually achieving their personal and professional goals
- Build a culture that is centred around support and teamwork
As you can see, these ideas do include financial rewards but the other most important factor is feeling valued and appreciated and achieving professional development.
Among the top 10 reasons people leave their jobs are;
- Relationship with boss
- Relationship with their team
- Lack of opportunity to use skills
- Pay (and this is not the top reason!)
This topic is not only important to those exiting your business, people looking to join are equally as interested in your retention rates as this clearly demonstrates whether people like working for you!
So work hard to retain the stars of the business to ensure that your next meeting is not their exit interview.
For more help and advice on this or any other recruitment matter, please contact the team at Elite Staffing Solutions on 01823 429566.