When you’ve got brilliant people on your team, you want to make sure that they stay with you - so here are our top tips for building loyalty and reducing your employee turnover.
A recent survey found that 36% of employees were likely to leave their company within one year, with almost half (49%) of millennials saying they were likely to move companies in the next twelve months. These are worrying stats for those of us working in HR, as whenever someone leaves your company you not only lose the skills and experience they bring to the table, you then have to dedicate significant resources to finding someone to replace them.
In fact, it’s estimated that due to the time and money it takes to recruit and train a new employee, it costs over £30,000 to replace a staff member - so it pays to hold onto your top talent! Here’s our top tips for retaining talent within your organisation…
1. Start with recruitment
If you’re looking to boost your staff retention, you need to ensure that you’re hiring the right people in the first place. This means that it’s vital that you look beyond a candidate’s skills and experience, as you also need to ask yourself whether they will fit in with your company’s culture. A candidate that prefers to keep their work and social lives separate may not feel comfortable in an organisation that has an employee Whatsapp group and holds weekly after-work drinks, for example. You can also ensure that candidates are aware of your culture so that they can determine whether they’ll enjoy working for you, so make sure that you personalise your communications with them throughout the recruitment process.
You should also look out for any red flags in a candidate’s CV - have they got a good track record when it comes to company loyalty, or have they left many of their roles after a short period of time? While a short stint at an organisation shouldn’t cause you to dismiss a candidate completely - it may have just been the wrong role for them - it’s definitely something to ask them about at an interview.
2. Give them room to grow
Talented employees will want to develop and grow their skills, so it’s vital that you give them the opportunity to do so. If you can provide them with training in the areas they would like to develop, or a mentor who can support them with their career goals, they’re much less likely to look for opportunities elsewhere.
And while this support is very valuable, it’s also important that employees can see that by improving their skills, they can progress within your organisation. Carrying out regular personal and professional development meetings with each member of staff can help you to get a clear understanding of their ideal career path and ensure that they have all the support they need to achieve it. You should also promote from within your business wherever possible, to reward employees who are performing well and show the wider team that hard work is recognised.
3. Constantly work on your culture
If you have a high staff turnover, it’s a sign that you need to look closely at your company’s culture. People don’t often leave jobs they love, so if you’re trying to increase loyalty among your staff, you might need to ask yourself some difficult questions. Or better yet, you could carry out exit interviews with employees that are leaving - they can give you valuable insight into what’s prompted them to move, and you can use this to improve your culture for your other employees.
Benefits are an important part of any organisation’s culture - in fact, in one study 75% of employees said that they were more likely to stay with their employer because of their employee benefits package. The best way to ensure your employee benefits offering is up to scratch is simply by talking to your employees, listening to what they would like more or less of and reviewing the benefits you offer in light of their feedback. You can also use benefits to encourage loyalty by providing some based on a predetermined time period - e.g. giving employees a six-week sabbatical after five years with your organisation.
Find and keep top talent with Reach ATS
Reach’s Applicant Tracking System (ATS) makes it easy to find talented people that are the right fit for your company, so you can fill your roles for the long-term.
From helping you to express your company culture in all of your candidate communications to filtering out applications from job-hoppers, our software contains a range of handy features designed to help you boost your staff retention - to find out more, call us on 01527 574408 or email us at firstname.lastname@example.org.