It has been a joke that has been seen online before.
Someone is going for an interview at a business and is asked to provide three references from previous jobs. However, the person being interviewed then turns around and states to the interviewer, ‘that’s fine if you can give me references to your members of staff who have quit in the past year because I want to know what I’m getting into!’
It is generally considered a sign of a badly run company when there is a high staff turnover. In some cases, it is due to extreme stress, such as in the area of nursing, and in other times, it can simply be due to a poor work environment that people simply don’t want to stay in.
So, if you are a manager or a business owner and you are concerned about the high levels of people leaving your company, then you may be eager to implement some practices to keep hold of your staff members. So, here are some top tips for better staff retention.
Create A Positive Environment
Some jobs are going to be more stressful than others, and if this is not identified, this will lead to high levels of employee turnover. As much as you can, aim to foster a positive and inclusive workplace where people will feel valued, supported, and respected. Always aim to encourage completely open communication and be sure to promote a work-life balance that makes sure that your employees have the resources that they need to feel content in their work. So, for a clearer idea, if you oversee an office, try to make it as different from the Initech office in the hit film Office Space!
Offer Competitive Compensation and Benefits
It is also the case that some people may simply be leaving your company because they can get a better deal elsewhere.
So, to remain relevant in the job market and ensure that your team will stay with you, you may need to review and adjust your compensation package to assess your salaries. This can ensure that the wages you offer your team align with the industry standards. You can also aim to offer attractive benefits to your staff, such as healthcare, retirement plans, paid time off, as well as professional development opportunities. This will likely lead to higher staff retention and a happier workforce.
Provide Opportunities for Growth
It is safe to say that when most people join a company, they do so because it offers them an advantage, such as gaining valuable experience in the industry. So, a key way to ensure that employees stay with your organization is to offer strategies for career growth, as well as training that can help them to succeed in the workplace that they are in. You can also help them to implement a clear career development plan, provide them with training and skill-building programs, and always aim to promote within the organization when you can. Nobody will want to stay at a company that always brings in higher-ranking people who have not worked there!
It is often the case that people will leave a job because they feel they are not being acknowledged or rewarded. So, one way to retain staff is to acknowledge and reward exceptional performance. You can implement a system of recognition that goes beyond financial incentives; even giving verbal praise, certificates, or employee of the month awards can significantly impact your team’s morale and motivation. If you can afford to, a bit of a financial payoff can help too.
Conduct Exit Interviews and Implement Changes
When a member of your team hands in their two weeks’ notice, the best thing you can do is to conduct an exit interview, this is worthwhile, as it will help you gather valuable feedback about their experience while working with you and what they think some of the key issues may be. You can then use this information to identify patterns across exit interviews, which can help you to address underlying issues that may be causing people to leave. Taking action on employee feedback shows that you value their opinions and are committed to making positive workplace changes for the staff you have. So, aim not to take anything that is said personally and to change things for the better.