During the recruitment process we are all careful to hire only the best workers, so once we hire them, we hope to keep them long-term. With this in mind, managers must entice their employees to by giving them good reasons to stay. Today, it is known that managers are finding it much harder to retain talent. Employees lack the compassion to hold tenure with their companies, and instead seek a job that best suits their lifestyle or future aspirations. As a manager, an easy solution is as simple as trust building and having conversations around career goals. This is to ensure you are able to assist their career climb. If you don’t know how your employees wish to grow professionally, it’s very difficult to nurture and support their goals, and this is where retention can be an issue.
Effective employee retention is crucial for the long-term health and success of any business. It is believed some of the benefits for maintaining your best employees include:
- Constant customer satisfaction when dealing with the same person each time;
- Fulfilled co-workers;
- Effective succession planning;
- Heightened organisational knowledge and learning; and
- Minimal time spent hiring and training new staff.
On the other side, failing to retain key employees creates greater turnover of talent. The impacts for not implementing retention strategies include:
- Increased training time and investment;
- Lost knowledge and experience;
- The loss of loyal clients and customers;
- Insecurity among workers; and
Managers must implement staff retention strategies to ensure talent isn’t lost and even more so, lost to your competitors. Sometimes it’s the most effective retention initiatives that involve minimal cost, which means they are easy to apply and at no harm to your business. Here are some quick tips and tricks managers can implement to retain their talent and minimise their turnover:
- Responsibility: Show your employees trust by giving them new responsibilities that allow them to grow.
- Respect: Employees appreciate when they are respected and appreciated, which creates an enduring work culture with positive memories they will never forget.
- Recognition and Reward: Having a rewards program should go beyond monetary compensation, and can simply be a public thank you to acknowledge hard work and efforts.
- Flexibility: Flexible work arrangements allow staff to effectively maintain and balance their work and home lives.
- Relaxation: Be generous with time off and ensure sufficient rest time during busy periods.
About the Author – Rachel Stefanovski
Rachel Stefanovski is the General Manager of PKL Recruitment, leading the NSW and VIC state offices. Rachel takes great satisfaction in setting a strong and motivated team culture through engaging with intelligent and driven recruitment consultants. Contact Rachel directly via LinkedIn or firstname.lastname@example.org.