Employee Retention
Having a good employee retention programme is very important as without it your company could lose its best members of staff. You need to reduce your overall staff turnover because recruiting new employees costs money. It is estimated that the average employee turnover for UK businesses is just over 13% and the average cost of recruiting someone is £4000.
Employee retention is a challenge for the vast majority of companies as people who leave the company don't have the same reasons and rarely state them in their face-to-face exit interviews. They are more open if they are asked to complete an online exit questionnaire by a third party because they know their answers will be treated in confidence.
Employee retention programmes encourage your best staff to stay with your company for the long term. By increasing their loyalty to your company and reducing staff turnover by 1% or more, you will save your company thousands of pounds.
Employees want to feel valued and appreciated by their managers and the company as a whole. Too many companies make the mistake of thinking that having a comments box means that they are listening to their staff. Employee of the Month is another strategy to avoid as it creates jealousy in the workplace as employees who don't win start to think that their boss has favourites. Employee of the Month is a short term fix to a long term problem. Your staff want you to offer them incentives and goals.
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Top 10 most common complaints employees have:
- They want higher salaries but don't feel they can talk to their manager about it.
- They think there are 'too many chiefs not enough Indians.'
- They are on a lower wage than new employees despite having worked for the company for years. They need motivating.
- Not enough holidays or benefit programmes available. No chance of them gaining extra holiday days after staying at the company for 5/10/15 years etc
- Their bosses have favourites and they want to be treated fairly
- They want pay increases to happen not on mass in April but throughout the year depending on their performance.
- They want face-to-face discussions with their manager on a regular basis to discuss their performance and how things are going.
- They have too much work to do and too little time in which to do it.
- Workplace isn't cleaned regularly, facilities are poor
- The HR department is slow at responding to their queries.
Obviously pay and holidays are of utmost importance but there are other ways to increase your employees' loyalty. Give gift vouchers and gift cards to members of staff when they have gone the extra mile or just to say thank you for completing work to a very tight deadline. If they are moving house or expecting a baby pick a gift voucher that is relevant and allows them to buy just the thing they need. Staff rewards are so important.
Treating your team to a meal out always goes down well but if you would prefer it if they dined out at their own leisure you could buy them a voucher that can be spent at a range of restaurants. Flowers and cases of wine always make good 'surprise' presents. Try to give a thank you card too.
It's amazing what a few small tokens can do to staff morale and help employee retention.
