4 Effective Ways To Retain Your Staff
Recent statistics from the UK Labour Market showed that around 33% of British people are looking to move from their job every year. With the growth of Linkedin and online recruitment firms, there are more opportunities than ever before – so it is no surprise that people are being tempted away from their bread and butter.
However, this is a huge issue for business owners and human resource practitioners as there are significant costs associated with recruiting and training new staff. With this in mind, we give you four effective ways to retain your staff in a post-modern work environment.
The 9 to 5 routine is becoming increasingly challenged, especially with access to the Internet allowing people to work long hours away from their desks. But research has shown that people do not like to be confined to a certain number of work hours and days of work.
Therefore, competent firms will offer their employees a flexible lifestyle allowing them to work from home some mornings or work remotely on Fridays. With staff commuting less and some preferring to work from home, it ultimately leads to a happier employee and more likely to stay with the company long-term.
Entertainment giant Netflix made headlines when they decided to give their workers ‘unlimited leave,’ provided that they had met targets. This approach was copied by other firms including Linkedin and JustPark. It empowers the member of staff and gives them the flexibility to enjoy a work life balance.
There are several companies that now specialise in employee retention. Referring to the likes of Perkbox and Xexec, firms can create a co-branded online portal especially for their staff giving them discounts to shopping, theatre tickets and holidays. Each employee receives their own login and has access to better discounts and more products based on their position in the company and whether they have hit their targets. By companies giving additional value to their workers can only lead to a more engaged and retained staff for the long-run.
Firms can give their staff free private healthcare and this has huge benefits for everyone involved.
For the worker, they can get their ailments fixed under private supervision rather than wait several weeks for public healthcare. This includes treating pesky problems such as toothache and neck pain. For several workers, it may give them access to private healthcare that was otherwise unaffordable and several policies will also include their spouse or small children.
This perk has advantages for companies too, as a healthier workforce will be more productive and more likely to stay with the organisation. There are also discounts for purchasing insurance for a large group of people and it is also tax deductible for firms. (Source: MediCompare)
Invest in Their Training
One of the best ways to secure someone’s longevity with the company is to invest in their training. This will help them better their qualifications and progress further in the company.
A common example is the way Deloitte and KPMG invest in their graduates to complete an accountancy degree. Although they appreciate that some will drop out or leave their job once completed, the majority feel an obligation to stay and usually have a better position and increased salary as a result.
It is important to speak to the employee and ask them about their long term goals, rather than submit them for any old course. By getting a true understanding, you can help facilitate the exact training that they require and help them achieve their goal.
This piece was provided by Tudor Lodge Consultants, a team of marketing consultants based in London and exhibiting at The Great British Business Show on May 17th and 18th.