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Employee Retention Strategies

After you’ve spent so much time, effort, and money on fixing your talent attraction strategies, if you don’t work on your employee retention strategies as well, you may well end up with a very high turnover.

We have put together our top tips on how to create a fulfilling workplace and keep your talented employees.

Why do people leave?

Whenever employees leave your company, it’s always good to set up exit interviews – especially if you are experiencing a high employee turnover – they are a great way to gather invaluable insights and constructive feedback on your business, teams, and culture.

The most common reasons employees leave:

  • No/poor progression
  • No/poor recognition
  • Non-competitive salary
  • Overworked or underworked
  • Poor or lack of management
  • Work-life imbalance

Thankfully, these are all issues that can be addressed…

Non-competitive Salaries

Non-competitive salaries are one of the top reasons employees leave a business. If employees feel their compensation doesn’t reflect their workload or job responsibilities, they’ll likely start looking at market trends and other companies.

Conducting regular market analysis is a great place to start, allowing you to gauge if your salary brackets are actually in line with market trends or if you have some work to do internally.

If you’re scratching your head wondering why you should consider pay rises, think about the potential additional costs if you don’t:

  • Recruitment fees if employees decide to leave?
  • Time and effort from your team conducting interviews, onboarding, and mentoring new employees
  • Risk of business continuity if you aren’t able to fill roles right away/onboarding or training doesn’t go as smoothly

Suddenly, a 3-5% pay rise sounds cheap!

Poor Progression

Non-competitive salaries and poor progression can go hand in hand; if employees don’t feel their compensation or career journey is going anywhere, they will find elsewhere to do so.

Most people don’t like to remain stagnant, so giving them the opportunity to strive for more can be a great motivator.

Consider setting up a career path that allows employees to be recognised and rewarded for consistently performing or hitting stretch targets in their roles.

Creating a stand-out culture

Glassdoor found that 50% of candidates wouldn’t work for a company with a bad reputation, even for a pay rise!

Needless to say, people like working in an enjoyable workplace… shock.

But how do you create a positive work culture within your business?

  • Run a review workshop to collate constructive feedback
  • Allow room for humour
  • Be as flexible as you can; there’s now a huge emphasis on work-life balance and autonomy
  • Create an employee recognition/reward program, i.e., an employee of the month or team incentives when goals are hit
  • Most importantly, respect everyone

Implementing these points can instantly improve your workplace happiness; if you get stuck on what you can do to improve, ask your team; they are the bread and butter of your business!

Leaders, not bosses!

As we know, poor management can cause major disruptions within workplaces and, unfortunately, can cause employees to leave.

“A boss has the title; a leader has the people” – Simon Sinek.

Bosses manage their team in the way they want to work, within their guidelines and their style… this can cause friction and micromanagement issues.

Leaders inspire a team to be creative and innovative whilst implementing trust and freedom to help their teams explore the best ways to work and drive growth.

Identify Solutions

As your dedicated Talent Partner, we work with you on all aspects of your talent attraction and talent retention strategies to ensure that once we’ve found you top talent, they’re here to stay.

Get in touch today to see how we can help you with our Talent Partner solution.

LinkedIn: Identify Solutions

Instagram: @identifysolutions

📥 info@identifysolutions.co.uk

📞 +44 (0) 2080 514777 – London

📞 +44 (0) 2920 021050 – Cardiff

📞 +34 20 299 1861 – Alicante

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