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In an increasingly competitive business world, demand for industry-leading talent has never been higher and employee retention has never been of greater concern.
Why is employee retention important?
Employee retention is crucial for organisations competing for top talent in today’s economy. The cost of employee turnover is high, and not just financially: it lowers workforce morale, engagement and productivity, and ultimately affects your business’ bottom line.
Here are six failsafe strategies for optimising employee retention:
1. Pay appropriately. In a tight economy it might be tempting to cut corners, but paying your employees what they are worth and a salary that keeps up with industry standards is a sure fire way to foster their loyalty.
2. Consider the whole individual when hiring. Talent retention begins with strategic talent acquisition. During the interview process, focus on personal characteristics like diligence and integrity, not just qualifications, skills and experience.
3. Offer flexible working. This is particularly effective for employees whose job requires them to go above and beyond the usual nine to five. Offset late nights, travelling and long hours with flexibility and down time.
4. Build a culture of support. Provide training and support for new employees so they feel secure and comfortable working as part of their new team.
5. Build a culture of recognition. Make employees feel seen and appreciated, so they know that the effort they are putting into your company is worthwhile.
6. Give employees personal career goals. Motivate your staff to stick with you by generating a personalised career path for every employee, so they feel uniquely valuable to the growth of the company and can see how their commitment will pay off, not just for the business but for them too.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.