Is Employee Retention The Key To Success In Your Business?

Many crucial factors contribute to the success of business. But one of the most overlooked is employee retention. When you find great employees that work hard, are productive, and innovative, they can be hard to replace. And without them, your business could well flounder at some point in the future.

It’s not easy, of course – especially if you are a smaller business that is up against major competition. But taking the following steps might help you hold onto your best talent for many years to come. Take a look and let us know what you think.

Hire the right people

First of all, let’s start with the absolute basic principle of achieving better retention – always hire the right people. There are a few things to look for, regardless of the level or position you are filling. Firstly, make sure that people have the right skills for the job at hand. They should also be able to fit into the culture of your workplace. Personality is also a huge factor, and getting the mix right for your teams can help you -succeed – and encourages them to stick around. Building teams is hard; there’s no denying it. But with a little work and focus, improving your hiring strategy will result in a higher employee retention rate.

Show them a career

Even the most loyal employees will find it hard to stay put if their career will progress better elsewhere. Loyalty is not a one-way street, and you have to give back just as much as you receive by understanding that your employees have hopes and dreams just as you do. The idea is to provide them with a space to pursue their career goals within your company. Speak to them often, find out what motivates them, and help them develop in as many ways possible. If you can help your best talent plan their goals and come up with a strategy to achieve them in your organisation, you will be removing many of the reasons why they might leave.

Keep tabs on your management team

As a business owner, hiring an excellent management team is essential. These are the people that will be representing you to all your staff, and leading their teams by example. However, hire the wrong person, and it could come back to bite you. Team leaders and managers can cause a lot of friction if you aren’t careful. They can run roughshod over their teams, fail to communicate their problems to you, and leave people feeling antagonistic towards your company. So, hire the right people, and keep them in check. Set regular goals, encourage open communication, and make sure they are providing support to employees rather than less positive methods.

Provide a safe environment

Workers want to know they are safe while in their place of employment – it’s as simple as that. While it is a relatively fundamental objective to meet, you would be surprised at how may employees feel like they are in danger while working. You have to ensure that you are following legislation, of course – it’s the law, after all. But are there any other ways of addressing your employee concerns? At the very least, you should expect to have regular contact with employment law solicitors to ensure you are ticking all the right boxes, and always allow your staff members to air their concerns.

Encourage a culture of trust

Another benefit of having an open door policy is that it helps create a culture of trust within your business. And there are plenty of benefits from taking this route – when employees trust the people they work for, they tend to work harder and stick around for longer. Be open and honest wherever possible, and you will reduce the number of employees that have bad feelings towards your company.

Reward performance

If an employee does well at work, tell them. Again, it’s a simple point, but one that many businesses fail to implement properly, which leaves talented members of staff feeling unappreciated and undervalued. Financial rewards are always welcome, of course, but non-monetary benefits are also a good idea. The point is that people like to receive praise, and recognising their achievements will motivate people, keep them happy, and stick around for longer.

As you can see, there are some explicit techniques that any business owner can use to improve employee retention rates. And you should also understand just how important it is. We hope these simple tips on the basics will give you the platform you need to hire efficiently and keep talent rather than lose it. Good luck!