Staff is a company’s most valuable asset. Not only do they
ensure the success of a business by performing crucial day-to-day operations, a
business that has high staff retention tend to have higher profit margins.
Reports show that around 1.1 million Australians switched jobs in the year to
February 2019. The 2019 Retention Report by Work Institute, saw that three out of four
employees who left a company, could have been retained.
So, with that in mind, we will explore
how companies can implement an effective retention strategy that helps increase
staff loyalty and keep top talent within the business.
Rewards & Recognition
Aside from having a satisfactory pay and remunerations
package, it’s important for employees to know that their work, and dedication
to the company is recognised and appreciated. And this shouldn’t just be in the
form of the occasional team dinner or gift voucher. From top down, it’s
important to implement a culture of complimenting good work.
Often, we only hear from managers when things are not going
well or something needs improvement. It’s equally as important to point out
every time an employee does a great job on any task – no matter how small. This
shows employees that they are being valued and that their contribution to the
business does in fact, make a difference.
Streamlined Systems and Processes
One of the best things companies can do for employees is to
ensure the systems and processes they require to do their job, are functioning
efficiently. From email servers to clock in/clock out systems, make sure they
are serviced often to limit any major disruptions to workflow.
These details might seem small or maybe even insignificant
in the grand scheme of things, but all these little conveniences add up. Plus,
it shows you are listening and considering the needs of your employees to
ensure they have a good work environment.
Offer Career Progression Pathways
A large percentage of attrition rates can be attributed to
career growth and better opportunities elsewhere. So, in order to retain good
talent in your company, it’s vital to have realistic and achievable growth
plans for your employees.
You want to give them the opportunities to grow in their
current role or even offer lateral promotions that allow them to work in a
different department. Benefits like these can really help boost an employee’s
loyalty as it shows that an employer is willing to invest in their career and
appreciates the skills and talents they bring to the table.
FIP Group can help you find the best employees
Let FIP Group help you recruit some of the
best talent in the market to help you boost performance and get your business
up and running.