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Reduce Your Employee Turnover - Don’t Lose Your Talent This New Year
For many people, the New Year offers a chance for a new start - and for many employees, this means taking the leap and changing jobs. More people look for a new job in January than any other month, meaning the New Year can see employee turnover spiral out of control for some companies. January the 5th in particular is the date most unhappy employees begin their search for a new job - with a sense of restlessness setting in as we look to the 12 months ahead. High staff turnover guarantees a decrease in the overall efficiency of a company and can be seriously costly. Recruitment is a time-consuming and costly process, so it’s vital that managers implement measures to increase their staff retention and keep their talented employees. Here are a few ways you can hold on to your team’s greatest talent this year.
Trust your employees
If you feel your employees should check in with you before completing the simplest tasks, are you really hiring the right people? It’s completely understandable for employees to seek the approval of management when it comes to decisions that involve a large amount of the company’s money or resources, but a certain amount of trust should be instilled in staff to complete their work autonomously. If talented team members can’t make independent decisions, then you’re wasting money - and they may start to look elsewhere for a higher level of responsibility.
If your employees are performing well, let them know
Recognition and praise are essential for holding on to talented employees and keeping them happy and productive. Something as simple as an email of praise or monthly round up of achievements will go a long way to maintaining a happy workforce and a positive working environment. Offering tangible rewards such as bonuses gives high-performing employees something to work towards and will show them that they’re appreciated within the company. Rewards serve as a lasting reminder of what the company is willing to give back in reward for performance and loyalty.
Outline a clear and challenging career path
Giving your employees a clear career path that shows them exactly how much they can achieve is a great way to ensure that their loyalties stay within the company. Offering opportunities for personal development and the tools to climb the career ladder will motivate staff, leading to greater productivity and ultimately benefiting the company’s bottom line. Regular reviews and check-ins are vital to discuss progression, and a culture where workers are encouraged to approach their management with career questions should be promoted actively throughout the year.
Give your employees exclusive benefits
Some companies offer valued employees extensive benefits, such as private healthcare, company cars and childcare. This will not only encourage them to stick with the organisation, but will also help to attract the best talent when there’s a need for recruitment. For smaller companies, something as simple as having fresh fruit delivered to the office could go a long way without breaking the bank. Offering a certain amount of flexibility, such as the option to telecommute or a flexi-time arrangement, will help employees to make the most of their time outside of work - and a long weekend makes Monday morning infinitely more manageable. The happiness of your employees can have a huge effect on your business’s bottom line - and keeping a talented employee is much easier and cheaper than the lengthy process of finding their replacement. So give your retention strategy a shake-up this New Year and hold on to your company’s brightest talents. If you’re an employer, why not treat your valuable employees to one of our office coffee machines this year? That way, your employees can stay happy and hydrated all day long.