Improving Staff Retention Rates
When you start out in business, you tend to take on the vast majority of tasks yourself. You’ll operate as independently as possible to minimize outgoings and to maintain control over every element of your company. But as you begin to experience demand and success, you will ultimately need to bring a team on board to help you. The employees you need will depend on your business’ needs and preferences. They could range from customer service staff to graphic designers, web developers, and more. Of course, bringing staff on board can feel difficult, but the real challenge starts when it comes to keeping staff on board. This is called staff retention. Here’s some more information on the subject.
What Is Staff Retention?
Staff retention, or “employee retention” is your business's ability to retain its employees. Often, employee retention can be represented by a simple statistic. You may also hear people talk about staff retention in regards to a business's efforts to retain the employees in their workforce.
Why Is Staff Retention Important?
Staff retention helps save major business outgoings on recruitment. Finding and hiring new staff can be a costly process, as can training them when they startup. Good employee retention also helps to keep the cogs of your business turning smoothly, rather than constant handovers and people taking time to settle in and get to grips with the company’s ways.
Ways to Retain Staff
There are countless ways to retain staff in your workforce. The right options will depend on what your staff actually want and need. Here are a few suggestions that could give you some ideas that can help.
Healthcare
Many employees seek healthcare and support from their employers. It’s important that you provide your staff with healthcare benefits and dental plans to ensure they can maintain their health while working for you.
Up to Date Tools, Equipment, and Software
Having the best tools, equipment, and software can make your team’s lives easier for them. Sticking in the past and refusing to update your tech or simply refusing to pay for more modern features can make staff look elsewhere where their role will be made easier. Whether that’s project management software, a dental plan subscription platform, specific manufacturing machinery or anything else, make sure your staff has what they need.
Ongoing Training and Qualifications
Many staff is more likely to stay with a company if they are receiving training funded by the company. Offer various training courses or programs for your staff to enjoy. This will benefit your business anyway, as the skills they learn can be used to your company’s benefit.
Recognition
You should always recognize your staff members’ achievements. Feeling recognized and appreciated can go a long way when it comes to staff satisfaction levels. Easy ways to recognize your staff include bonuses, incentives or simply thanking them for their efforts.
Hopefully, some of the above information and recommendations can help you to maintain a happy staff base and keep your employees on board.