Sunday, May 26, 2024

3 Ways Businesses Can Retain Their Employees 

A high staff turnover rate is never a good thing in business. Not only is it costly and time consuming having to keep finding employees, but it’s not great for the morale of the remaining team. Here are some of the ways you can ensure you retain your workers. 

Hire the right employees

It seems obvious but this is often overlooked. If you hire the right employees in the first place, they’re more likely to be happier in their job and more suited to their role. They’re therefore less likely to look elsewhere and you improve your employee retention. You can find the right workers by taking your time in the hiring process, get to know your candidates and go through to second and even third interview stages if needed. While this can be more expensive and time consuming in the hiring process, you’ll save money overall by finding someone that’s right for the job. This will be someone that’s passionate about your company and their role in it. Someone with the correct skillset, or the potential to achieve that with training. Some people are more naturally suited to certain roles, using personality tests is a great way to find out if your candidate matches the role you’re hiring for. 

Offer good benefits

A good rate of pay goes without saying, if you offer minimum wage for more experienced candidates then don’t be surprised if you end up with a high staff turnover rate. On top of this, things like pensions and healthcare schemes, company incentives such as a car or laptop and other benefits will all make your employees feel secure and valued. If any of your employees are disabled, look into registered NDIS services which can help provide therapeutic supports, health and wellbeing services relating to employment.

Boost morale

Finally, once you have attracted great employees, boosting morale within your team will help to keep them. Rewarding hard work, anything from free lunches or trips away, to employee of the month awards all work well. Providing a bright and airy office to work from each day can boost mood, utilise natural light by putting desks close to windows as this boosts mood and productivity. Team building is another proactive way you can boost morale and has lots of excellent benefits for all businesses. It improves productivity, increases employee motivation, boosts collaboration and builds trust and respect among staff. Never underestimate the simple things too, a kind word every now and again won’t go unnoticed, lets face it, all of us like to have our hard work recognised and hearing it from your boss can give a real boost to morale. Just listening to your employees can make them feel happier and more valuable too, things like complaints, queries or praise. If you spend a little time taking your workers’ opinions on board, this not only builds trust but they may even have some valuable information about things you may have overlooked in your business.

How do you ensure you keep your staff turnover rate as low as possible?


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