Nailing Your Employee Retention Techniques
January 9, 2024
Are you spending time and money you don’t have recruiting staff?
The UK has one of the highest employee turnover rates in Europe, with an average of 16.8% of employees resigning annually. The number of resignations has reached a record breaking high in the last few years. Why? Because the corporate world hasn’t kept up with societal changes.
Let’s unpack the rest of the story.
The cure and the cause
Events like the pandemic and the recent quiet quitting storm have led people to re-assess what matters to them in a job. With emotions being stirred and priorities being shaken, 51% of people rank work-life balance as the number one reason to stay in a role.
Work-life balance can mean many things. Working from home, changeable schedules and giving your employees more autonomy. Job stability is high on people’s priority at 48%. People want to feel safe in their roles with the opportunity of progression. At 38%, pay is also crucial.
Retention is no longer a simple equation. It’s not like the olden days where money makes the world go round. It’s actually people. They’re the things we need to value the most.
By understanding what makes your staff happy, we can create initiatives that reduce turnover and increase employee retention.
The hidden benefits
Employee retention is essential for more than cost efficiency. It has plenty of underlying benefits:
- Training and skill building: long term staff means less time and money spent on training. And when you do hire, existing staff will have the ability and experience to train newbies and help them develop skills
- Reputation: your reputation as a business will improve. Your staff will become your advocates, and in turn attract you’ll attract better talent
- Trust: stakeholders will naturally trust in you more as a business when they frequently deal with familiar names in your company
- Higher morale and engagement: when employees stay with your organisation, they develop stronger relationships and loyalty, which boosts their motivation and performance.
We know, it’s easier said than done. That’s why we’re going to tell you how.
The recipe for success
This is where Tercus HR come into play. We have the skills and expertise to examine your work environment to crack the code on what your team really wants and needs. Every single business requires a cocktail of different things, and each needs a tailored recipe.
Managing the right way
32% of people stay in their jobs because of a good relationship with their leader. A good employer, manager or team leader works to guide employees in the right direction. They offer advice, support and achievable yet challenging goals, while still allowing a healthy degree of autonomy. Make sure that you’re recognising and rewarding their good work by including specific measures, which leads us on to our next point …
Training for growth
As an SME, giving employees room to grow into new roles and new skills means your business grows alongside them. Investing in the upskilling of your team allows them to feel secure in their roles with good opportunities for progression. Fostering their growth and personal development opens doors to the financial conversations that motivate people to work hard and stay in their roles. It’s easier and more financially viable to promote from within than hire and train from outside.
Policies for satisfaction
There’s a jungle of policies that you probably haven’t explored. It can be so much more than flexible working and early finishes. It’s supporting women with IVF and Menopause Policies. It’s offering wellbeing services like counselling or coaching, anything that can promote a better work life balance. We approach this strategically, it’s most people’s number one priority, so let’s get it right.
Where do we go from here?
Tercus HR gets in and gets it done. We’re here to support SMEs to ensure the smooth running of business. We create healthy work environments, so you can get back to focusing on what you do best, growing your business. Let us handle the interruptions and make sure that they’re few and far between, if any at all.
You know what to do next. Give us a call.