It’s no secret that over the past few years business owners have faced various challenges when it comes to recruiting and retaining a dependable workforce.
Maintaining a stable team is a crucial tool for any successful business and can lead to increased productivity and a positive work culture. However, employee retention is more than just salary, it’s also ensuring your team’s wellbeing.
In recent years, we’ve witnessed employees prioritise benefits and work culture over salary, and many are willing to accept a lower pay package in exchange for these perks.
Below, we’ve included key areas to focus on to ensure retention rates remain high within your workplace.
Providing development opportunities
Investing in the professional development of your employees can go a long way in retaining them.
Employees who feel they have opportunities to grow and learn tend to be more engaged and committed to their jobs. Not to mention, people are more interested in working for the business if there is scope for development and progression.
It’s also worth investing time and resources into upskilling employees. Providing access to additional training allows employees to feel a sense of value and accomplishment, while strengthening the business further.
Hiring for cultural fit
Cultural fit is an essential aspect of employee retention. When hiring, it’s important to look beyond a candidate’s technical skills and consider their values, work style, and personality.
Employees who share the same values as your organisation can often be more aligned with the company’s mission and vision, making them more likely to stay with the company long-term. During the hiring process, consider evaluating how the candidate would fit in with your existing team.
Job perks
Nearly three out of four job hunters say they would be more inclined to stay in a job if they felt their employer was caring and offered a substantial benefits package.
As an employer, offering perks which show your employees that you care about their overall well-being and happiness can help to retain them long-term.
Recent studies have also shown that almost two out of three employees are willing to trade off a higher salary for a better work-life balance and increased flexibility. With the demand for hybrid and flexible working options ever-increasing, jobseekers are now considering working from home as a necessity when reviewing job offers.
So, whether its catering to your employees’ professional growth, hiring to fit your company culture, or offering attractive benefit packages, you as an employer have the power to maintain high retention rates and foster business growth.
To find out more about how we can help your business, contact one of our experts at ActionCOACH Loughborough.
