One of the greatest assets a business can have is its people. The problem is that talent is always in demand, so simultaneously, one of the biggest challenges business owners face is keeping hold of their best employees. In this article, we look at the different ways you can retain the top people in your business, and no, adding LinkedIn to your company’s website blacklist does not feature.
1. Pay well
Let’s start at the obvious place – money. In the UK, the main reason that people look to quit their jobs is the search for better pay. A generous salary is fundamentally the best way to attract recruits to your business and then retain them once they are in the door.
Of course, paying well is not a luxury that all startups can afford, especially in the initial stages. However, if your budget can stretch, we recommend looking at the average salary within your industry and getting as close to this mark as possible, or if you can, exceed it.
Furthermore, once you have established who your top performers are, conduct annual salary reviews with them, to ensure that the wages you pay always remain at a competitive level. This will go some way in fending off larger companies who look to lure away your best people.
2. Attractive employment package
As well as offering a bumper salary, your overall employment package needs to be bountiful. So, what should you use to retain the top people in your business? We recommend looking at providing:
- Generous annual leave
- Private Medical Insurance
- Death in Service cover
- Generous employer pension contribution
- Mental health well-being programmes
- Childcare initiatives
- Subsidised gym membership
- Sabbatical opportunities
Envisage an employee being headhunted by another business. With the right package, you can convince them that they stand to lose too much by leaving you.
3. Hire smart
During the recruitment process, one of your considerations, as you meet different candidates, should be to ascertain how likely they are to stick around. Does previous employment history on their CV indicate that they are generally loyal to their employees, or are they a ‘job-hopper’?
If a CV can’t provide any insight – perhaps the individual is seeking their first job after school or university – don’t be afraid to simply ask how long they intend to stay in the role for, if successful. The actual answer may not be helpful (candidates will no doubt suggest it will be long-term), but you may be able to get a sense of their actual intentions.
Whether or not a prospective employee has staying power should not be a decisive factor in the recruitment process. Short-term hires can help your business achieve success too. However, if you have several candidates, you should build for the future and take on the people who you suspect will be loyal to you and your business.
4. Excellent training
There’s a fine line between nudging an employee out of their comfort zone to encourage skill growth, and making an employee feel wholly out of their depth. The latter can result in stress, burnout, and ultimately, the risk of driving away a valued individual.
Empower your employees by providing them with the best possible training in all facets of your business. This will allow them to do an outstanding job, and provide them with the confidence to suggest fixes and improvements that could take your business to the next level.
If suitable training can’t be provided in-house, look at enrolling employees on appropriate courses, or bringing in expert consultants who can help your team reach the necessary standards. By always being sufficiently trained, your best people are more likely to enjoy their roles and stay with you.
5. The best workplace and equipment
The best people will want to work in the best environments and with the best tools. One of your jobs as a business owner is to provide this.
Away from the product or service, just how impressive is your business? Is your workplace simply functional, or does it provide your team with everything that they need to do their job well? And what about the equipment your team has access to – is it barely operational or state-of-the-art?
Yes, this again brings up questions of budget. We can’t all install slides and ball pits (and why would you want to?), but what you can do is cultivate a comfortable environment that your people enjoy working in, with the tools they need to do their job well. Anything less, and you’ll soon find that your employees are looking elsewhere.
6. Opportunities for growth
Some of your very best people will have ambitions beyond your business. You won’t always be able to stop these employees from leaving you, but you can increase the chances of them staying by showing them a clear path for progression.
This should be demonstrated to employees from the outset – “If you start here, you can end up here”. However, there will also be special cases, where an employee is consistently delivering above and beyond what is expected of them, in which case you should – if possible – look to create specialist roles for them.
Keep a constant dialogue with all your employees through regular 1-2-1s. Use these sessions as an opportunity to discuss plans for the future and how, ideally, they see their role in your business changing. Then, when appropriate, take action and highlight how you are willing to reward deserving employees with promotions.
7. Flexibility
It may not be to the liking of all business owners, but employees’ expectations of how they work, in particular when they work and where they work from, have changed. To retain the people you need, you must show flexibility. Failure to do this can result in employees seeking work with more pliable employers.
How this looks in your business depends entirely upon what you do, but generally speaking, it may involve offering remote working opportunities, non-standard shift patterns, and a compressed working week (for example, a 4-day week).
If it aligns with the type of work you do (for example, remote working is a non-starter if you run a shop), discuss flexible working with your employees, so that you can come to an arrangement that works for everyone. It might not be ideal; however, it could make the difference between an employee staying and going.
8. Reward and recognition
If an employee feels that they are being taken for granted, they will eventually leave. Show your top-performing people that you recognise and value their efforts, by rewarding them whenever appropriate.
Always say thank you. Implement regular awards, such as ‘Employee of the Month’ and ‘Employee of the Year’, where you can show gratitude in an open forum. Arrange corporate hospitality events for when group projects have gone well. Give generous bonuses if a particular piece of work is exceptional. Increase salaries when employees consistently deliver, or consider offering shares in your business.
Recognition is a key factor in retaining the people who matter to your business. Regardless of how busy you are, use every opportunity that you can to thank your team for their hard work.
So there you have it
That’s how to retain the top people in your business. Losing talented employees doesn’t have to be inevitable. Follow the tips covered in this article, to give your business the best possible chance of holding on to the people who can help you achieve success
Thanks for reading. Please leave a comment if you have any questions.
