{"id":11661,"date":"2024-02-23T16:20:59","date_gmt":"2024-02-23T16:20:59","guid":{"rendered":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/?p=11661"},"modified":"2024-03-05T09:48:35","modified_gmt":"2024-03-05T09:48:35","slug":"retain-top-people","status":"publish","type":"post","link":"https:\/\/www.qualitycompanyformations.co.uk\/blog\/retain-top-people\/","title":{"rendered":"8 tips to retain the top people in your business"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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&#8217;s website blacklist does not feature.<\/span><\/p>\n<h2 id=\"1-pay-well\">1. Pay well<\/h3>\n<p><span style=\"font-weight: 400;\">Let\u2019s start at the obvious place &#8211; money. In the UK, <\/span><a href=\"https:\/\/www.cipd.org\/uk\/about\/press-releases\/220622-cipd-workers-plan-to-quit\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">the main reason that people look to quit their jobs is the search for better pay<\/span><\/a><span style=\"font-weight: 400;\">. A generous salary is fundamentally the best way to attract recruits to your business and then retain them once they are in the door.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n      <div class=\"shortcode shortcode-image\">\r\n        <a href=\"https:\/\/revolutbusiness.ngih.net\/daV2kQ\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/revolut_mobile.png\"\r\n            alt=\"Revolut Business & Affiliates.\"\r\n            class=\"md:hidden\"\r\n            loading=\"lazy\"\r\n          \/>\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/revolut_desktop.png\"\r\n            alt=\"Revolut Business & Affiliates.\"\r\n            class=\"hidden md:block\"\r\n            loading=\"lazy\"\r\n          \/>\r\n        <\/a>\r\n      <\/div>\r\n    \n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<h2 id=\"2-attractive-employment-package\">2. Attractive employment package<\/h3>\n<p><span style=\"font-weight: 400;\">As well as offering a bumper salary, your overall employment package needs to be bountiful. <\/span><span style=\"font-weight: 400;\">So, what should you use to retain the top people in your business? We recommend looking at providing:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Generous annual leave<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Private Medical Insurance<\/span><\/li>\n<li aria-level=\"1\">Death in Service cover<\/li>\n<li aria-level=\"1\">Generous employer pension contribution<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mental health well-being programmes<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Childcare initiatives<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Subsidised gym membership<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Sabbatical opportunities<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<h2 id=\"3-hire-smart\">3. Hire smart<\/h3>\n<p><span style=\"font-weight: 400;\">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 <\/span><a href=\"https:\/\/www.bbc.com\/worklife\/article\/20220720-the-case-for-job-hopping\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">\u2018job-hopper\u2019<\/span><\/a><span style=\"font-weight: 400;\">?\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If a CV can\u2019t provide any insight &#8211; perhaps the individual is seeking their first job after school or university &#8211; don\u2019t 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.\u00a0<\/span><\/p>\n<p>          <li class=\"marker:!text-primary\">\r\n            <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/new-employment-laws\/\" class=\"font-semibold\" data-wpel-link=\"internal\"><span>New employment laws for 2024 you need to know<\/span><\/a>\r\n          <\/li>\r\n                            <li class=\"marker:!text-primary\">\r\n            <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/how-to-set-up-payroll\/\" class=\"font-semibold\" data-wpel-link=\"internal\"><span>How to set up a payroll for your small business<\/span><\/a>\r\n          <\/li>\r\n                            <li class=\"marker:!text-primary\">\r\n            <a href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/employer-paye-reference-and-accounts-office-reference\/\" class=\"font-semibold\" data-wpel-link=\"internal\"><span>Employer PAYE reference and Accounts Office reference &#8211; what\u2019s the difference?<\/span><\/a>\r\n          <\/li>\r\n                  <\/p>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<h2 id=\"4-excellent-training\">4. Excellent training<\/h3>\n<p><span style=\"font-weight: 400;\">There\u2019s 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n      <div class=\"shortcode shortcode-image\">\r\n        <a href=\"https:\/\/hubspot.sjv.io\/OrKdGZ\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/hubspot_mobile.png\"\r\n            alt=\"Get Started With HubSpot's Free Tools.\"\r\n            class=\"md:hidden\"\r\n            loading=\"lazy\"\r\n          \/>\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/hubspot_desktop.png\"\r\n            alt=\"Get Started With HubSpot's Free Tools.\"\r\n            class=\"hidden md:block\"\r\n            loading=\"lazy\"\r\n          \/>\r\n        <\/a>\r\n      <\/div>\r\n    \n<p><span style=\"font-weight: 400;\">If suitable training can\u2019t 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.<\/span><\/p>\n<h2 id=\"5-the-best-workplace-and-equipment\">5. The best workplace and equipment<\/h3>\n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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 &#8211; is it barely operational or state-of-the-art?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Yes, this again brings up questions of budget. We can\u2019t all install <\/span><a href=\"https:\/\/officesnapshots.com\/2012\/09\/06\/inspiration-offices-with-slides\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">slides<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.fastcompany.com\/3041903\/at-this-office-the-break-room-is-a-giant-ball-pit\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">ball pits<\/span><\/a><span style=\"font-weight: 400;\"> (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\u2019ll soon find that your employees are looking elsewhere.<\/span><\/p>\n<h2 id=\"6-opportunities-for-growth\">6. Opportunities for growth<\/h3>\n<p><span style=\"font-weight: 400;\">Some of your very best people will have ambitions beyond your business. You won\u2019t 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This should be demonstrated to employees from the outset &#8211; \u201cIf you start here, you can end up here\u201d. 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 &#8211; if possible &#8211; look to create specialist roles for them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<h2 id=\"7-flexibility\">7. Flexibility<\/h3>\n<p><span style=\"font-weight: 400;\">It may not be to the liking of all business owners, but employees\u2019 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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).<\/span><\/p>\n      <div class=\"shortcode shortcode-image\">\r\n        <a href=\"https:\/\/portal.worldfirst.com\/register?region=UK&amp;affiliate_id=10378\" data-wpel-link=\"external\" target=\"_blank\" rel=\"noopener noreferrer\">\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/WFT_BANNER_326x341.png\"\r\n            alt=\"Worldfirst - Pay and get paid in multiple currencies\"\r\n            class=\"md:hidden\"\r\n            loading=\"lazy\"\r\n          \/>\r\n          <img decoding=\"async\"\r\n            src=\"https:\/\/cdn-brand.s3.eu-west-1.amazonaws.com\/assets\/images\/WFT_BANNER_980x150.jpg\"\r\n            alt=\"Worldfirst - Pay and get paid in multiple currencies.\"\r\n            class=\"hidden md:block\"\r\n            loading=\"lazy\"\r\n          \/>\r\n        <\/a>\r\n      <\/div>\r\n    \n<p><span style=\"font-weight: 400;\">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.\u00a0<\/span><\/p>\n<h2 id=\"8-reward-and-recognition\">8. Reward and recognition<\/h3>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Always say thank you. Implement regular awards, such as \u2018Employee of the Month\u2019 and \u2018Employee of the Year\u2019, 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.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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.<\/span><\/p>\n<h2 id=\"so-there-you-have-it\">So there you have it<\/h3>\n<p><span style=\"font-weight: 400;\">That\u2019s how to retain the top people in your<\/span><span style=\"font-weight: 400;\"> business. Losing talented employees doesn&#8217;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<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Thanks for reading. Please leave a comment if you have any questions.<\/span><\/p>\n"},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":11771,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[114],"tags":[],"class_list":["post-11661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-advice"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.9 (Yoast SEO v24.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>8 Tips to Retain the Top People in Your Business<\/title>\n<meta name=\"description\" content=\"Losing talented employees doesn&#039;t have to be inevitable. Here we look at 8 ways you can retain the top people in your business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/retain-top-people\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"8 tips to retain the top people in your business\" \/>\n<meta property=\"og:description\" content=\"Losing talented employees doesn&#039;t have to be inevitable. Here we look at 8 ways you can retain the top people in your business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.qualitycompanyformations.co.uk\/blog\/retain-top-people\/\" \/>\n<meta property=\"og:site_name\" content=\"Quality Formations Blog\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-23T16:20:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-05T09:48:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.qualityformationsblog.co.uk\/wp-content\/uploads\/2024\/02\/Shutterstock_1081056227.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"James Dobran\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"James Dobran\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"8 Tips to Retain the Top People in Your Business","description":"Losing talented employees doesn't have to be inevitable. 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