Replacing employees costs valuable time and money, not to mention the disruption it can cause to business operations, productivity, and staff morale, when key members of your team decide to quit. With this in mind, stopping employees from quitting – especially core talent – should be a top priority.<\/p>\n
Since the beginning of the pandemic, we\u2019ve seen a seismic shift in the way many people are working – and the priorities of those workers. So much so that a record number of employees across the world are quitting their jobs. This is a continuing trend that has been coined ‘The Great Resignation’.<\/p>\n
If you\u2019re a business owner or business leader, it is now more important than ever to put effective employee retention strategies in place. To stop employees from quitting, you need to give them good reasons to stay.<\/p>\n
So, let\u2019s first take a look at why<\/em> employees are quitting, then we\u2019ll explore some of the best ways to keep staff happy and committed to your business.<\/p>\n
The \u2018Great Resignation\u2019 in 2021 saw workers choosing to leave their jobs at a historic rate. In 2022, this labour market revolution shows no signs of slowing down.<\/p>\n
Over the past couple of years, people have reflected on what is most important to them – and working from home (without that long, stressful commute to deal with) has given rise to many workers prioritising their work-life balance.<\/p>\n
So, what does this mean for your business? Looking at these findings, almost half of your workforce may be considering leaving. Therefore, to stop your best employees quitting, you need to ensure that you\u2019re giving them good reasons to stay.<\/p>\n
To keep staff happy, productive, and committed to your business, here are 5 effective employee retention strategies you may wish to consider.<\/p>\n
Showing respect to employees is key to establishing a positive work culture. It seems almost too obvious to mention, but a great number of workplaces fail in this respect.<\/p>\n
According to a recent Pew Research Center survey<\/u><\/a>, 57% of participants stated that feeling disrespected at work was one of their main reasons for quitting their jobs in 2021.<\/p>\n
Whilst money is not the only way to motivate and stop employees quitting, competitive pay remains an important factor for many workers, as evidenced by recent research findings outlined earlier in this post.<\/p>\n
Regardless of industry, low or inadequate wages often result in low productivity and high turnover. As the old adage goes – you get what you pay for.<\/p>\n
It may seem counterintuitive to your bottom line to pay higher and above average salaries – especially for low-skilled work – but the cost of recruiting and training new staff far exceeds the amount of money you\u2019d save by paying lower salaries.<\/p>\n
Moreover, poorly paid employees, especially those on minimum wage, will struggle to make ends meet – even more so now, given the current cost of living crisis<\/u><\/a> we\u2019re facing.<\/p>\n
An employee should be viewed as an asset, rather than an expense. Healthy, happy employees are more effective, so investing in higher wages – and equal pay for equal work<\/u><\/a> – is better for their wellbeing and, consequently, the success of your business.<\/p>\n
It can be tempting to keep the best employees in the same role with the same responsibilities. Why fix something that isn\u2019t broken? However, failing to provide opportunities to grow<\/a> can lead to boredom, complacency, and job dissatisfaction.<\/p>\n
If an employee asks for more responsibilities or a chance to explore other roles within the business, it’s important to consider these requests for growth and development. If they don\u2019t have the necessary skills or knowledge, perhaps you could provide skills development or continuing education opportunities to get them there.<\/p>\n
Workers need to feel valued, and that better performance leads to some kind of recognition and reward – other than the standard pay cheque they get for just doing the job. Profit-sharing is a great way to do this.<\/p>\n
Profit-sharing options enable employees to share in the success of the business. Be that in the form of an employee share scheme<\/a>, bonuses, or some other type of financial reward, aligning employees\u2019 interests with company profits serves as an incentive to work harder and stay loyal to the business as it grows.<\/p>\n
Even before the pandemic, flexible working practices<\/a> were increasingly in demand by employees. However, many employers were hesitant to offer such a benefit – especially remote working – believing that their businesses would suffer as a result.<\/p>\n
According to the CIPD\u2019s annual Health and wellbeing at work survey<\/a>, flexible working is shown to reduce employee absence rates, enable workers to better manage disabilities and chronic health conditions, and improve their stress levels and mental health.<\/p>\n
Flexible working practices that you could introduce include:<\/p>\n
Whilst not possible or practical for every business, all employees in the UK have the legal right to request flexible working<\/a>. If you\u2019re not able to accommodate the proposed request, try to work with the employee to find an alternative that suits everyone.<\/p>\n
The mindset, preferences, and expectations of the workforce have changed significantly in the past couple of years. Consequently, to stop employees from quitting, businesses need to prioritise employee retention and align their offerings accordingly.<\/p>\n
This requires an understanding of why employees are quitting – only then will you be able to implement effective strategies to keep staff satisfied and prevent your best talent from jumping ship.<\/p>\n
We hope that this post has shed some light on the situation – and the effective employee retention strategies you can implement to keep staff happy and committed to your business.<\/p>\n
If you have any questions or feedback, please leave a comment below.<\/p>\n"},"excerpt":{"rendered":"
Replacing employees costs valuable time and money, not to mention the disruption it can cause to business operations, productivity, and staff morale, when key members of your team decide to quit. With this in mind, stopping employees from quitting – especially core talent – should be a top priority. Since the beginning of the pandemic,…<\/p>\n","protected":false},"author":10,"featured_media":9654,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false},"categories":[114],"tags":[],"class_list":["post-9650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-advice","category-114","description-off"],"acf":[],"yoast_head":"\n