Improving employee retention
Hiring the right employees is a major factor in the success of any business. However, once you have hired those employees, you will want to keep them, which means a high rate of employee retention is also key to a successful, profitable business.
Benefits of retaining employees
When hiring a new employee, you will likely have to invest time and money in ensuring that they are up to speed on everything their role demands. If that employee continues to work for you for a considerable length of time, that investment will pay off. However, if they quickly move on, you will have to start that process again.
Employees who have been working with you for a while will have a good understanding of the business and what is necessary to keep it running efficiently. They will also ensure a greater continuity of standards in the services and products your customers expect. This means it is well worth considering methods to improve your rates of employee retention.
A positive working environment
If employees are happy at work, they will be more likely to want to stay. An environment where employees feel comfortable, both physically and psychologically will help boost job satisfaction. Depending on the nature of your business, this may involve considering office layout and seating or providing a space where employees can be comfortable on their breaks, with the facilities to store food and make hot drinks.
Employees will also feel psychologically comfortable if there are clear, well-organised processes. Make sure they are clear on what their role involves and who they should approach for help if there are any problems. Social events can help build relationships between employees, creating a friendlier working atmosphere.
Build trust and support
Even in the best businesses, problems can arise, often caused by factors outside the business’s control, such as personal issues affecting an employee’s performance, particularly if this spills into drug or alcohol abuse. A workplace testing program can identify anyone who faces these issues, allowing them to get the proper support. Matrix Diagnostics is a company that can supply workplace drug testing kits and can offer advice to ensure your testing program meets all requirements and regulations.
Employees will often have ideas of their own on how to improve the workplace but may not be confident in suggesting them. Regular questionnaires or a suggestion box can allow employees to make suggestions on what would improve their working life and can be made anonymous if that makes them more comfortable.
Employees can be tempted to leave by better pay, exciting challenges and new responsibilities. However, you may be able to avoid that by providing those opportunities yourself through internal promotion. This has the added advantage that you will advance people already familiar with the business into more senior roles, rather than someone who must first need to get to know the place before making improvements. They will also be well-placed to train their replacement.
Employees old and new
A workplace with a high level of employee retention will gain a reputation as a good place to work, making it easier to attract high calibre candidates when you do require new employees. This means finding ways that ensure your current employees want to stay is time well spent.