Invest In Your Team – Tips On Staff Retention
What do great companies do to keep great people?
They invest in their team and ensure they are constantly reviewing their recruitment and retention processes and procedures, with the wellbeing and happiness of their employees always top of mind.
Retain the best people
Organisations who work hard to retain good people – benefit. Organisations who do not attempt to retain their best talent, even when they are considering leaving (and especially when they are) – lose out.
The cost of hiring a new employee has been estimated to cost on average $30,000. Think about that each time a company loses a staff member, then has to replace them. This could quickly add up to hundreds of thousands of dollars each year for a business with high turnover.
No employee wants to be stagnant in a business or feel as though there is no room for them to continue to reach new goals. It has been found that employees who are given ongoing training opportunities feel a sense of self-worth and belonging to a business – that the organisation needs them just as much as they need the job (in most cases).
As Richard Branson told Inc Magazine “It should go without saying, if the person who works at your company is 100 percent proud of the brand and you give them the tools to do a good job and they are treated well, they’re going to be happy.” Happy employees stay.
An investment of even $5000 a year in staff professional development funding is better than $30,000 from having to hire and train new staff.
When staff members feel as though they know the people they work with and are given the opportunity to get to know them, they feel more of a sense of belonging.
Organisations should actively encourage team activities such as Friday afternoon drinks, group sport sessions or monthly morning teas that are fostered and driven by the management staff.
Gallup found that close friendships at work boost employee satisfaction by 50% and people with a best friend at work are 7x more likely to engage fully in their work.
Celebrate their achievements
Sounds simple doesn’t it? But many organisations are not doing this well at all.
A simple act of acknowledgement for a work anniversary, an employee landing a new client or delivering an exceptional standard for others to follow goes a long way.
A study conducted by Entelo found that people are most likely to leave their jobs after their first, second, and third year at a company. Instilling a sense of acknowledgement of the commitment and hard work that your employees put in early on, is the stepping stone to building a work group that will stick with your organisation for the long run.
Promote from within
Why are you putting out Seek ads for new roles without first having a discussion with your team to see who may be interested in learning a new part of the business or taking on more responsibility?
There is nothing more frustrating for an employee than being overlooked for new positions that come up within the business, especially when they are filled by an ‘outsider’.
By doing this, organisations are creating a pretty crappy working culture that is setting up new employees for a tough job entering the organisation when they are resented by existing staff.
Speak to your existing team when the need for recruitment arises. The will feel that their opinions are valued and that they are worthy enough to apply for new roles within the business – because you came to them first.
Asset College can help with all your professional development needs.
Speak to one of our management team today about your organisations needs and how we can help you invest in and retain your talent.