The development of effective staff retention strategies should be high on the agenda for every organisation across Australia.
Businesses need to factor in the costs of decreased productivity, lost investment in training and development, loss of revenue for key sales or management executives, administration set up, equipment purchase, recruitment costs, the new employee's induction into the business culture, management downtime in interviewing candidates, legal fees and payout commitments. There can be a lot more to staff turnover costs than first meets the eye, which is why it's so important to recruit the right candidate first off and then do what you can to keep them challenged and satisfied.
The link between retention and company performance – there is a clear link between effective staff retention strategies and well-performing companies. Happy employees are motivated, remain loyal and employers reap the rewards.
How to keep employees happy, motivated and recognised:
1. Listen to your people - make your employees feel you are interested in them personally. Use surveys, individual or group meetings to gain the insights and information to help you plan your retention strategy around areas most important and relevant to your staff.
2. Reward and Recognise - show your employees you value their opinion and ideas and that you're watching their performance. Consider a monthly 'Star Performer' Award handed out by a Divisional Manager in front of co-workers
3. Career development - craft career development planning strategies for individual employees that align with each employee's needs and desire for future growth. It may mean keeping certifications up to date, sending employees to seminars, or just providing subscriptions to magazines and journals.
4. Provide challenges - employees should be given new job assignments to keep them alert and challenged. Providing employees with challenge and excitement can encourage them to stay.
5. Work/life balance - consider providing staff with the flexibility to achieve a satisfactory mix of time at home and on the job. Perhaps offer reduced working hours or work-from-home options, where possible.
6. Salary Watch - as long as salary is in the general range for a particular role, most employees will not consider it the deciding factor in job satisfaction. So, check to see you are paying at an appropriate level. And consider creative salary options that align with the individual's own needs such as childcare, gym memberships and 'work from home' days.
7. Mentors - partner inexperienced and experienced workers together so both can benefit from the other person's knowledge.