Businesses today often spend a great deal of their time attracting, building and maintaining a loyal customer base because, without customers, there is no business. However, an equally important part of any business’s success is its workforce. After all, they’re the people who ultimately make the products that the business sells; provide the services that the business offers; and ensure that those loyal customers keep coming back.
But good staff are often hard to come by, which is why when you find a great bunch of employees, you need to do everything in your power to retain their services and keep them loyal.
Amazingly, almost 30% of employees say that they would consider leaving a company due to poor workplace wellbeing.
So what’s the key to retaining a loyal workforce? Hint: it’s not always money and/or perks.
Having said that, salary, bonuses, benefits packages and holiday entitlements are all important factors that often incentivise employees, but these elements are usually used more for getting good people in the front door. There are other factors, however, that prevent them from going out the back
In terms of remuneration, a business should be offering its employees competitive salaries and benefits in line with market rates to prevent any employee misconceptions that a misalignment exists. Paying at or near market rates is the first step to ensuring you attract and retain the right people.
As human beings, we all crave recognition for something we’ve done well. Not receiving anything in return for our hard work can lead to demotivation and a feeling of self-pity.
Recognition doesn’t have to be expensive, but the impact it has can be priceless. A simple thank you for a good piece of work goes a long way and expressing how much their work means to you, goes even further.
The best relationships require effective communication to stay strong. Without it, most tend to deteriorate and fall by the wayside. The same is true in the workplace.
There’s no need to be over-complicated in your approach though. Keep communication simple but above all, open and honest. Also, communicate regularly – more than you think you need to – and on a personal level. Your staff will really appreciate it.
Be consistent in all your dealings with staff. Any inconsistencies are easily noticed by your workforce and won’t be easily forgotten. Treat everyone equally and fairly – failure to do so will create unnecessary workplace animosity.
Furthermore, if you say you’re going to do something then do it. There’s nothing employees hate more than broken promises. New initiatives need to be followed through and ultimately finished. Too many great ideas have started out with lots of promise and potential only to lose steam a few weeks down the line.
Don’t do all the important and exciting jobs yourself or regularly delegate them to your favourite employees. Instead, give all of your staff the opportunity to do great work and prove themselves to you.
By showing trust and faith in an employee you will undoubtedly increase their motivation and job satisfaction.
Showing up for work is one thing, but being engaged and productive is quite another. Employees feel significantly more valued when their ideas and suggestions are heard – even if they are ultimately not implemented.
By engaging them during the decision-making process, you will inevitably secure their buy-in when it comes to the implementation phase. Employees who feel as though they have a voice in their workplace tend to be some of the most productive and helpful around.
Workers not only value a comfortable salary but want to feel cared for by their employer. Employee turnover costs will undoubtedly exceed spending on staff incentives to ensure your staff remain loyal and happy. There are a range of employee benefits that Premier Choice would be happy to advise you on to help ensure workforce retention whilst maintaining low costs.
Premier Choice is award winning in ensuring individuals, families & companies have the right insurance to face the unexpected with advisors throughout the UK to assist you.