Employers can do a number of things to improve staff retention rates in their business.
If, as an employer, you understand the real reasons why staff leave the business, can act on these reasons appropriately and actively demonstrate that every single employee is valued, then you will have a much better chance of staff staying with the business.
Many companies attempt to track the key performance indicators of staff retention, by looking at employee satisfaction levels, turnover rates, productivity and benchmarks for similar organisations.
However, if you want to identify the real reasons as to why staff are leaving, you need to track employee satisfaction by digging down into the layers of specific areas of their job and their attitudes to their work, their supervisor, their pay, their commute, and their co-workers.
Turnover rates are not defined simply by recording a number or a percentage. You should be evaluating these figures, again by digging below the surface and considering employee level, tenure, speed of advancement, performance rating, sex, age and other factors.
Tips for staff retention
- If you have top performing executives who have been with your organisation for some years, ask them what makes them successful and why they stay - and act on their input.
- Ask employees what is and what is not working and act on their input.
- If you undertake employee satisfaction surveys, identify and track areas such as:
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employee satisfaction with specific areas of their job (their work, their workplace, their working arrangements, their supervisor, their pay, their commute, their co-workers etc.);
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turnover rates should be evaluated by factors such as employee level, tenure, speed of advancement, performance rating, sex, age and other factors.
- Show in tangible ways that you value the unique needs of each employee. Employ flexible working arrangements and tailor such things as your HR and benefit programs to the needs of your workers.
- Ensure there is alignment between business goals and employee rewards.
- Nurture the employee ecosystem. Make sure employees understand, appreciate and practice the organisation's values.
- Publicly recognise outstanding performance and employee achievements.
- Train supervisors how to be good coaches and managers.
- Provide ongoing training for all staff.
- Implement and encourage a workplace that is fun, flexible and fair.