A high turnover in a business can have a detrimental impact on company reputation, not least meeting the overall company goals and objectives. Retaining talent is important for company culture, enhancing employee engagement and satisfaction. Here are our ‘Top 5 Tips’ to implement across your business to retain your top talent.
Flexible working hours
Times have changed and its’ up to businesses to adapt! Gone are the days of a strict 9-5 working day. Whilst a structured working day isn’t suitable for all industries, where appropriate we recommend the option is given to employees. For those who have family obligations, or a weekly class, it can make a big difference for them to have the flexibility to be able to attend without a fuss.
According to HR News “40% of employers disclosed that they currently offer flexible working at the point of hire to all applications.”
The benefits of flexible working is increased productivity, promotion of a healthy work life balance, stress reduction and better job satisfaction.
Perks and benefits
Let’s take Google for example; one of the World’s well-known companies with a fantastic reputation. According to Caboodle.co.uk some of the perks include daily free food, access to a number of training classes, family health care insurance to all employees and onsite gym membership, to name a few. Perhaps a little extravagant for small to medium companies, but examples of what can be offered to employees on a smaller scale.
Offering perks and benefits is a commitment illustrating investment in employees and a clear indicator of what makes your business stand apart from competitors.
Regular performance/appraisal reviews
Performance reviews or appraisals is a key part of managing your employees and a standard procedure normally conducted by the Line Manager/HR Manager. The purpose is to generally track achievements, set ongoing goals and providing an opportunity for a two way conversation about any concerns in the job role.
Conducting regular appraisals gives employees the opportunity to be heard, which has a positive impact in productivity.
Invest in the correct tools and technology
We live in a world where technology is becoming more and more fast paced, it is therefore important employers keep up! It’s easy enough to attract top talent with enticing free gym memberships or competitive salaries, but not having the right software or tools can send your talent running to a competitor.
Encourage team activities
Regular team activities help to boost morale and strengthen bonds between employees which can have a positive effect on working together as a team. It is also a great opportunity for employees from different departments and levels of the business to socialise.