Top Tip - Staff Retention

Retaining your key employees can be a critical factor in the success of your business, especially as the cost of replacing a key staff member can often be estimated to reach the level of their annual salary!

Working with smaller businesses, a loss of a key employee can have devastating effects. Often these employees have such an embedded knowledge of the business and working practices that they are irreplaceable. Here are some of our top tips on how to retain your best staff to help add to the profits of your business.

- Set clear expectation

Employee satisfaction is often linked to the security and stability of them knowing exactly what is expected of them each day. Changing expectation and the goal posts frequently puts people on edge and removes any security they may have about their job or the company. I appreciate small business often have to react more quickly to change but be mindful of how this is impacting your team.

 - Great Management

From exit interviews, we often find that the employees leave a business due to their Manager or Supervisor rather than the role or company itself. This is often as employees in small businesses are moved into supervisory positions as they excel in their role but are left with no training on how to become an effective people manager and so often get it wrong! Invest some time in training your Managers to manage and you will reap the rewards.

 - Encourage Entrepreneurial Spirit

The employees you have that thrive on learning more in the business, who come with ideas and passion should be embraced and rewarded. These are often the employees who grow frustrated if they are ignored and can be your biggest and most loyal asset. Listen to suggestions and remain open minded and encourage that entrepreneurial spirit.

- Be fair and consistent

We always encourage businesses to set out policies and procedures and to apply these consistently and one sure thing to disgruntle good employees is where unfair or inconsistent treatment is seen. Having a transparent and clear way of handling issues in the business can only bring positive results.

- Reward and Recognise

We often spend time dealing with the problem staff members and quite often those who work tirelessly to make your business a success are forgotten. A simply thank you or well done can mean a lot or why not consider rewarding those who have gone over and above for the benefit of your business. This may be financial in terms of a bonus or a simple gift such as flowers / chocolates / additional leave just to say thank you.

For guidance on this subject or any other employee related matter call us on 0844 8797286.