Over the past couple of years, through several studies conducted by PwC and other research institutes, it has been estimated that staff turnover costs the UK private industry around £40bn+ per year. That’s one heck of a figure, and there is much room for improvement for many businesses in order to bring that figure right down.
Low employee retention rates time and again cause business owners an unrelenting headache; so what can you do to grab the proverbial bull by the horns and take control of the situation? Well, we’ve put together a handful of what I hope you’ll agree are some pretty useful tips to consider when trying to do just that…
1. Hold Frequent Employee Review Sessions
Regular review sessions and development meetings with your employees shows them you’re thinking about their future within the company and investing time and effort into their progression – there’s nothing worse than being left in the corner to rot.
2. Conduct ‘Goodbye’ Meetings
If an employee does leave your company, it may be useful to hold a quick interview with them before they say goodbye for good. Try to understand what brought them to the decision to move on and take it on board going forward.
3. Organise Team Social Events
I’ve once worked in an office where one half of the room (IT) never spoke to the other side of the room (Customer Services), and it made for a pretty gloomy and awkward atmosphere to say the very least. All the best businesses have a great solidity, spirit and camaraderie beating at their core – try and mimic this by arranging regular social events (either in work time or out ) to bring everyone together!
4. Hire Effectively
This is an extremely obvious point to make, but one which passes many business owners by. In order to take your company further and bring everyone in your office together beating the same drum, you need to really focus on your employment strategy. From interview technique right down to pre-employment assessments (we can help you there!); you’ll need to be on the ball for the whole 90 minutes.
5. Challenge Your Staff
A job can get very boring, very quickly, if you’re not adequately challenged. Performing the same routine day-in, day-out can fast turn your mind to a sloppy and uninteresting mess – meaning they could end up looking elsewhere to keep it active. Change up your staff’s routines, throw in a few surprises and keep them challenged to avoid their mind wandering to other pastures!