Why have a retention strategy?
It is estimated that to replace an employee it can cost, on average, between 6-9 months’ salary. This covers recruitment costs and training expenses relating to the new employee. On top of this, there will be a loss of productivity with having to hire and train a replacement.
Furthermore, with so many companies experiencing skill / staff shortages, it’s important now more than ever that we hold on to our top talent. The ongoing talent shortage has seen 63% of HR leaders say that they are worried about their staff retention, which has resulted in more businesses (62%) being proactive in retaining talent through redeployment and reskilling programmes who might otherwise have been made redundant. (LHH, 2023)
How do you retain employees?
We speak to professionals daily about what is making them unsettled in their current role and what they would like from their future employers. Reflecting on this unique insight, here are some practical suggestions to enhance your retention strategy…
Employee Development Plans
Employees who have training and progression opportunities tend to be more competitive, more engaged and adapt better to organisational changes. An Employee Development Plan can support this and is a document focussing on work-related skill development, owned by both the employee and the line manager. They contain an analysis of skills, knowledge, goals, aspirations and training needs in order to progress. Be clear on how to progress and what they can achieve by doing so. It will also identify how you will support them with training. Don’t be afraid to change training needs as the requirements of both the organisation and the employee develop. Remember the EDP is owned by both the employee and the employer, and both should be responsible for monitoring its suitability. To read more about Employee Development Plans, view our article here.
Consult With Your Employees
Give them a voice. If your employers feel heard, they are more likely to feel valued. This could be as simple as asking them about their role in the company, what matters to them in the workplace and what would make their job easier, to asking for their opinions on projects or for their ideas on business development. To read our top tips for ensuring employees feel valued click here.
Employee Benefits
Employee benefits are more important than ever in a retention strategy, with rising inflation and cost-of-living. We speak to professionals everyday and we have seen an increase in the importance of great benefit packages to job searchers recently, particularly with rising inflation. There are so many employee benefits that can be offered to support employees financially, including healthcare / insurance, discount schemes, annual salary reviews and flexible or hybrid working if commuting costs are high. Here at the Eventus Recruitment Group we review our employee benefit package annually to ensure it still meets the needs of our employees. As specialist recruitment consultants, we work with businesses in your sector and region, so we know what your competitors offer to their employees. Do not hesitate to contact us here or call us on 01524 34400 for a discussion about employee benefits and what similar businesses in your sector are offering.
Recognition and Appreciation
Professionals need regular positive and constructive feedback on their performance. People who don’t receive recognition of their good work are twice as likely to leave. Appreciation works wonders in the workplace as it boosts morale, teamwork and productivity; all of which support employee retention. Adopting a simple employee appreciation scheme can build appreciation into every working day or even ask your employees how they like to be recognised for their hard work. For more ideas on showing appreciation to your employees view our blog here.
Get advice on your retention strategy
At the Eventus Recruitment Group we take a unique approach to recruitment in that we put our clients and candidates interests at the heart of what we do. We take time to get to know more than just your job requirements, we get to know you personally, your business and your company culture. This allows us to give tailored advice and support on more than just your recruitment strategy and make a real impact to your business. If you would like some advice or support on your recruitment and retention strategies, please do not hesitate to contact us here or call our head office on 01524 34400 for a confidential chat.
Further reading on Employee Benefits to enhance your retention strategy
The Employee benefits your employees want