Staff retention is key to better business.  The cost of losing an employee in the 1st year can be up to 3 times the person’s salary, so keeping your staff makes business sense.

Try these tips for better staff retention:

Provide Tailored Training

Better businesses understand the importance of well-trained staff – yet many businesses don’t take the time to train staff adequately.

7 out of 10 people say training opportunities are the reason they stay with a company – another reminder that an investment in tailored training is an investment in your business. [1]

The Corporate Leadership Council has also found that 53% of employees say training leads to improved engagement, with the same study showing that companies with engaged staff see a 240% increase in performance.

By enriching your valuable team members with professional, thorough training, you prove to them that you’re investing in their success. When you show your willingness to invest in them, your staff are more likely to invest in your business.

Hook Millennials

Millennials are hard to keep, they have a different attitude toward their careers than the generations before them and businesses needs to tune into what makes them tick to ensure they stick around.

Ensuring development opportunities are a top priority for the business is critical for recruiting millennials as well as creating a work life balance that allows them to explore their passions outside the workplace. Implementing flexible working hours is just one of the ways to hook them in and keep them engaged.

Ever thought about how your business can have a positive impact on the world? Well millennials have and they expect their workplace to be thinking about this too, so if you haven’t already got a Social Responsibility arm to your business this may be a good place to start.

Deloitte’s most recent millennials survey found that:

  • 76% of millennials believe business has the power to make a difference
  • 74% think business can solve today’s challenges but only 59% believe businesses are currently doing so [2]

Create a Positive Culture

If you want employees to feel strong loyalty to your business you need to create a welcoming and nurturing environment. When your staff feel valued, they will value your business. Here are some easy wins to foster a positive culture:

  • Implementing positive reinforcement
  • Finding what individually motivates each and every team member
  • Celebrating the wins (even the small ones)
  • Showing gratitude3

Keep Staff Engaged with Development Pathways

It’s those switched on employees, always looking for a new challenge, who can be the hardest to keep. Creating progression and development pathways will ensure they are kept engaged in their work.

A PWC study on Millennials at Work found that:

‘Career progression is the top priority for millennials who expect to rise rapidly through the organisation. 52%…[say] this was the main attraction in an employer, coming ahead of competitive salaries in second place (44%)’ [3]

A well developed progression pathway includes mentoring, structured training and regular check-ins with supervisors, all of which provide staff with the skills and knowledge to step up into a more challenging position.

References:

  1.  Huffington Post, Employee Training Is Risky Business, http://www.huffingtonpost.com/emad-rizkalla/not-investing-in-employee_b_5545222.html
  2.  Deloitte, The 2017 Deloitte Millennial Survey Apprehensive millennials: seeking stability and opportunities in an uncertain worldhttps://www2.deloitte.com/au/en/pages/about-deloitte/articles/millennial-survey-2017.html
  3. PWC, Millennials at Work: Reshaping The Workforce, https://www.pwc.com/m1/en/services/consulting/documents/millennials-at-work.pdf

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