Staff Retention Tips for 2019
The economy is on an upward swing at the moment with unemployment rates at a post-crash low. While this is obviously great news for businesses, it does mean that your employees are more and more in demand. Your people are one of your businesses biggest assets and losing a valued team member is not just a hit to morale – it can hit your pocket too. According to the Harvard Business Review replacing an employee costs, on average, 21% of their annual salary. Yikes. So how do you hang on to your star performers in a buoyant jobs market? Here are some staff retention tips to take into 2019.
1. Clear Communication
No-one likes to feel like they are being kept in the dark, and certainly not when it comes to their livelihood. If communication has lapsed in your organisation, make 2019 the year you get it back on track. Schedule bi-weekly team meetings to keep your staff abreast with how the business is doing. Make sure all line managers are scheduling quarterly catch-ups with their team members. Listening to your staff is crucial. An anonymous forum where they can submit questions to the leadership team is a great way to let people air their grievances or ask an important question they may be uncomfortable to ask in person. It can also give you an honest view of staff morale and alert you to problems you may be unaware of.
2. Provide a Clear Path for Progression
A common reason employees move to new pastures is that they can’t see a clear path for progression. We all can become a bit stagnant if we don’t feel we’re striving for something. If you don’t want to lose a top performer, make sure they’ve got a clear progression plan in place that is aligned with your company goals. Get their input on where they see the business going and how they feel they can help it get there. Support them in reaching their goals and when they do reach them make sure they are rewarded.
3. Company Culture
In a nutshell, your company culture is your businesses personality and it’s crucial to winning and retaining top talent. Protect your it by making sure any new hires fit in with the team and the culture. Adding someone new to a team, particularly in a management role, without considering if they fit the culture is a recipe for disaster.
Of course, pay matters when it comes to retaining your top employees but so do your company benefits. Things like health insurance and flexibility could tip the scales in your favour if a valued staff member is thinking of jumping ship.
5. Shout Out Achievements
Finally, make sure hard work is not going unnoticed. If a staff member goes above and beyond to bring in a new client, or a team stays late to get a project over the line, make sure to show your appreciation. Acknowledge their work with group email or a handwritten thank you card. It may seems small, but small things can have a big impact.
Need Business Advice for the Year Ahead?
Make an appointment to speak to your AIB Business Customer Advisor and get your business off to the best start in 2019.
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