Every January, employee retention becomes the buzzword of the month. It’s the time of the year when employees start to look at alternative prospects and employers begin to worry about losing staff integrity. It’s a time of transition. At i3Group, in our work providing payroll services, we’ve seen the scramble year after year, so in our previous article, “How to Hold on to Key Employees in the New Year”, we explored some common factors affecting employee retention. To name a few, recognition, development opportunity, competitive remuneration and effective management rate highly as factors influencing an employee’s decision to stay at a workplace.
The overarching key factors included the work and working conditions, the workplace culture, and personal as well as external circumstances. After considering the various elements that influence employee engagement and job satisfaction, the ultimate question was this:
Do your employees have good reasons to stay in their jobs?
Hopefully, the answer to this question was yes. But if, after considering the factors influencing employee retention, you answered no, then the question that reasonably follows is:
What more can I do for my staff?
This question must be answered with honesty and the solutions applied with diligence in order for retention outcomes to be successful. As mentioned in our previous post, token gestures of appreciation will not suffice to retain employees who have continuously been given reason to leave (or lack of incentive to stay, for that matter). So, what follows is a list of our 11 most effective strategies for employee retention in the New Year. Studying this list can provide ideas for better management strategies and will help you to ascertain whether your employers have been given incentive enough to stay in their jobs.
1. Recognise, appreciate, praise and reward good work
2. Train managers and supervisors
3. Foster skills development
4. Encourage career growth
5. Promote effective communication and good working relationships
6. Foster creativity in the workplace
7. Offer financial rewards and benefits
8. Set out clear objectives for each role
9. Provide some perks
10. Give employees the opportunity to provide feedback on issues
11. Provide flexible working arrangements
These strategies are not failsafe. External circumstances (such as other job opportunities) and personal circumstances (such as illness) also influence an employee’s decision to stay in a position. What is sure, however, is that they will go a long way in increasing overall staff retention, motivation, engagement and productivity.
i3Group has been in the business of providing payroll services for over a decade and has had exclusive insights into the inner workings of many Australian businesses. In our experience, applying diligent strategies to employee retention can transform businesses into fully-fledged competitors in their industry. Browse our blog for more topics surrounding employment issues or call us on 1300 725 647 to find out how we can start transforming your business with efficient payroll services today.