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How to Hold on to Key Employees in the New Year

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The loss of employees can cut businesses deeply as the New Year brings changeover and renewal of staff. As providers of fully managed payroll services, i3Group understands that the loss of key employees is especially raw in businesses where individual staff members can constitute entire departments. We know that holding on to key staff members helps businesses to develop into fully-fledged competitors in their industry, so a considerate amount of strategic thinking ought to be dedicated to employee retention.

So, what’s the key to reducing staff turnover and improving the working environment for employees, managers and business owners?

It’s simple, really: what all businesses should be doing on a regular basis is to address common factors that affect employee retention. That is, factors that make an employee want to stay in (or leave) their job. This could be as simple as verbally recognising when an employee completes a job well, or incorporating team events into the workplace culture. At the other end of the scale, it might mean providing additional benefits or increasing an employee’s salary loading. The most commonly recognised (for lack of a better word) aspect influencing employee retention is, indeed, recognition. As the great leadership trainer Dale Carnegie once wrote,

“People work for money but they go the extra mile for recognition, praise and rewards.”

Recognition, along with appreciation, praise and rewards, is the single most influential factor in employee retention. But the key to holding on to employees in the New Year is to address all factors that influence employee retention. Simply ticking off a few boxes will not suffice to ensure your employees feel appreciated, challenged and engaged (and remunerated) enough to stay at the workplace.

Much more care than token gestures is needed to ensure employees are engaged in their role. We recommend that the work, the culture, personal and external circumstances listed below ought to be addressed, or at least considered, to create an overall satisfying workplace for your team members.

Common factors that influence employee retention:

The Work

– Is challenging, engaging and meaningful
– Offers competitive remuneration
– Offers training and skills development
– Offers career development
– Offers competitive leave, super and benefits
– Feedback is given
– Clear direction and objectives are given
– There is recognition and appreciation for good work

The Culture

– Management is competent and effective
– Management is supportive
– Recognition and reward are given for quality work
– There is position security
– The environment between co-workers is amicable
– Company values align with personal values and are upheld
– Good working relationships are fostered
– There is the opportunity to give feedback on issues
– Provides flexible working arrangements

Personal Circumstances

– Hours are reasonable and align with personal commitments
– Geographic location is accessible
– Employee feels confident in position/role
– Personal requirements are met (such as accessibility/special needs)
– Employee’s age and health

External Circumstances

– Presence of other job opportunities
– Lack of other job opportunities
– Competition from other industries
– Community attitudes toward industry/company/role

A good way to approach the above list is to use it as a checklist considering a few of your key employees. How does your workplace measure up? Do your employees have good reasons to stay? If not, what can your workplace offer to better accommodate – and retain – your staff?

At i3Group, we know how difficult it can be to hold on to key employees during the New Year period, so we take the added stress of managing your business’ payroll services out of the picture by providing fully managed payroll services to businesses across Australia. For more information about Employee Entitlements, Recruitment, Superannuation and more, head to our dedicated blog categories. For more information about our payroll services, click here.

08 Jan, 15

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