High staff turnover is not only time consuming but can also be demoralising for you and your team. You spend months training a new staff member, converting them to your business culture, only to lose them a few months or years later.
Well, in the words of Sir Richard Branson, “Train people well enough so they can leave, treat them well enough so they don’t want to”.
So how can you look at reducing your staff turnover? Well, by following these 5 successful tips:
1. Hire The Right People
It may sound obvious but we can often rush into recruitment, hiring the wrong person, when we need to fill a position or expand. If none of your candidates are right, start the process again; don’t offer to the wrong person. This all starts with the right advertisement or brief to your recruitment agency - know exactly what type of person and experience you need, detailing as much as you can. Use behaviour testing and competency screening - it’s not just about being able to do the job, it’s about being the right fit within your team. What quality and attributes do your key staff have? - Try and mirror these characteristics in new potential employees.
Fact: Happy staff work harder.
Fact: One third of new employees quit their job in the first six months.
2. Competitive Salary and Benefits
Offering a competitive salary is critical. If you are not offering market rates your employees will simply start looking for a company who does; taking their skills, knowledge and experience with them. What you pay in a competitive salary balances out the expensive recruitment advertising costs – agency costs, local ads; not to mention your time! What’s more, few employers now offer benefits, yet just a little goes a long way - this could be your USP. Have you thought about giving each employee their birthday off (minimal cost to you but a big for your employees) or a Christmas hamper each year?
Even flexible working hours - staggered school start/finish hours for working parents, this can go a long, long way to promote loyalty and dedication from employees to their employers.
Fact: 35% of employees will look for a new job after 12 months if they’ve not received a pay rise.
3. Engagement and Enrichment
When your team come into work every day you don’t want them to start getting bored with the monotony of the proverbial ‘9-5’. So make a concerted effort to engage with your team. Offer them training courses to further their career, whilst ultimately benefiting your company. If you can’t afford external courses, look at cross-department training. Just as importantly, look at social events for your team - a summer picnic, dress down charity days or friendly ‘bake off’ competitions for example.
Fact: Employees want positive working relationships because they result in higher productivity, moral and bonds between management and staff.
4. Say “Well Done”
Just because someone is good at their job, after all it’s what you expect from them. It doesn’t mean you shouldn’t actually say “well done”. Small gestures mean the most. If someone is consistently going over and above their position, thank them. Even buying them a small treat - a bottle of wine or bringing in cakes for the team shows you’ve recognised their productivity.
Fact: Staff that feel valued don’t leave.
5. Exit Interviews
If someone does leave then find out why. Let them be candid and honest. It might be something individual to each employee, but if you are identifying a common theme then you can address it, change it and hopefully lose less value staff members in the future.
Fact: Knowledge is power so you need to know what’s going on within your teams.
Sir Richard Branson says, “If you take care of your employees, they will take care of your clients”. Here at Calverton Finance we have one of the highest retention levels of staff - many of our team have been with us for over 12 years, with the longest member of our team having been with us for 19 years - happy, valued staff, that provide a great service to our clients - it’s the Calverton Culture.