Employee Retention Strategies: How to Keep Your Best Staff
The greatest asset for any business is its people. However, finding good talent is increasingly difficult. In the past, an employee typically held only three jobs in a lifetime. Today, that era is gone. If a team member stays for three years, you are doing well.
Because the job market has changed, you must work hard to keep your best people. Many employers believe that offering more money is the only way to improve employee retention strategies. While higher pay can help, it is rarely a permanent fix. As an old acquaintance once told me, “An employee focused only on money will leave as soon as someone else offers more”.
Why Non-Monetary Benefits Matter
How do you keep staff if you aren’t just offering a higher salary? First, sit down and talk with your employees about what matters to them. You might find that specific employee retention strategies involve fringe benefits rather than cash.
- Practical Tools: Some staff value the use of a company car, phone, or laptop.
- Financial Planning: Remember that fringe benefits add costs to your business. Always discuss Fringe Benefits Tax with your accountant.
Implementing Flexible Work Arrangements
Other employees may prefer flexible working hours or the ability to work from home. When you allow an employee to “design” their work around family commitments, they are much less likely to leave. This personal approach is one of the most effective employee retention strategies available today.
Whether you lead 3 staff or 300, identify the people you want to keep now. Do not wait for an exit interview to learn why someone is resigning. You should always conduct exit interviews, but they shouldn’t be the first time you hear about a staff member’s needs. They might have stayed if they could have simply changed their Tuesday schedule.
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Get Expert Help with Your Team
Are you unsure how to keep good staff? Perhaps you need help moving on those who do not “cut the mustard”. Effective employee retention strategies start with the right support. Call Assurance HR Management on 1800 577 515 and let us help you build a stronger team.
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