To maintain a successful and growing business, it is essential to attract and keep diverse talent. Knowing how to retain your best employees is key to the success of your business. When you find an employee who is a good cultural fit for your company, it’s crucial to do what you can to keep that person employed. Losing a good employee can be costly and disruptive, so it’s important to have a retention strategy in place.
According to a study done by PwC, an overwhelming 95% of workers consider a good work-life balance to be important. Beyond salary, it’s vital for businesses to offer appealing non-financial incentives that help improve employee satisfaction rates.
Visionary employers realise that every staff member has a custom set of motivators, which in turn affects their decision to put effort into their work – and whether they stay with your organisation in the long term. In this blog post, we will discuss the top ways to retain your best employees.
A Positive Workplace Culture is Vital
A strong workplace culture is necessary in any contemporary workplace. It’s important for businesses to maintain a positive environment by promoting a culture where communication and sharing ideas are welcome. Creating a framework for recognition, team building, and wellbeing helps create constructive relationships between management and team members. A positive workplace culture ensures employees are more likely to stay in your employ.
The Attraction of Flexible Working Conditions
While salary is important, it’s vital to ensure your employees are happy and comfortable in their work environment. Research shows that flexible working conditions are a major drawcard for today’s employees. Since the disruption of COVID, many employees now want to work from home for at least some of their work week, so it’s an important consideration if you wish to retain your best employees.
Other attractive working conditions include:
- Flexible start and finish times to fit in with family life
- Wellness programs, including massages, exercise classes or gym memberships
- Compressed hours, such as 4-day workweeks
- Fortnightly RDOs (rostered days off)
- Part-time work
- Casual hours
Why offer flexible working conditions?
There are many benefits of flexible working, such as employees being more engaged and productive, better employee well-being and happiness, and even attracting and retaining top talent. Research shows that flexible working conditions are a major drawcard for today’s employees. Since the disruption of COVID, many employees now want to work from home for at least some of their work week, so it’s an important consideration.
Flexible working also has a positive impact on organisational productivity and the overall ability to attract new staff and retain your best employees.
Determining which working conditions to offer
Conduct an employee engagement survey amongst your team members to find out which options are most attractive to them. Ask them why they stay or might be thinking of going, and what they think of as a reward. Use this information to shape your working conditions, and to reward and recognise your staff for their efforts, while enabling the organisation to retain your best employees.
Performance Reviews play a key role in employee retention
Conducting regular performance reviews for all your team members will provide helpful insights into their level of job satisfaction. When conducted well, a performance review may indicate whether an employee is thinking of leaving, and why.
Regular performance reviews provide reassurance for your staff, as they want to know they’re doing a good job – and how they can possibly improve or develop in the future. A performance review provides the opportunity to convey feedback on both strengths and weaknesses, plus opportunities for growth and career advancement, with clear goals established at each review.
Performance reviews not only help you assess and give feedback to your employees, but they also identify reasons why an employee might be underperforming. This offers you the opportunity to manage and turn things around by motivating that person to improve their performance.
For the right HR support and advice, book a My HR Partner HR Advice call with Karen Hillen.
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