Top tips for improving employee retention

Retaining top talent is essential for the success of a business. High turnover disrupts workflow and means you need to train new employees, eating into your profits. And with a third of UK workers thinking of quitting their jobs this year, companies need to focus on employee retention strategies to maintain their competitive edge.

We take a look at some of the ways that you can increase the chances of your employees staying with you for many years to come.

Improve employee experience

Gone are the days when ping-pong tables and complimentary lunches were the sole drivers of employee satisfaction. Today’s workforce demands a different environment: one that includes a reliable employer of record (EOR) partnership.

The role of an EOR is to streamline processes such as payroll and compliance, ensuring employees receive their payslips on time and can work from other countries without worry. They can also handle company benefits, offering better pension savings and healthcare packages.

Prioritise career development

Employees don’t want to keep working at the same job with little to no progression. Statistics show that around three-quarters of employees want to learn new skills, which means companies really shouldn’t ignore the importance of development.

Come up with a personal development plan for each employee, outlining clear career paths and providing access to training and development resources. This demonstrates that you are committed to their growth and want them to remain within your organisation.

They’ll also be equipped with right the skills to help out within other areas of the company when needed.

Employ good management

Great managers make a world of difference and are a determining factor in whether some employees stay or leave. Encourage your leadership team to offer support and celebrate successes, only providing feedback that is constructive.

A healthy working environment is a determining factor for people when seeking a long-term role, so ensure that current workers do not feel micromanaged or undervalued by their superiors.

Offer well-being incentives

Wellness programs are known to have a significant impact on employee retention through targeting financial, emotional, and physical health. Some even see it as an essential consideration when job hunting.

Some good examples include stress management sessions, access to mental health therapy, gym memberships, and educational courses surrounding finances. You don’t need to offer all of these as it may not be wise from a financial perspective; instead, ask what your staff would appreciate most and monitor how effective these are at keeping employees engaged.

Additionally, you can also partner up with local medical professionals to provide annual health checkups to your employees. A quick internet search for a term like "dental crowns harrisburg nc" or "physicians near me" should already provide a list of experts that you may partner up with.

Provide sufficient training

You want your employees to know what they are doing and to feel competent in their role. Therefore, it’s useful to organise regular training sessions that address any gaps in knowledge, covering any changes in regulations or updates for the latest tools.

This could be on a company-wide scale or in small groups, addressing particular weaknesses that people have come forward about, such as public speaking or team management.