Businesses are becoming more and more aggressive when it comes to recruitment. Some businesses are even luring the staff of other firms to jump ship, leading to massive headaches and empty chairs at the office. After all, who wouldn’t be upset that team members they’ve already trained and equipped with the necessary skills suddenly got better offers somewhere else?

Being complacent or not showing your staff enough appreciation can make them start looking at other opportunities. Unhappy employees will want to take their talents and skills elsewhere, particularly if they feel undervalued. This leads to higher staff turnover which lowers morale,  resets the process, requires more training, and, ultimately, more expense. 

You need to keep good employees, especially those who have developed adequate skills and knowledge about the company. Long-time employees who are experienced and understand the company offer so much value to a business and shouldn’t be taken for granted. Their growth is an investment you’ll definitely want to make because it not only helps them in their career trajectory, but it also helps you and your business thrive.

Hiring good employees and keeping them happy is crucial to any business.

Why invest in your staff?

Aside from keeping prying eyes away from your treasured employees, investing in staff and staff retention can be one of the best moves you can make as a CEO or managing partner because it ups the quality of work, keeps your customers happy, and grows your business. 

For one, it increases productivity because a staff member who doesn’t need constant guidance will know how to operate. With not as many people leaving the company, you don’t have to worry about having to train and oversee your staff constantly. They’ll know what to do with minimum to no direction, letting you and the rest of the team focus on other matters you need to attend to. 

The modern-day worker is likely a millennial and they look forward to meaningful jobs that promise growth and learning. Shortchanging them by promising them that growth and then neglecting them as employees can hurt your company, especially since information about your business is so easily accessible these days. One quick Google search can show any negative reviews you might have earned from employees who didn’t enjoy their time with you. 

Loyal, happy employees are also engaging. And engaged employees are shown to increase sales by around 20% and improve customer service and satisfaction. Sir Richard Branson, founder of the Virgin group, says, “Take care of your employees and they will take care of your business.” Happier employees lead to happier customers.

It’s not just about keeping them from leaving, but about making them happy enough to want to stay of their own volition. Investing in their growth by giving them opportunities to explore other challenges through seminars, events, and possibly even further education can equip them with more skills that will help your business. If they learn something new at a seminar that nobody at your company has ever tried before and can give you an edge over your competitors, it’s definitely worth the time and energy.

It pays to be a leader that is attentive to his or her team. Being an emotionally intelligent leader and understanding what your team needs and what their sensibilities are can make all the difference in terms of staff retention. If you pay attention to what your staff responds best to and how you can help them grow, you’ll make them happier and keep them longer.

5 ways to retain great staff members

Some businesses go as far as installing nap and/or game rooms in their offices to try and attract more valuable staff members but there’s no need to shell out thousands of dollars on pillows and pinball machines, simply follow these five strategies that focus on growth, motivation, and positivity instead.

1. Work-life balance

Achieving the right work-life balance can relieve employees of pressure and encourage them to de-stress when necessary, leading them to perform better. By ensuring they leave their work at work and giving them definite time off, they don’t have to worry about their personal life blurring with their professional life. 

Allowing them a flexible schedule is one way to ease them of burden as several factors can get in the way of a traditional 9-5. They might live in a different city or opt to use public transportation (which can be unpredictable) and might not make it in time. Giving them a little leeway or different work hours altogether can help, especially given the stress of traffic in rush hour.

If you give them the option to work from home on certain occasions (especially if their physical presence isn’t required), it can save them the stress of a commute or a drive. If they need to be with family or loved ones in emergency situations, allowing them to submit their deliverables from home or even giving them time off shows you’re responsive to their circumstances and value them.

Aside from emergency leaves, giving them holidays off and encouraging them to take breaks when necessary are also great ways to show them they’re cared for. If you notice they’re having a difficult time, give them time off. They may be overwhelmed with work and are either unaware or too anxious to ask for a breather

2. Positive team culture

Having a team that relies on each other calls for good rapport and chemistry which is why a supportive team environment can go a long way. When employees feel that they fit in and can collaborate with their colleagues, they’re happier and more productive because they have people they can bounce ideas off of, trust, and work well with. 

With a positive team culture, good work is celebrated and recognised. Staff members who excel are praised, reinforcing their success and making them more likely to work just as hard to achieve that same result. 

By fostering this community culture at work, you show your support for your employees’ growth and morale. In fact, 94% of executives and 88% of employees believe that a good company culture is integral to business success. There’s also a strong correlation between those who feel valued at work and those who say their company has a strong culture.

Being part of a positive team can help an employee feel more grounded in the company and like their success is aligned with the business’ success. They feel like they’re contributing to the company’s growth and their work is purposeful.

3. Growth opportunities

Landing the job isn’t the end of the story for many, usually it’s just the beginning of a new chapter. They want to go further and learn even more, so affording them the opportunities to do so can keep them motivated to stay. By giving them the chance to develop their skills, they can move towards their own personal and professional goals.

Allowing them to work on bigger projects and giving them the autonomy to make decisions as they become more and more well-versed with the business can give them the confidence boost they need to be more independent. A self-assured staff member can make decisions and have the tenacity to stick with them.  

Incentivising good performance and successful output is also a great strategy as it celebrates the staff and it boosts morale.

4. Management

Great leadership from partners, directors, and managers can help with guiding your staff and offering them advice when necessary. Having strong role models who are open to new ideas makes them approachable and capable of fielding any concerns the staff may have. 

Having quality managers who are attentive to the staff can bring the team together for more collaborative efforts. Because they’re making sure that everyone’s working, together, there’s a sense of social responsibility that can be fostered among the team. If everyone’s working together, the team is more productive and the business can succeed. The team shares a vision that’s aligned with the company’s goals and they structure the work to be more communal rather than a team just taking orders. 

Great management can also reflect on a good company profile and how the team works together transparently and professionally. It’s a good glance into what the business values and how its people live out those values. 

Management that’s on top of handling the staff members can also put a stop to any bullying or harassment that may happen in the workplace. When employees trust the people who are supervising them, they feel more comfortable and can confide in their supervisors about any trouble. 

Good supervisors who are clear about expectations and can provide adequate feedback can positively affect a team and keep them loyal to a business. 

5. Remuneration

Aside from salary, bonuses, incentives, and commissions can attract or retain staff. By compensating them fairly (or even more than fairly), they’re more likely to stay with your business because they feel they’re being rewarded right for their hard work.

About 45% of employees leave a job because of salary concerns. They think their salary and the benefits of being with the company aren’t competitive enough. So by paying them fairly, you can increase your chances of keeping them.

A lot of old school businesses still try to measure productivity in terms of time spent rather than the output delivered and it can frustrate the modern-day worker. Instead of measuring how long it took them, it’s possible that looking at the quality of their work instead can be a better way to evaluate them.

Keeping your staff is important but ensuring their development through continued investment in them is even more urgent. You want your staff to be more than just loyal, but happy and open to learning, as well. With their continued growth, your company will thrive, too.

If you want to understand how to invest in your staff to benefit your business, book a call with us.