Boosting Employee Retention: 5 Tips for Success (Collaborative post)

As an employer, if you're finding that you're experiencing high rates of turnover, you need to ask yourself why. Some sectors, such as retail and hospitality, have high turnover rates as standard due to the types of employees they have, i.e., people working second jobs, students, those in stop gaps in between other employment. However, for the UK as a whole, the average turnover rate is 34%, while a good benchmark is considered, meaning you retain around 90% of your employees, which bodes well for a business.

So, how can you boost retention and reduce turnover?

Hire The Right People

While it's challenging, hiring the right people from the start is your best bet for improving employee retention. Clearly outlining job duties in your job advert, offering a fair wage and compensation, and making your company as appealing as possible are crucial steps. By doing so, you can attract the right people and top talent for your company, instilling confidence and reassurance in your hiring decisions.

Get Expert Legal Advice and Support

Consulting with a solicitor who is an expert in your industry, employee law, and HR can be instrumental in establishing effective policies and improving your organisation. This, in turn, makes employees feel cared for and supported in their daily work, reinforcing their value as team members. By actively seeking legal advice and adhering to employee law, you can enhance retention by creating a supportive work environment.

Have Clear Company Policies

When employees understand their duties and responsibilities, they feel more secure and valued in their roles. It's important that each employee is aware of the company policy and their role within the company. This not only ensures a fair and balanced distribution of tasks but also makes employees feel secure and valued, contributing to a positive work environment.

Training and Growth

Retaining employees is about fulfilling their professional drive and investing in what they can do. This means full and complete training when they start and ongoing training as they develop within the company.

You can further support this by providing growth opportunities, both personal and professional, even if there aren't any promotion opportunities available. You can help your team become the best they can be in what you do and prepare for a time when they might need to move or they can progress within the company.

Recognise Good Work

Recognising, rewarding, and respecting employees for their hard work is a powerful way to show that you value their efforts. This can be a significant motivator, as employees who feel appreciated in the workplace are more likely to stay with an employer for a longer period. This is particularly true for the upcoming generations, who prioritise a positive and thriving work environment over a toxic culture or even high pay.

Employee retention is about doing what you can to ensure your employees feel valued and respected within your organisation. The more you can implement a healthy working environment that people enjoy, the easier it will be to boost retention rates.