Create an Inspiring and Engaging Workplace

The cost of staff turnover can average up to 100% of a person’s annual salary. This figure alone makes staff development and retention critical to the long-term success of any business.

But saving money isn’t the only bonus when it comes to staff retention. A happy work environment, where staff turnover is at its lowest, is a real incentive when recruiting. Attract the talent by managing your existing workforce effectively.

Below are some tips on retaining your current employees and building talent from within;

· Implement a framework where an employee can perceive their success and career development. Employees want to advance their careers yet not all want to move into managerial roles so look at other areas as well, such as training or mentoring, or recognising seniority as in ‘Senior Technician’ for example.

· Employee Satisfaction is key. Ensure the communication ports are open between employees and management and expectations are clear.

· Create an environment where your employees feel able to speak their mind, where they feel comfortable providing feedback, criticism and sharing ideas. Employees want to feel supported and valued, and this includes being heard.

· Ensure the hidden talents, skills and experience of employees are utilised to their maximum potential. There may be areas outside an employee’s specific job description where they could make valuable contributions and could lead to further employee development. So take the time to tap into this invaluable resource, you never know, your star talent may be right under your nose!

· Be fair and equitable! Let’s be honest, staff talk and not much stays secret in the workplace these days. Ensure all promotions and pay rises are well deserved and justified.

· Provide the tools, time and training in order for your employees to do their job well, if not, they’ll find an employer who does.

· Give employees the chance to learn new skills, follow new opportunities and develop. Without the prospect for career growth, the most talented and valued employees will eventually start looking elsewhere.

· Be flexible. Work life balance is becoming more and more important in today’s workplace. Some people want or need to work part-time for various reasons. Be flexible and accommodate where possible.

· Rewards! Obviously monetary rewards are much appreciated, but when that’s not viable, recognising an employee’s achievement, large or small, can go a long way. As an alternative to a monetary pay rise, why not look at other material incentives, such as salary packaging, tax-free fringe benefits and bonuses for achieving KPI’s.

So it’s worth spending resources on staff retention but when employees do leave, exit interviews can provide an honest and valuable insight into areas requiring improvement and focus for your remaining staff.

Make your workplace engaging! Attractive employment is a magnet for high quality talent while it will keep your existing staff challenged, inspired and satisfied.