According to recent statistics published by Forbes, it costs around £2000 to replace a single employee. In addition to the cost of interviewing, hiring and training up a replacement, you could also be losing a valuable team player who is well versed in the ins and outs of the role. As such, it pays to retain current staff and keep them as happy as possible. If you run a business, read on for some great tips on how to retain your staff, save cash and ultimately boost your bottom line.
Offer praise when deserved
When an employee does something praise worthy, let them know about it! Everybody likes to be recognised for their efforts and something as simple as a ‘thank you’ or a ‘well done’ goes a long way. A workplace that doesn’t offer praise when deserved risks losing the loyalty of workers, compromising productivity and jeopardising employee retention.
Reward staff for hard work
Rewarding staff is an integral part of creating a positive and healthy workplace environment. It will show them that you appreciate their hard work, inspire them to continue their efforts and encourage them to stay in their current role. Whether it’s as simple as Friday drinks or an in-house coffee machine or as complex as an employee party or work weekend getaway, your efforts will definitely not go unnoticed!
Put an incentive scheme in place
If you want your staff to stay, why not consider rolling out an incentive scheme. This concept can be applied to almost any sector and sees employees rewarded for going above and beyond expectation. Not only will this encourage them to work harder but it will also make them think twice about leaving the company!
Offer comprehensive employer liability insurance
As an employer, it’s your responsibility to ensure that each and every employee is protected. The only way to do this is to take out a comprehensive employer liability insurance policy that has your staff covered in the case of any workplace accidents or injuries. Letting your staff know that you have an employee liability insurance policy in place will boost their peace of mind and make them feel valued.
One of the most effective ways to keep your staff happy is to quickly identify any issues they may have with their current role. Inviting employees for regular review/feedback sessions is a great way to gain insight into how they feel and what they think could be one better. You can then use this knowledge to improve operations and enhance their overall workplace experience.
With these five tips, you can make sure that your staff are happy, content and 100% committed!