So many employers had to adapt at speed to the changes caused by the COVID-19 pandemic. Many employees worked from home, but for others furlough was a time of reflection and what came to be called The Great Resignation ...
An employee retention strategy is important for ensuring your staff continue to work for you!
It has become quite a challenge to retain talented staff. Research from the University of Birmingham and the Chartered Institute of Personnel and Development reported that over six million people will quit their jobs in 2023.
With such a large number of the workforce looking to change jobs next year, it's incredibly important for employers to prioritise retaining the staff they already have.
The so-called Great Resignation has put a lot of pressure on employers and a good employee retention strategy means you don't end up paying huge amounts of money replacing your previous employees. It will also ensure your existing staff feel valued and happy to work for you.
So, what does an employee retention strategy entail?
Employee Engagement
This is very important to ensure employees feel valued and respected. Building and developing relationships with your employees outside of work helps them connect more with your business and each other. Employee engagement is important for ensuring that employees feel valued.
Enable a good work/life balance for everyone
Overworked and burned-out employees will leave; of that, I am in no doubt. When employees go above and beyond, ensure you recognise that, but do make sure everyone's work/life balance works for them or productivity will decline dramatically.
Give regular feedback
Feedback is always important to both the retention and attraction of talent. Employees want to know they're doing a good job, and if they're making mistakes, they want to know how to correct what they're doing. And when giving feedback, ensure they know how valued they are to your business. Both in-person and online meetings of remote staff work just as well.
Offer learning and development opportunities
If you do not want to lose talented staff then learning and development are important. It's vital that you provide them with the resources and opportunities they need, to improve their knowledge and qualifications and ultimately help your business.
If you want to ensure your employees stay with you rather than move on to other businesses, then an employee retention strategy is important. Provide your talent with the resources they need to do their jobs and avoid losing those vital employees to your competitors.
Until next time ...
ROGER EDDOWES Business Godparent
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about employee retention strategies and how to create one for your business, it may be a great idea to call me on 01908 774320 and let's see how I can help you.
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Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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