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Employee Retention Strategies: How To Keep Your Talent

You often hear people say money makes the world go round, and somehow, it does. However, even if your company can offer salaries over and above your competitors, it’s time to evaluate what else you offer employees to keep them engaged and motivated.

You often hear people say money makes the world go round, and somehow, it does. However, an excellent salary alone won’t prevent employees from leaving. It’s not that competitive pay isn’t substantial. It is - but there’s considerably much more you could do to reduce employee turnover. Even if your company can offer salaries over and above your competitors, it’s time to evaluate what else you offer employees to keep them engaged and motivated to keep working for you.

Retention strategies help keep your employees happy and satisfied at work. Discover the strategies your organisation can implement to prevent an increase in employee turnover.

Start onboarding before day one

Onboarding is a crucial transition period for employees to adapt to your company’s culture and values. A well-planned and consistent onboarding strategy allows your business to make a significant impression on new joiners, ascertaining to your new employees that your organisation is the most promising place to work. Start on the right foot with a well-planned onboarding process.

Do it right

Present your new hires with a welcome pack. Include items like your culture book, a handbook on processes and policies, a small gift, and, most importantly, the necessary forms. The newcomer will see how excited you are to have them on board in a welcoming and informative way.

Add personal touches

A friendly introduction from the team and treating your new employees to lunch or a coffee on their first day go a long way in the eyes of a new starter. Personal touches in your onboarding process help relieve anxiety, immediately make them feel welcome, and help sweeten the deal.

Set expectations and goals early on

Help your new hire understand what will make them successful. Explain department goals and individual KPIs. Remember to outline the career path for their role to keep them on the right track and motivated.

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Put employee well-being first

Employees who feel their needs are not being met are more likely to quit, regardless of their salary and benefits. One way to stop employee decline due to job dissatisfaction is by prioritising their well-being. Here are some strategies to keep them feeling happy and valued:

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Offer flexible working hours

Most employees highly value the ability to work flexible hours. Particularly Millennials , Gen-Zers and working parents see flexible working as a prominent incentive. Since the COVID-19 pandemic, the demand for flexible working hours has increased even further across all age groups, influencing whether an employee wants to stay at their current job or move on. When discussing flexible hours, collaborate with your employees to create and trial a work schedule that meets everyone’s needs. Be prepared to see a positive impact on absenteeism rates, employee morale, and productivity when working hour flexibility is offered.

Encourage employees to work from home

If executed correctly, remote work can cut business expenses and improve retention. Employees can achieve a better work-life balance, spend less time commuting and save on travel, and be able to better prioritise personal and family responsibilities, all of which contribute to keeping them happier and motivated in their roles.

Introduce employee well-being initiatives

Keeping your employees healthy should be a priority, so take the time to implement wellness initiatives in your business. Offer well-being benefits such as free fruit, discounted or employer-paid gym memberships, guides on mindfulness, and even social sports teams. Promote well-being in the workplace to prevent stress, improve morale, reduce sick days, and improve overall employee engagement. Who wouldn’t want to keep working at a company like that?

Build a positive workplace culture

Create a company culture where employees can collaborate freely, express themselves, and feel involved. Enhancing your company culture can boost morale and reduce attrition, making attracting talent from the beginning effortless. Try these tips for creating a positive workplace environment:

Introduce low-cost benefits

Consider offering free or low-cost benefits such as local corporate discounts, birthdays off, office fruit bowls, and a relaxed dress code where possible. These are popular and simple to implement without breaking the bank.

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Implement rewards and recognition

When your employees give you outstanding results, take the time to thank them and show you recognise their contribution. Traditional forms of reward and recognition include quarterly or annual bonuses and long service awards, but there are numerous ways to recognise your staff.

Non-cash reward and recognition schemes, such as eCards to say thank you and well done, shout - outs, and additional days of leave, can be hugely favoured and provide a meaningful way to acknowledge your employees for their hard work. Get creative and identify forms of rewards and recognition that fit your company culture and employer brand. Make sure that they are fair, inclusive, and meaningful.

I’m sure you’re keen and ready to apply all this information about employee retention to your organisation, but before implementing what you’ve learnt, let’s summarise what we’ve covered.

Improve your onboarding process—a chance to give new hires a warm welcome. During the onboarding process add personal touches, set expectations and what goals you’d like the newcomer to achieve.

Prioritise the needs of your employees. Offer flexible working hours, encourage employees to work from home, and introduce employee well-being initiatives.

Build a positive workplace culture. Introduce meaningful benefits, implement reward and recognition, and create a sense of purpose aligned with your core values.

“It’s time to get creative! Diversify what you offer to employees to improve employee retention. Keep them engaged, loyal and satisfied.”

Aside from the cost of retraining and rehiring, high employee turnover rates impact the remaining employees’ morale, leading to poor work performance or, worse, a mass exodus. To avoid this, craft and implement an employee retention strategy that suits your organisation.

For more insights and employer guides, visit the Adecco blog.

Hiring? Adecco can help put the right people on your team and give you the support and resources you need to keep them there. To learn more, contact us today.

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