How to Improve Employee Retention

People leave their jobs for many reasons, but if several employees leave at once, or very few stay beyond a year, you need to address your employee retention initiatives.

Here’s some guidance from the Human Resources specialists at Exceed Outsourcing.

For help improving your employee retention, please Get in Touch.

Reasons for High Employee Turnover

Research by Profile Resourcing¹ found the top three reasons people left employment were:

Better opportunities elsewhere
Poor company culture
Feeling under-appreciated

Given that it’s more time and cost effective to grow/retain talented staff than it is to seek/recruit brand new team members, here are some ideas to reduce your employee turnover and improve employee retention:

1. Career Progression

93% of employees said they would stay with a company longer if their employer invested in their career progression.²

So to prevent employees looking for opportunities elsewhere, create opportunities for them within your own business.

Here are a few ways to promote career progression in your company:

Up-skill existing staff by offering apprenticeships
Encourage job shadowing
Offer employee rotation opportunities

2. Company Culture

The Culture Economy report stated that a third of British employees left their organisations due to poor company culture³.

Companies that are praised for their culture retain talent for longer, have greater chemistry within their teams, and are more successful overall.

Methods to improve your company culture and improve staff retention include:

Renewing company policies with employee input
Improving company diversity and inclusion
Introducing employee benefits
Encouraging employee feedback at all levels

3. Employee Appreciation

Communicating that you appreciate your staff can cost nothing and is proven to have a profound effect on team morale.

In fact, according to Reward Gateway, 70%⁴ of employees said team morale can improve massively if Managers simply say “thank you” more often.

Other methods to show appreciation for your staff include:

Staff rewards – like days out or employee discounts
Expressing appreciation – either directly to your employees or on social media
Employee awards – celebrate small wins

For Better Employee Retention – Outsource to Exceed!

If you need help addressing high employee turnover/low employee retention, or other HR concerns, the Human Resources specialists at Exceed Outsourcing can help.

Get in Touch, to learn more about our Outsourced HR services and how we can help your business thrive.

References