Driving employee retention
Job satisfaction is widely talked about and is a vital part of work life. Research suggests that good job satisfaction leads to an increase in productivity, performance levels and efficiency at work. It can also inspire greater loyalty with a company and will generally improve a company’s reputation, which can make the difference when trying to recruit the very top talent.
Employee retention is not only important for the reasons listed above. It can also be very costly financially to a business who has a high turnover of staff, constantly having to train and hire new staff. It makes more sense to work hard at keeping the employees you already have that know how to do the job, instead of having to replace those people with new starters who will take time to get up to speed with office processes and company guidelines. There are many factors that drive employee retention, we look into how you can improve retention in your company.
Work-life balance
Perhaps the highest thing of value to an employee is the lives they lead. There is a huge emphasis on work-life balance, as many people are generally more concerned with the quality of life and their health, than the possibility of earning more money. Employees are extremely likely to be more productive when they are happier in their job.
The working environment
Similarly, the environment in which they work is also key. If they work in a safe and well looked-after space, then they will feel more comfortable in their jobs. This also links with the people around them, their colleagues. On average, an employee will spend more time with their work colleagues than their friends outside of work. If you’re going to see the same people every day, then it’s best that you get on with them. Efforts should be taken to ensure that there is a mutual respect between all colleagues, and if there are issues or conflicts, then these should be dealt with fairly and effectively.
Career Development
Wanting to progress and develop within an organisation is a very natural want for candidates, and actually shows they’re the right people as they have clear drive and determination to work hard and better themselves. A clear career path can be a deal breaker for some candidates and can often be just as important as offering a good salary. A company who is willing to invest time and money in the development of a member of staff is much more likely to retain them. If a candidate has hit a wall with nowhere else to go in terms of progression, that might give them a reason to look for a new job elsewhere.
Job Security
It can be tough for an employee who is always worried about whether they will be in a job next month. People instinctively look for security within their job, perhaps because they have financial responsibilities such as owning a house or having children which could put them in a difficult situation if they were to be out of work. It’s no surprise that job stability is high on the list of impact on employee satisfaction. It could be a reason for an employee to go elsewhere if they don’t feel their position is secure.
Being appreciated
We all like to be appreciated in the things we do. That’s no different at work, and recognition can be a driving factor in an employee being happy at their place of work. Feeling valued as a member of the team encourages people to contribute more and keep their quality of work going. The best thing about it as an employer or manager is that it takes very little effort to say thank you.
Being challenged
Keeping work interesting can keep employees stimulated in their jobs. If they find their work dull or monotonous then their productivity and creativity in their role is probably going to suffer. Ensure that jobs don’t become unchallenging and keep your employees stimulated in what they’re doing. If they’re doing the same job every day then it can be hard to break the monotony of everyday work, so introduce new aspects to the role or challenges that will make your employees think on their feet.
Working hard to retain your employees just makes sense for so many reasons, and it doesn’t have to result in major changes in your organisation. Sometimes it just takes a few small adjustments to make sure your employees get on with each other and feel valued and appreciated in their teams.
