The foundations of staff retention
Holding on to talent is key to business success, which is why you need to invest in getting the foundations of staff retention right.
As a leader, you know the value of great employees. You also know that keeping them long-term takes more than a simple pat on the back or a quarterly team lunch. With two-thirds (67%) of employers citing higher staff turnover in the past 3 years, it’s not surprising that the key topics of concern in 2019 for Human Resources, and managers, are primarily motivated by retaining their best talent.
We have categorised these topics into the five foundations of staff retention:
- Company culture
- Diversity and inclusion
- Learning and development
- Trust and leadership
- Workplace wellbeing
Here’s what they mean for your business and why they are integral to keeping your employees long-term.
1. Company culture
Company culture plays arguably the most important role in shaping an employee’s trajectory with a business.
Prospective employees are now empowered to pick and choose organisations more carefully, based upon how they align with their own personal values and worldviews. From an employer’s perspective, employees should be both a fit and a cultural ‘add’ to their business.
Employees that feel in tune with their company’s culture and values – that they fit, their needs are met, that they can add value and are valued – tend to have a greater sense of overall happiness at work and are subsequently more likely to want to stay with the business long-term.
2. Diversity and inclusion
In a world where acceptance and belonging are fundamental human needs, the emphasis on diversity and inclusion in the workplace is growing. It’s no secret that a production-line approach will not work when it comes to your employees – there is no “one-size-fits-all”.
In fact, it is so important to employees that their differences are embraced and celebrated by their employer – be it culture, personality, ethnicity – that many businesses have incorporated diversity and inclusion into their company values.
As a leader, tapping into emotional intelligence is essential in order to successfully manage a diverse team. By recognising that no two people are the same and adjusting your management style accordingly – albeit fairly – you are truly able to be flexible and responsive to the needs of each individual. In turn, you can actually drive employee engagement and retain your employees.
3. Learning and development
In the modern workplace, it is important to employees that their employer will facilitate their development and invest in them so that they can grow organically with the company. Businesses that fail to extend their budget to include a people investment are more likely to see employees move to a business that will. Why?
By investing in your people you are unequivocally communicating to them that they are worth it – that they are valuable and that you see them in the future of the business. It is without a doubt that this is what many employees wish to receive from their employer, but few get.
Learning and development doesn’t just benefit your employees. An investment in your people often translates into greater productivity and engagement. Not only that – the cost of developing your staff is often significantly less than the potential costs associated with rehiring for the same role if an employee decides to move on due to a lack of growth opportunities.
4. Trust and leadership
Building a culture of trust is becoming of greater importance to businesses. Trust is an inherent aspect of any relationship, and the workplace is no exception.
Trust ultimately frames the relationship between a manager and their employee, employees and their peers, and employees to senior leaders – not to mention employee trust in the business as a whole. Businesses that have a culture built upon trust are often characterised by flatter management structures and a movement away from micro-management.
When your employees are given autonomy, they will feel empowered in their role. Conversely, where there is a lack of trust in the employee-manager relationship, or a lack of confidence in the integrity of the business, there is often a rise in turnover rates.
5. Wellbeing at work
No longer is the responsibility solely on the individual to ensure they maintain a sense of all-round health, both inside and outside of work.
Increasingly, businesses are acknowledging the need to implement wellbeing initiatives – such as committees, support services, daily breakfasts and nutrition seminars – to ensure that they are providing employees with the tools and support they require to maintain a healthy lifestyle at work.
These businesses know that their employees are their most valuable asset. They know that healthy employees are happier, perform better and are more productive and so it makes good business sense to ensure that your employees are their happiest, healthiest selves.
Why it matters
Retaining the best talent is undoubtedly a challenge and key focus for businesses in 2019 and on. Throughout this blog series, we will explore each of the five foundations of staff retention and how you can set your employees up for success at work. Through the use of a recognition and rewards program or strategy like those that RedBalloon for Business can offer and personalise, you can create a positive company culture that your employees will not want to leave.
To find out more about how the RedBalloon for Business team can help you reward and recognise your people, contact us today.