How to attract and retain the right employees
Employee turnover is one of the largest costs a business can face, and with average tenure being under 4 years, you can expect it fairly frequently. When an employee leaves, you face a loss in productivity, the cost of hiring their replacement, and any training and onboarding costs.
Knowing how to effectively attract and retain top talent is key to ensuring long-term success.
Prioritise company culture
One of the best ways to keep your people for longer is to instil a positive and supportive company culture. An unhealthy work environment is one of the contributing reasons that people choose to leave a workplace, so focus on making yours somewhere they can happily stay long-term. You can do this by rewarding hard work and encouraging change from a top-down perspective.
Offer clear career progression
Another reason employees choose to leave is to progress their careers. Only a handful of people want to remain at the same level indefinitely, most want to develop and progress their careers. If an employee doesn’t know how to progress their career within your organisation, they’ll likely move to another organisation instead of looking for an internal promotion.
Additionally, if an employee has been repeatedly denied promotions without any real guidance on how to progress, they might feel underappreciated and leave for another role. Providing a clear progression ladder, with strong, relevant guidance, is key to retaining your team.
Be flexible
The working world has changed. During the pandemic, flexible, remote, and hybrid working became extremely viable options for office workers around the world. While some companies have tried to pull back on these benefits, employee backlash has highlighted just how important they are.
Your team members each have private lives that may interrupt their typical work day, such as sick children or an injured partner. Being flexible to their needs supports wellbeing, and helps to encourage a feeling of appreciation and belonging, which means they’ll work harder and stay for longer.
Work with a recruitment agency
Of course, to retain employees, you first have to attract them to your business. Managing recruitment yourself can be a long, time-consuming process. Instead, why not rely on specialised recruitment agencies?
No matter your industry, there is a wealth of hiring professionals dedicated to finding the best people for your role. For instance, a financial platform can enlist a finance recruitment agency. This frees up your time to focus on running your business, while the agency finds and presents your top candidates.
Offer competitive benefits
If you want your chosen applicant to accept the role, it’s not enough to offer a market-rate salary. Many businesses now provide extensive and competitive benefits packages, which include additional holidays, wellness programmes, pension support, and more.
If you want to ensure your candidates choose you rather than their other options, offering a range of additional perks and benefits is key. You can even tailor these options specifically to each candidate, and giving them control over certain elements can help them feel more invested in your business.
