Take two months to tell a new recruit they’ve got the job and you could tarnish your brand image. Equally, if their induction is disjointed, you risk jeopardising their tenure with your business, as research shows that a large percentage of people decide during their first week whether they’re going to stay for the long-term.
From your early interactions with a candidate, to the support and training they receive in their day-to-day role, you need a documented retention strategy to ensure your employee’s experience is a positive one and that no element slips through the gaps. And while there isn't a single retention model that applies to all businesses, there are universal elements that should be monitored and addressed. When developing a retention strategy for your business, consider the factors that are most likely to make staff want to stay.
Career path clarity – Everybody wants to know they are advancing in their career. Even if your business has a very flat structure, people can still be moved sideways or given opportunities to upskill. Create career maps for every employee that are regularly reviewed.
Line management effectiveness – Line management has a great deal to do with culture. Rather than micro-managing, staff are more effective when they are empowered to complete work independently, knowing that management is there to support them when needed. Set up a strong and consistent people-management training program to ensure your line managers are helping, not hindering, your retention efforts.
Work-life balance – According to our research, 62% of staff say they stay at a job because it offers a good work-life balance, compared to 42% who stay for the competitive salary. Rather than acknowledging hours devoted to work, celebrate efficient performance. This behaviour must be modelled by the senior management team before others will feel they can stop striving for the highest number of hours spent in the office. Look into the reasons people are working overtime and develop processes to address their efficiency.
Job flexibility – Rated higher than salary as a reason to stay with an employer, offering flexible work arrangements proves to employees that the business cares about them on a personal level. Put official policies in place that make it simple and acceptable for parents to leave work to attend their children’s school productions, for example. Analyse the benefits (including reduced office space costs) of allowing people to work from home, or elsewhere, when appropriate or necessary.
Salary check – Don’t assume that because you offered a staff member a competitive salary when they came on board that it's still competitive now. Conduct market analyses every year, at the very least, in order to ensure your people are being remunerated at a good level.
Struggling to retain staff?
At Randstad, we understand the people issues managers and HR professionals face every day, which is why we’ve created The Human Resource Guide, an always-evolving online HR resource that delivers the answers to your day-to-day concerns, including best practice retention strategies. It’s like having your own personal HR advisor by your side, 24/7.
To keep reading about how to design an effective retention strategy, head to The Randstad Human Resource Guide.