Are you struggling to hold on to your top performers?
It’s no secret that retaining employees is better for your business than having to constantly hire new staff. If you find yourself in the latter position, you need to ask yourself why and how you can stop losing talent to competitors.
Here are five strategies to improve employee retention and where you can get help implementing them.
1. Ongoing training and support
Training and development shouldn't stop once an employee knows the ropes. Providing opportunities for team members to learn or develop skills will make them even more valuable assets who can help your business to keep up and adapt in a rapidly changing industry.
Developing a versatile team could also mean that any staff who do leave may be replaced internally, rather than having to look outside the business. This can also be the key to successful succession planning in the future.
2. Rewards and recognition
Rewards show your team that their hard work and loyalty are appreciated. Setting up a formal employee rewards system can incentivise staff to continue working at their best when rewards are consistent.
An employee rewards platform can automate rewards for you, as well as remind you about birthdays, anniversaries, and other opportunities to show your appreciation for their hard work.
3. Pay rises and benefits
One of the most effective ways to retain employees is to make them a better offer than they might find elsewhere. Raising salaries can be expensive, but it's an investment in retaining valued employees who will help your business to grow at a faster rate than cheaper new hires.
If you can't afford a permanent pay rise, other compensation such as bonuses, health care, retirement, and other personal development programs will give staff more reasons to stick around.
4. Flexible working
Whether it's working from home, flexible hours or paid parental leave, today's employees have more demands and expectations than those of even a few years ago, and employers need to recognise this.
The more conditions you are willing to meet, the more satisfied and motivated your workforce will be, as well as making your business more attractive to potential new staff.
5. Positive culture
Besides incentives, when you can provide a comfortable and fulfilling place to work, employees are more likely to want to stay put.
Collaboration and communication across all levels of the organisation should be encouraged to make employees feel more like they're part of the team working together towards the common goal of driving your organisation to success.
Employee rewards provider in Australia
The market is perfectly poised for a company like My Rewards International - a leading provider of loyalty, reward and engagement programs for businesses and consumers in Australia. These programs make it easy for employers to improve employee retention by making them feel valued.
Over 100 corporate clients are experiencing the firsthand the value that the My Rewards offers by providing more than 4.6 million members with discounts and special offers from a network of over 4,500 suppliers. These services are delivered through a white-labelled, self-managed cloud-based ecommerce platform.
My Rewards is seeking admission onto the ASX in October 2021 through an IPO.
To keep up to date with their news and progress, and for more information about loyalty and reward programs as a whole, subscribe to the My Rewards International Limited Chairman's List.