Retaining Staff: Key Areas to Consider
Retaining staff can sometimes prove to be challenging. One recent report found that UK workers change job, on average, every five years – and that millennials could have been through four different jobs by the time they reach the age of 31. Here, we take a look at ways in which you can help ensure your employees are as fulfilled as possible in their roles.
Offering attractive incentives
It can be helpful to segment your workforce when recruiting employees and designing incentives. Be aware of the differences between generations. Research suggests that different generations look for different incentives when it comes to seeking employment. Whereas earlier generations have favoured medical and dental insurance as workplace incentives, this appears to be less attractive to millennials.
As far as millennials are concerned, the possibility of taking extra paid leave carries more weight. The difference in generations is also obvious when it comes to the factors pulling millennials towards employers. Here they appear to favour the more tech-savvy employer – those with a more digital operation.
Boosting employees’ quality of life
Experts are increasingly linking the ease with which staff can be retained to overall feelings of wellbeing. There is evidence that, right across the board, quality of life incentives offered by employers can have a disproportionate impact on staff perceptions.
Quality of life incentives can be radical and don’t always need to cost the employer money. Offering staff the opportunity to bring a dog to work, for instance, could transform an employee’s experience. Allowing staff to listen to music on headphones, or personalise their work space with personal effects, are other low-cost, but potentially high-impact, suggestions.
Establishing a two-way flow of communication, so that employers know what works for staff, and where change might be beneficial, is another key recommendation. Carrying out regular staff satisfaction surveys is one way to do this. An employer can do this formally or informally.
Helping to minimise financial stress
Research shows that possibly as many as 40% of employees are under financial stress. This can lead to lower productivity, absence, poor relationships with colleagues, and can impact mental health. A new, and increasingly popular, move to help here is staff financial education. Providing advice on budgeting, savings and planning for retirement can make a valuable staff incentive package. We would be delighted to assist in regard to this important area.
Ensuring your employees are satisfied in their job roles is vital in creating a happy and productive working environment.
Please note: This article is a commentary on general principles and should not be interpreted as advice for your specific situation.