Retaining Your Employees After the Recruitment Process
The employee recruitment process can be a long and daunting one, but we assume the hard work is done after the candidate has accepted an offer. Once the recruitment process is over, it is now up to the organisation to make sure that they are doing enough to retain their employees.
Your employees have the most impact on the long term performance of your business as it grows and should be treated accordingly. Based on this fact, employers are now starting to see the benefits of investing in the health and wellbeing of their employees.
What is Employee Retention?
Employee retention, is the effort made by a business to maintain a supportive working environment for the current staff in their company. Ideally, a company’s retention policy will be aimed at addressing everyday life issues that employees may face while they’re working for you.
Why is Employee Retention so important?
Retaining positive and productive employees are important to the success of every organisation. Investing in employee retention programmes is an effective way of making sure that your employees remain productive and motivated through their employment. With effective retention methods companies can also save on the cost of recruiting and training new employees.
For employees, knowing that their employers recognise the importance of retaining their employees and are investing in their wellbeing can go a long way to instilling loyalty. Not only will a wellbeing programme increase job satisfaction among staff, it’ll also increase engagement with management.
What are the benefits of Employee Retention?
A list on the benefits of employee retention would go on and on but we’ve focused on some of the most important benefits;
- Reduced costs – In terms of recruitment, you’ll be saving money and time on finding, interviewing and training new employees. The time and money spent on recruiting and training new starters could go back into developing the business or investing in your current employees.
- Loyalty – In order to build loyalty, your employees need to feel like you value them and their contribution to the overall success of your business. A satisfied employee will no doubt go above and beyond to make sure that tasks are being completed on time or to perform any other task needed to support the organisation.
- Company culture – Company culture is the perceived personality of your company. It includes a variety of elements, including work environment, company mission and value, company goals and ethics. In terms of retaining employees, your company culture goes a long way to building loyalty.
- Talent – Effective employee retention means that you end up with the best talent. You get to retain the best people for the job which can set you apart from your competition.
- Unique Selling Point (UPS) – Investing in the wellbeing of your employees can act as USP for your company. Potential employees are not just focuses on their salary package along, they are now focusing on companies that offer perks to their employees. Perks like a pension scheme, profit share, gym memberships and more. In order to attract the best talent, employees need to know that you care about their wellbeing and development.
There are various methods companies use to make sure that their employees are happy and satisfied in their roles and at the company.
- Training – No one likes to be stagnant. Investing in training reinforces their sense of value which in turn would improve on the skills needed for their role. Employers could also use this to help their employees achieve goals that’ll contribute to their future aspirations.
- Growth opportunities – providing workshops, software and other tools not only to make sure that they have the tools required to do their job but also to offer them the opportunity to grow. It is important to provide challenges and opportunities to grow their knowledge and skills.
- Compensation and benefits – Showing appreciation by offering profit share, healthcare, dental, bonuses, paid time off and more goes a long way to showing your appreciation to your employees. Ideally, the compensation or benefit should be meaningful, so employees can recognise your retention efforts.
- Social impact – You can also highlight your company’s social impact. Like we mentioned above, employees are not just looking for companies that offer the best salaries. They want to work for an organisation with defined values and ethics. A company that makes a difference to society.
- Mentoring – Investing in a mentoring programme provides your employees with an opportunity to develop some strong relationships within the company. The process involves teaming an experienced senior executive with a junior in the same field to come up with and execute a career development plan.
In conclusion, it’s clear that having and investing in an employee retention programme can go a long way to achieving your overall business goals. Not only does it help reduce employee turnover, it also contributes to building loyalty among your employees. And when your employees are happy they can pass this on to your customers.
Kate Palmer is the associate director and head of advisory at Peninsula UK, offering HR services for small businesses. Created for SMEs, it helps to streamline their day-to-day activities with expert advice and inspirational ideas.