Richard Branson said,
Train people well enough so they can leave. Treat them well enough so they don’t want to
This is not only a well known quote but also one of my favourites. Well, there are exceptions. But this blog is about some tips and thoughts on how to build a retention strategy that is right for your business. This list is by no means exhaustive but gives you a few pointers to consider.
Get your recruitment right
Part of the secret to retention lies in your approach and attitude to recruitment. It is key that your recruitment advertisement is a marketing opportunity to shout out about your company’s culture, standards for ethical work, ways of working as an individual and as part of a team, and providing a high level of customer satisfaction. Avoid rushing through your job advertisement. A well thought out job specification is a must. Not only because it outlines your expectations as the Employer. But a well drafted job specification will assist you in screening candidates.
Secondly build in various levels into your interview process which will take your candidate on a journey of what it is like, to be a part of your business. Interviews are not just about sitting across the table and running through a questionnaire, although this is also important. Remember the recruitment process is not just an opportunity for you to assess the suitability of the candidate, but a lens for the candidate to understand if you would be their ideal Employer too. It is not uncommon for a new starter to leave no sooner they are hired because they realise the job or company is not what they expected it to be.
According to Robert Walters, more than 53% of new hires left their role within the first six months because of “shift shock” – a role not meeting their expectations.
Tailormake your induction and training process
SMEs tend to have leaner teams and therefore the pace of work and learning can be a lot steeper than expected, for a newcomer. Having said this everyone learns differently. If you have pegged your recruitment correctly then induction should be a continuation of that process of learning, thereby helping you save on your induction and training budgets.
In order to better meet the needs and expectations of a new starter, try and tailor make some parts of your induction process to meet the needs of different generations of workers. The induction period and after can be a steep learning curve. So try and make it as engaging as possible. For example, Gen X’s expectations of an induction process can be quite different from Gen Y and Gen Z and the soon to enter the workforce, Gen Alpha. Figure out if running some sessions from a local coffee shop, or shared office space can break the monotony, for example whilst also helping you to provide undivided attention to the newcomer.
Let your new starter have a say on whether they would like to be buddied up with one individual or work across the board with different staff who have an input on the new starter’s role.
And invest in training. Besides the obvious it helps your staff feel valued. You will be surprised how much does surface when staff visit the training room and relate training to their day to day job.
Perks and benefits have to be meaningful
Perquisites and benefits for a long time have been the go-to solution to retain staff. But is your benefit suite bespoke enough and meeting your staff’s needs? For example, would your staff appreciate and use a cycle to work scheme more than a gym membership. It is no denying that during times of rising business costs, these can prove to be expensive, not to mention the taxes and additional paperwork it might attract.
A good alternative if you want to avoid the tax minefield or just to complement your existing benefits suite, can be community based loyalty cards. During times of rising costs, local membership offerings like the TN card are proving to be brilliant cost saving options for staff, if they are based out of the TN area in West Kent. A subscription based loyalty card which supports the local community and your staff, is not only a win-win solution for all involved. And can be a good way of saying thank you.
It is vital that the wellbeing of your team and that of a high performer, is taken care of, by including perquisites which are meaningful to them. Offer an enhanced suite of health and welfare benefits, which staff will be able to choose from, to suit their lifestyle. Having some agency around the choice of benefits available will also assist with retention of your best talent.
Flexible working or not?
This usually tends to be a contentious area. Whilst working flexibly works wonders for some businesses it can be a tricky area to manoeuvre for others. Some staff will remain loyal to a job mainly due to the flexibility it offers. Again, your expectations as the Employer are best made clear during the process of recruitment. Also use robust written policies and processes to communicate your approach to flexible working to existing workers. This is an area where you will be best seeking professional advice before confirming anything in writing. Working from home may also spell problems for a new starter who can be left feeling isolated during those early days. So think about what is important for your business and the staff you employ.
In a nutshell almost everything you do and communicate within a business, feeds into your retention strategy. Try and examine whether your staff initiatives are bespoke enough depending on your operational needs and budgets.
To continue this discussion, please contact us.
