How To Retain Your Staff

How To Retain Your Staff

20 June 2017

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Attracting the very brightest and best talent can be difficult in a competitive market such as Financial Services. But, should you be lucky enough to do so, how do you retain these talented members of staff? Perhaps it’s even trickier to encourage someone to stay than it is to persuade them to join. After all, the rosy glow of a new job may well have worn off.

High employee turnover can affect staff morale, productivity and public perception of what it is like to work at your firm. There are many ways to avoid this, however, and increase your retention rates.

Here are my thoughts on how to do so:

Communication

If candidates don’t hear what they are searching for from you, they will look elsewhere. If you offer great benefits, a competitive wage, flexible working and have an incredible diversity policy – shout about it. Talk about all of these things on your website, on your promotional materials and especially when you are interviewing potential employees.

Ask employees what they want

Speak to your existing staff force and really listen to what it is they want. Is the company culture poor? Are the opportunities for promotion limited? Are the benefits non-existent? Don’t be afraid to ask difficult questions and receive honest answers. It is the only way you will be able to implement genuine improvement and be able to compete with other firms.

Be the total package

What makes a candidate leave a job? It can be a combination of pay, culture, career progression and benefits. Therefore, ensure you can tick all the boxes. Employers who clearly communicate genuine reasons to work at their firm are likely to give themselves a competitive edge. Be realistic about the responsibilities an individual will take on and compensate them appropriately.

Long term development

Personal and professional development is incredibly important. Career progression doesn’t mean a fast track to a promotion, it means ongoing training, development and personal brand. An employee who sees their employer investing in them as a person is much more likely to remain loyal to that brand. If training needs cannot be met, there has to be a clear reason why.

Rewards

These don’t need to be purely financial. Perhaps you can reward loyalty by offering more paid holiday time or a ‘perk’ such as a car parking space or a free gym membership. However, recent studies have shown that the current generation of Millennial workers respond well to performance related financial rewards such as bonuses. Regular internal promotions are also a healthy incentive.

‘Stay’ interviews

Forget exit interviews, ask employees what makes them stay. Questions such as “What would make you leave?”, “Are you having any issues?”, “Do you need more training?”, “Why did you come to work here?” and “What would you change or improve?” are all conducive to improving your employee retention rates. It all comes down to being able to listen and use information constructively.

If you would like to discuss securing the very best talent for your business, I would happy to chat with you confidentially. Click here to see my contact details. 

 

 

 

Written By Shona Preston

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