Increase Your Talent Retention Without Raising Salaries

by Startacus Admin

With the UK facing serious skills shortages in a variety of sectors, it’s increasingly important that companies retain the talent that they already have.

Whilst many firms focus on salary, research shows that the majority of staff actually prefer benefits to high monetary compensation.

As such, it’s crucial that firms review their entire hiring process and internal culture in order to keep their staff engaged.

For business leaders who don’t know where to begin, here are some ideas that’ll get you started and push you towards running a more positive organisation that staff want to be a part of.

Make Sure Staff Are Happy With The Fundamentals Of Their Roles Before You Offer Perks

Providing staff with small benefits like beanbags, coffee machines and table football is a great way to incentivise them, but only if they’re happy with the major renumeration and support they receive, such as holiday allowance, pay, parking and opportunities. If you don’t take care of these bigger issues but instead focus on the smaller benefits, then staff will feel that you’re being disingenuous and don’t really care about them. Also, showing that you company has some meaningful corporate social responsivity goals is becoming important to employees.

Keep Your Firm’s IT Systems Up To Date

Slow, unresponsive technology can make staff’s lives miserable, so make sure that your team always uses the most cutting-edge solutions and has all the IT support they need.

Slow, unresponsive technology can make staff’s lives miserable, so make sure that your team always
uses the most cutting-edge solutions and has all the IT support they need, and this can involve working with an an outsourced IT company. Companies like Texaport offer a full-service solution that will save your business time and allow your staff to enjoy a smooth process when using any company technology.

Teambuilding Should Be A Regular Occurrence  

Teambuilding usually brings to mind expensive, time-consuming away days and events, but this doesn’t have to be the case. Whilst you can host these exciting out-of-office experiences, you could also incorporate small get togethers into your team’s social calendar, such as regular lunches together, or evenings in the pub after work. These smaller events will help your team to get to know one another outside of the office environment and make staff feel more at home in their jobs.  

Flexibility Shows Staff That You Trust And Value Them

In the modern corporate world, every organisation should try to implement flexible working practices for the benefit of its staff and morale. This is particularly important in office environments where staff know that their role can be done remotely or flexibly. If they feel like your firm’s structure is too rigid then they may come to believe that they’re not trusted to fulfil their role, so it’s important that you incorporate flexibility and remote working practices into your company. This does require a certain amount of trust, but if you have the internal culture and procedures in place then staff should be monitored and motivated to adapt their jobs around their lives.

Automate Your HR Processes

Keeping track of events such as birthdays, sick days and holidays can be a challenge, so use automation to streamline the process. This will make your team feel valued and reduce the chances of frustration among team members when they have to deal with your HR team. It will also save your firm time and make it easier for you to stay compliant with HR regulations, particularly as changes such as Brexit make the market more confusing.

A Clean Office Will Make Staff More Productive

Working in a dirty, untidy office is never enjoyable, so you should make sure that your workspace is clean and neat. Staff will come to be resentful if they feel like they are the only ones putting in an effort to keep your office clean, so you should set up a rota and make sure that everyone sticks to it for the benefit of everyone in your organisation.

Offer Regular Opportunities For Staff To Improve Their Skills

The business market is constantly changing, so if your staff aren’t given regular chances to enhance their skillsets then they will quickly get left behind. Providing regular training opportunities benefits both your employees and your organisation, so you should do it as often as required to keep staff working to the highest possible standard and feeling valued.

Host Regular Performance Reviews

Staff who aren’t motivated and striving towards achieving personal career goals will quickly become disinterested and seek opportunities elsewhere. As such, it’s of vital importance that you conduct regular performance reviews to evaluate the way your staff are working and explore personal targets that will give them something to work towards.

This list isn’t definitive, but using these techniques could help you to improve your business and make it a more pleasant place to work, which may potentially reduce your staff turnover and help you keep the talented staff you need to succeed.

Subscribe to our newsletter

If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.

• #talent
• #personnel
• #recruitment
• #human resources

Published on: 24th January 2020