Home HR for SMEs How to retain talent – five tips to help keep your best...
The costs of replacing staff can spiral out of control, so how do you keep good people around?
It’s been another turbulent few weeks for the White House staff. The latest communications director lasted merely 10 days, Trump’s chief of staff 189 days, his press secretary 182 days, and his national security adviser only 24 days.
Staff turnover is always a hot topic. It’s important to be aware of how a high amount can damage your business. They also say that ‘prevention is better than cure’, so it’s essential to know how to avoid your top talent handing in their notice.
Replacing employees is expensive
The costs of replacing staff can spiral out of control, with junior workers costing up to three months’ salary in recruiting and training a replacement.
Middle managers in the corporate world can cost a whole year’s salary – and senior managers can cost up to three times their salary.
So, how do you keep good people around?
Tips to retain talent
1. Staff need to know what is expected of them – When people know what they’ve got to do and how to do it, more often than not, it’s plain sailing. But problems arise when goals are unclear or intangible – or impossible! This can make employees feel they’re unsuccessful and have no security.
2. Employees can contribute ideas to the business – To some people, feeling like they’re having an impact on the business can mean a great deal. It might be worth creating a process where employees can suggest ideas and give feedback in a way they feel validated and appreciated.
3. Let staff use their talents and skills in the workplace – Motivated employees want to contribute to areas outside their job description. Most people have other skills than just their job. For instance, finance staff might be great proof-readers or have marketing experience. Tapping into these existing skills can really boost a business and save on hiring external consultants.
4. The best employees will want to grow – There’s a common saying, ‘What happens if we train them and they leave?’. The best response to this is, ‘What happens if we don’t [train them] and they stay?’ Motivated staff will want to take advantage of training opportunities and step up with new skills. This might mean upskilling junior workers who then will become more senior with advanced knowledge in an area.
5. People need to be rewarded, recognised and appreciated – Everyone likes to be thanked differently. Some like the boss to make a fuss in front of the team, whilst others prefer a quiet ‘Good job on that project’ in a review. And some still prefer a cold hard cash voucher or a pint to feel appreciated. But most importantly, treat people consistently and fairly without favourites.
How The HR Dept can help you
Keeping talented staff at the core of your business can mean the difference between success or failure. Therefore, if you need advice or guidance on how to keep your staff turnover to the minimum, contact The HR Dept today. Call 0131 297 7545 or click on the banner below to find out more.