Do you find it easy to retain staff or do you have a high turnover? Staff loyalty isn’t something that’s easily gained, but it’s worth working at. In fact, losing key staff is a business risk that all businesses should consider.
A team of loyal staff creates stability, fosters trust and enables you to meet your business goals and aspirations; it also fosters a happier work environment. In order to retain your staff for longer, here are some tips to inspire loyalty and maximise productivity amongst your staff.
1. Offer extra benefits
As well as guaranteeing a better job performance, offering extra benefits to staff has long-term advantages. Exactly what these benefit packages are is up to you. It may be travel insurance, extra paid holidays, flexible working arrangements, health plans or retirement plans. Either way, offering more than the legally required benefits shows staff that you’re willing to go the extra mile in order to reward loyalty. Additional benefits also make job positions more attractive to A-list professionals who will work harder and care more about your company. Further ideas for benefits are flexitime and the option of telecommuting.
2. Offer training
A business that can provide training is much more attractive to staff than a competing company who doesn’t. Showing that you’re willing to invest in your staff’s professional development is a big plus for employees. Your team is much more likely to remain loyal if they feel they are progressing in the short and long-term. Not fostering that development can result in staff feeling resentful and cynical, and ultimately they will look elsewhere for employment.
3. Promote from within
Garnering a loyal team is possible if you promote from within when you can. This gives employees a clearer path of advancement. One of the biggest reasons for staff leaving a company is because they feel there’s no future there. If they can see that they’re working towards a higher position with benefits, then this is much more attractive. Enlist the help of existing managers to coach potential management staff and help them move into new positions seamlessly.
4. Offer financial rewards
Money is a big incentive in the workplace, and though you may offer lots of other benefits, it can be the main reason for retaining (or not retaining) staff. Consider offering financial rewards for those who meet performance goals or who stay for three or five years. Another option is to provide decent annual raises or set up a bonus structure for top performers.
5. Be fair
Rewarding some employees for good work and not others can lead to resentment. Unfortunately, this can start to happen if you have a lot of staff and people slip through the cracks. Consider investing in a human resources officer to manage employee benefits, set up training and streamline related tasks that treat everyone fairly. A well-run business is a big plus for your ability to retain staff.
6. Open communication
How you choose to communicate can have a big effect on staff morale. A business leader who is open and honest will inspire loyalty amongst staff and create confidence and trust.
7. Culture
Encouraging positive staff culture is also about having fun! Frequently organising staff functions, whether it be dinners, laser tag or simply Friday afternoon knock-off drinks, will cultivate a sense of community and camaraderie in the office. This can often be the difference between your staff feeling as though they belong and enjoy their work, and them choosing to leave because there is a lack of team atmosphere and a sense of alienation. So don’t be afraid to make a social committee in the office to organise outings and team building activities!
If you have questions about you business insurance or you would like to find out what your options are, get in touch with us today at Allsafe Insurance Brokers!
