Nov 3, 2016
If you employ staff, then I would imagine you have asked yourself that question on more than one occasion – why do staff leave?
There are many reasons why staff leave their employment but they are repeated time and time again. They may be out of your control, for example people move areas, change profession or want to improve their career prospects. However, there are things that you can change that will improve your chances of keeping those valuable staff who keep your business running.
It costs more money to look for new staff than it does to retain an existing workforce. So what can you do to keep your staff happy? Happy staff will be more motivated, be more stable, less likely to take sick days, will be more productive and will help the business grow. Not all businesses are the same and there is no one size fits all solution. Lets look at a few ideas that will benefit your staff:
Salaries – the market rate is one thing but keeping staff happy with their pay can be hard. Do you offer inflation rate increases each year? Do you have sales staff on commission? Do you give a bonus for reaching set targets? Do you give a car allowance? The list can go on but it has to be right for your business and is by no means an easy task to get right. But you must understand this area before employing anyone otherwise you may fall into the trap of giving someone a lot at inception then as the business grows, you will not be able to take away or lower the level of beneifts for example sales commission rates.
Pensions – the government has introduced pensions for all. There are of course various loopholes and not everyone may be entitled to a pension under Auto Enrolment. Even if they are, maybe you as an employer could pay more in. If they are not entitled to one, perhaps you could set one up for them.
Private Health Insurance – looking after your staff is key. Paying them the big bucks dos not always mean they will be happy. It’s the little things that they would not have if it was left up to them. Private health insurance is one of those things. It could be just for the individual, or could be for their family as a whole. There are choices.
Company Car – this is a very complex area and not to be taken lightly. Usually only for sales guys on the road but great for management. It could also be a good PR tool, as you could only use electric cars, so helping the environment. Would that help with your CSR?
Environment – the place where people work has a huge influence on people. After all, they spend more time there than at home. Don’t expect people to work long hours. Make sure you have the right policies and proceedures in place. Keep the office bright and colourful, comfortable and safe – supply staff with refreshments.
I have just looked at a few examples at how you can reward your staff for working in your business. The list goes on. But, get it right and you will retain your staff for longer and have a more productive workforce who will help you get where you want to go.
usefulcontact.co.uk is an online B2B directory of trusted business support services that I personally recommend and can connect you with the right people to help you implement the above benefits and include:
Rory Foliwell – WAP – Private Healthcare Insurance
Monica Beckels – Inside Advantage – People and Performance HR policies etc
Connect with them through usefulcontact.co.uk to be guaranteed great service that is right for your business!