Holding onto your team members is key to your organisation’s success, and losing valuable employees can be costly and disruptive to your business.
A study conducted in February revealed it takes an organisation 40 days to source and hire a new employee, costing roughly 25% of that employee’s salary. With employee turnover rates expected to hit 40% in 2023, the time and cost consumed by replacing employees can significantly impact your potential growth and success and certainly have a big impact on your profitability.
That’s why improving your talent retention strategy is vital to keeping your top performers engaged and motivated, ultimately leading to savings in recruitment costs.
Offer Competitive Compensation And Benefits
Offering competitive compensation and benefits will allow your employees to feel valued for their contribution to the business, with research finding that a competitive compensation package boosts job satisfaction to over 84%. By conducting regular salary reviews, you can improve your talent retention by ensuring your best performers won’t find a better deal elsewhere.
On top of salary, offering comprehensive benefits are great for team retention and can be a significant factor in keeping your employees with the business. These benefits can include:
- Health insurance
- Mental health support
- Additional paid time off
- High street discounts
- Financial wellbeing support and tools
- Employee Engagement
Provide Opportunities For Growth And Development
Employees want to feel that they are growing and developing in their careers, so providing opportunities for growth and development can effectively boost team retention. Think of offering things such as:
- Training programs and mentorship opportunities
- Career advancement schemes
- Clear job descriptions with outlined responsibilities and Key Performance Indicators
- Investing in your employees’ growth and development shows them that you value their potential and are committed to helping them achieve their career goals. This can increase job satisfaction and loyalty, improving talent retention rates.
Promote Work-Life Balance
Poor team management and burnout are cited as major reasons why one in four people resign from their jobs, according to the ONS.
To demonstrate that you value your staff as individuals and support their personal and professional aspirations, consider offering:
- Wellness programs
- Time off for personal needs
- Mental health days
- Flexible working models
Continuously Evaluate And Improve Your Team Retention Strategy
As a business owner or team manager in today’s recruitment landscape, ensuring that your team is content and engaged is vital. Regularly reviewing your talent retention strategy allows you to identify areas for improvement and ensure that you consistently meet your employees’ needs.
You can make it even easier for your employees to access benefits that boost team retention by providing an easy-to-use app. At LCM Labour, our Engage employee benefits app is delivered as standard.
