Why employee retention is important for your business

female with glasses reviewing HR polices for employee retention

Why employee retention is important for your business

With many businesses focussing on reducing their workforce, employee retention may not be a business owner’s priority. However, having a high staff turnover will impact your cash-flow, so retaining your talented, skilled workforce is key to your business’s recovery.

So, what employee retention strategies should you put in place?

Appreciate your employees

Perhaps a simple thing to point out, but staff who do not feel valued are likely to look for other opportunities. Do you appreciate the hard work and input your staff place into your business?

Recognise their efforts and tell your team that they are appreciated.  A simple “thank you” can go a long way.

Investing in your employee’s personal development

By taking the time to understand and respect your employee’s personal goals and ambitions, you will build a better relationship with your staff and deliver a happier workplace environment.

Consider investing in the development of your staff and provide them with relevant learning or training opportunities. By investing in your employees, you not only gain a more skilled workforce, but they are also likely to invest in you and your business goals in return.

Support your employee’s mental health and well-being

The pandemic has created an increased awareness of our mental health and well-being.

Now is the time for you and your managers to focus on the mental health of your staff. Also, consider ways you can create a healthier work environment for your office-based and remote-working teams.  Our podcast episode on remote working looks at the benefits of good lighting and the positivity of plants in the workplace, which can all contribute to enhanced levels of staff health and happiness.

Another suggestion is for creating a “wellness calendar” for the year.  Inspire your workforce to adopt a balanced lifestyle with inspirational tips and resources that help employees prioritise sleep, physical activity and nutrition.

For your remote-working teams, annual home-working assessments should form part of your standard HR practices. You must maintain up-to-date records, especially if you are audited by an HSE representative.

Don’t forget about your benefits packages.

Reassess your current employee benefits package. Are they right for your business and your staff?

Prepare to evolve the benefits from the ‘traditional’ offers to more creative ones.

For example, a private health plan to organising team sporting activities after work (such as football or netball), or a lunch-time yoga club.

Remember, what is considered necessary to a ‘baby boomer’ will be different from the ‘millennial/Gen Y’ employees.

Are you looking to introduce a new benefits package? Some employee benefits are taxable, such as money given as a long-service gift and private medical insurance. Speak with an employment tax specialist for further guidance.

Are you engaging with your employees?

Business owners need to be at the heart of this. Good communication and sharing company goals and values with your staff will help everyone follow the same vision.  We can work with you to ensure that your values run through your entire employee lifecycle.

By keeping your current staff engaged, you will avoid high recruitment costs and retain valuable skills.

Many clients benefit from our on-going consultative approach. If you are looking to review your people processes and improve your employee retention, speak to Bal Dhesi.

Bal can help you retain a healthy and happy workforce. Give her a call on 020 7724 6060 or email to arrange a chat today.

Bal Dhesi
HR Manager at Wilder Coe
Bal recognises that effective people management is key to any successful organisation. With a number of years’ experience gained in the field of HR, Bal provides a bespoke and tailored service to her clients whilst delivering practical yet simple people orientated solutions.