Improve staff retention with these innovative techniques
Did you know that over 50% of employees are thinking about switching jobs this year?
That is what Henley Business School have discovered, and it is a number that should not be taken lightly. It seems like the trend of the 'Great Resignation' isn’t going anywhere anytime soon. It is clear that companies need to do something to keep their employees from jumping ship.
Sure, a good salary and benefits are important when it comes to attracting new talent, but if you want to keep your existing employees happy and loyal, you need to offer something more.
That's where innovative employee perks at work come into play. These little extras can make a big difference when it comes to retaining staff.
Why is staff retention important?
Keeping your employees for the long haul is crucial to the success of any business. Did you know that each employee who leaves costs your business more than £30,000?
It's not just about the financial impact, though. When employees leave, it disrupts workflows and results in a loss of valuable knowledge that is hard to measure.
Plus, finding, hiring and training a new member of staff to replace the person who has left takes time, money and effort.
It can be much more cost-effective to invest in retaining the great staff you have.
How can you improve staff retention?
For businesses to tackle these challenges head-on, they need to adopt a comprehensive approach to employee retention.
This means recognising and addressing the root causes of disengagement. Some of the top quoted reasons for leaving a role include:
- Poor work-life balance
- Lack of development opportunities
- A perceived lack of care from their employer
- A perceived lack of appreciation from their employer
- A lack of opportunity for progression
A careful selection collection of employee benefits can help you easily tackle most of these issues. Here we outline the strategies and solutions that will help you build that loyalty you need and ultimately add value to your business.
1. Flexible work arrangements
One of the most sought-after perks for employees is the flexibility to balance work and personal commitments.
Offering flexible work arrangements, such as remote work options or flexible hours, can greatly improve staff retention.
Employees appreciate the autonomy and work-life balance that flexible arrangements provide, leading to increased job satisfaction and loyalty.
2. Professional development opportunities
Investing in the growth and development of your employees is a win-win strategy.
By providing opportunities for training, workshops, or further education, you demonstrate your commitment to their career advancement.
If you need help figuring out where to start, think about offering a Learning and Development platform as a flexible, comprehensive solution. Employees can choose from a range of courses based on their professional and personal interests.
Interested? Learn more
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3. Retail discount scheme
Implementing a retail discount scheme is an innovative employee perk that offers various benefits. This scheme provides employees with exclusive discounts and offers at a wide range of retailers, both online and offline.
By partnering with retail discount providers, small businesses can give their employees savings on everyday purchases, including groceries, clothing, electronics, and more.
By providing retail discounts, you are helping your employees’ budgets stretch further, easing financial strain and providing additional financial support. You are making life easier for them. This creates a sense of appreciation and loyalty within the organisation.
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4. Wellness programmes
Promoting employee wellbeing through wellness programmes is a valuable perk that can significantly impact staff retention.
With a huge range of benefits available on the market, figuring out the right ones to choose can feel overwhelming. You must select the benefits that will suit the needs of your workforce.
Interested? Take a look at our tailored wellness solution.
5. Employee recognition and rewards
Recognising and rewarding employees for their hard work and achievements is an effective way to improve staff retention.
Implementing an employee recognition programme that acknowledges and appreciates the contributions of individuals or teams can boost morale and job satisfaction.
6. Financial Protection
The provision of benefits such as life cover or income replacement for when long-term ill health strikes can play an important role in demonstrating to employees that an employer cares about their wellbeing.
Not only does this bring peace of mind but it builds trust and loyalty.
Likewise, everyday health benefits provided through cash plans can play an important role in keeping employees fit and healthy at a time when the NHS is so overstretched.
Staff retention is crucial for the long-term success of your business
Improving staff retention is a vital goal for small businesses seeking to build a strong and dedicated team.
By offering innovative employee perks at work, such as flexible work arrangements, professional development opportunities, retail discount schemes, rewards and wellness programmes, small businesses can create a positive and engaging work environment.
The ripple effect of these gestures extends beyond monetary value. By investing in employee perks for small businesses, employers can create a positive work environment and attract top talent to drive business growth.
