How to retain staff? It’s not as easy as finding them! Key employees are the lifeblood of any business. Staff can leave for a variety of reasons, from changing personal circumstances to changes in the management, operations or job role. They can even leave because rival firms are in a constant battle to poach the best performers. So how do you retain the best employees in your firm? Here are a few tips to keep your staff happy and on board.
The first thing to do is understand your turnover rate. Usually, companies have an average retention rate of 85%. High staff turnover can be costly for a business. It can cost anywhere from six to nine months of salary to train a replacement, not to mention the extra work it requires in hiring. So if you want to retain your best employees, you must first identify the reasons why staff leave. Keep in mind that many factors contribute to this high rate of staff turnover, including poor management and lack of leadership. For those employees who feel they might have a Constructive Dismissal Claim, go to https://www.employmentlawfriend.co.uk/constructive-dismissal
Hiring new employees is costly, but a good team can help ensure your business’s success. Losing a key employee can affect the morale of your team and decrease productivity. This is why it’s so crucial to keep your best employees. If you lose your best employees, the entire team will suffer. Not only does the loss of key employees result in a negative impact on your business’s morale, but it also means starting a new hiring process, paying for training and investing more money.