Half (50%) of employees say that they would leave an organisation that did not praise or thank them enough according to a recent survey of 900 SMEs (between 10 and 49 members of staff). A further 61% would rather work for a business that had a culture where staff were praised and thanked regularly for doing good work, versus an organisation that paid 10% more, but provided no praise or thanks.
If you have a high staff turnover in your business, creating an encouraging, positive work environment and making employees feel respected, acknowledged and motivated is one way of decreasing employee turnover, and best of all, it is free!
Staff are your biggest asset
There is no doubt that the human asset is the key intangible asset for any SME and their talents can determine the pace and growth of the organisation. Therefore, you should make every effort to retain good employees. Some employee turnover is inevitable and there are many reasons why someone could leave your organisation, but some are preventable.
Improving staff retention rates
High staff turnover is costly for SMEs. It takes time and money to find and train a replacement. That’s why it’s best to reduce your turnover as much as possible. Here are a few ideas to help you to minimise employees leaving your business:
- Offer competitive pay
- Implement perks and incentives (use solutions like Perk Box)
- Facilitate a healthy, positive work environment
- Give encouragement and recognition (look at incentives that really motivate your team)
- Offer training and development (in line with their learning objectives and personal goals)
- Encourage a flexible working culture (focus on efficiency of the job being done, and not so much about clocking in and out)
- Get to know your employees, and get them to know each other
- Ensure the workload is fair
- Make work fun and a place they enjoy coming to
- Hire the right employees in the first place (constantly review roles as they become available and clearly identify who and what skills you need to fill that role)
Understand the ‘why’ to succeed
Monitoring your employee turnover is important to understand why employees are leaving. Armed with this knowledge, you’ll be in a better position to implement retention strategies and reap the economic and cultural benefits of a loyal and happy team.
What strategies does your business use to keep employees motivated to stay?