Why Staff Retention Is So Important

Staff retention is so important. However, perhaps staff retention is more important now than ever before. Research shows that the UK job market hit record highs in 2021. Between August 2021 and October 2021, the number of vacancies rose to 1,172,000. 15 out of 18 sectors showed record vacancy levels.

This was great news for jobseekers. However, for employers this could be seen as bad news. With so many vacancies out there, it meant that their existing talent could leave for a better offer. It also meant that they were competing with other businesses to attract the best talent to their vacancies.

When the job market is like this, it is called a jobseeker friendly market. When we are in jobseeker friendly market, it means that staff retention is not only important, but actually vital. If you are unable to retain the talent in your business and give them reason to want to stay, they are likely to go to pastures new. They will go to an employer that offers a better package, flexible working or an improved working environment and benefits.

Staff retention isn’t just down to money. Different people are motivated by different things. As a business owner and people manager, it’s your job to know what motivates your team. What can you offer them to ensure that they want to stay working for you?

It’s important to keep an eye on current salary expectations. While money may not be the be all and end all for some employees, keeping up to date with the salaries offered elsewhere should form a part of your retention strategy.

Look at your management style and the abilities of your team leaders and supervisors. Top quality managers within your team will be a valuable investment for any business. These are the people that will influence your team, their morale, their productivity and how long they stay working for your business. Look at your managers and see how your employees work with them. You may want to consider training or support for some managers if you have any concerns.

More than ever before, flexible working is a huge deal for employees. Look at ways that you can put flexibility in working hours and locations. Being able to offer hybrid working or flexible working could really work when it comes to retention of your employees.

You will have some employees that are happy in their current role. However, there will be others that want to climb the career ladder. Make sure you are aware of the employees that are looking for growth within the business. If they can’t advance within your company, they will go somewhere where they can.

Think about your company culture too. Would you class your business as inclusive? Do your employees feel appreciated and valued, or do they feel like a number to you? No matter the salary and benefits you offer, your employees will want to feel valued and appreciated. They may even go to a lower paying job where they do feel appreciated.

If you are looking to retain or attract talent for your business, give our recruitment consultants a call. We are here to help you find the perfect candidates for your business.