The importance of Employee Retention
You want to keep your employees satisfied. Hiring is expensive and training time-consuming. The best companies hold on to their staff and businesses can’t afford to not care about their employees’ happiness.
There are several factors that affect whether an employee is happy and engaged at work. While some may seem obvious, many employers underestimate the importance of investing in their employees’ individual wellbeing and satisfaction as a strategy to deter them from looking elsewhere. In fact, some employers don’t even begin to consider all the variables that may impact employee retention.
How does Business Culture affect Employee Retention?
With the growing demand for employee retention programmes in businesses, every employer aspires to motivate their staff and keep them in the loop. Company culture is “the way we do things around here.” Every company has a set of values, rules, attitudes, and even unwritten routines that make up its unique culture. Yours will dictate the way your employees handle problems, interact with each other, and conduct themselves on a day-to-day basis. That’s why, from a management perspective, it’s important to set your culture’s tone early on.
One thing is for sure: workplace culture impacts employee retention.
Studies conducted by Jobvite show that at least one-third of job seekers would pass up the perfect job if the corporate culture was a bad fit, and in one survey, 72% of workers said that corporate culture was a major factor influencing their decision to work at a given company. Even more staggering, on a Jobvite survey of jobseekers who had left a job within the first 90 days, 32% listed company culture as the reason.
What’s an example of good company culture?
Having a clear set of values is a big part of your company culture. It’s your “mission” in the world, and outlines the legacy you will leave behind.
Good workplace culture involves effort and engagement. Just like bad workplace culture overemphasises punishment, good workplace culture places emphasis on rewards and recognition. Employees who strive to innovate or go the extra mile, whilst taking on the workload of other employees, should feel appreciated in the form of promotions, special recognition or bonuses. Nothing starts to stagnate a company’s culture faster than under-appreciation.
How does training affect employee retention?
When it comes to training, simply offering opportunities and investing in the development of your staff puts you ahead of the game. If you become the exception to the rule, and provide opportunities for growth and development, you can ensure that you keep employees on side and envisioning a future with your company.
Another point to mention before even offering training to new employees, is that if you aren’t upfront about your precise expectations or the responsibilities that fall within a role, there’s a high chance employees will be reluctant to stick around. By being honest, you can ensure that all applicants are 100% clear on expectations from day one, making it more likely that they’ll remain with your company.
For existing employees, it is equally important for them to continue getting the education that they need so that they can also develop within their roles. Employees and teams are only retained if they are upskilling their skillset and adapting to the changing dynamics.
Existing employees can gain a sense of achievement when they are selected for training sessions, workshops, webinars and courses. Learning initiatives can help employees boost their self-confidence. Engaging and career-oriented initiatives help employers retain their determined and persistent employees.
Over the years we have seen how investing in an employee’s future pays huge dividends. So, if you would like to explore how our training packages could help you make your team feel valued, please give us a call on +441793 513321 or email us on [email protected].