Take two months to tell a recruit they've got the job, and you could tarnish your brand image. Equally, if their induction is disjointed, you risk jeopardising their tenure with your business, as research shows that a large percentage of people decide during their first week whether they will stay for the long term.
From your early interactions with a candidate to the support and training they receive in their day-to-day role, you need a documented retention strategy to ensure your employee's experience is positive and that no element slips through the gaps.
And while there isn't a single retention model that applies to all businesses, there are universal elements that should be monitored and addressed.
When developing a retention strategy for your business, consider the factors most likely to make staff want to stay.
career path clarity
Everybody wants to know they are advancing in their career. Even if your business has a flat structure, people can still be moved sideways or given opportunities to upskill.
Create career maps for every employee that are regularly reviewed.
line management effectiveness
Line management has a great deal to do with culture. Rather than micro-managing, staff are more effective when they are empowered to complete work independently, knowing that management is there to support them when needed.
Set up a solid and consistent people-management training program to ensure your line managers are helping, not hindering, your retention efforts.
According to our research, 62% of staff say they stay at a job because it offers an excellent work-life balance, compared to 42% who stay for a competitive salary. Rather than acknowledging hours devoted to work, celebrate efficient performance.
The senior management team must model this behaviour before others feel they can stop striving for the highest number of hours spent in the office.
Look into why people are working overtime and develop processes to address their efficiency.
Rated higher than salary as a reason to stay with an employer, offering flexible work arrangements proves to employees that the business cares about them on a personal level. Put official policies in place that make it simple and acceptable for parents to leave work to attend their children's school productions, for example.
Analyse the benefits (including reduced office space costs) of allowing people to work from home or elsewhere, when appropriate or necessary.
Please don't assume that it's still competitive now because you offered a staff member a competitive salary when they came on board. Conduct market analyses every year, at the very least, to ensure your people are being reimbursed at a reasonable level.
struggling to retain staff?
At Randstad, we understand the people issues managers and HR professionals face every day, which is why we’ve created The Human Resource Guide, an always-evolving online HR resource that delivers the answers to your day-to-day concerns, including best practice retention strategies. It’s like having your own personal HR advisor by your side, 24/7.
To keep reading about how to design an effective retention strategy, head to The Randstad Human Resource Guide.get in touch