Team Retention in 2020

Maximising team retention is a key element of most companies focus and it is essential to get this right, particularly in the current climate. Because companies growth curves and plans for the future are up in the air, holding on to your best and most talented people is more important than ever. That’s why we’ve put together some tips & techniques that you can start considering and implementing now to ensure that happens. In this blog summary of the main article which can be found here, we compile a guide for clients and candidates on creating a workplace with a high retention rate and identifying a company that has one.

There are benefits to maximising retention, starting with the commercial upside around hiring and bedding in as well as the efficiencies and cost savings obtained over time. The knock-on benefits of securing long-term employees is high morale and that leads to a stronger employer brand thus employing a better quality of future employee. A happy and productive workplace means that their output will be better, and clients and their customers will feel the benefit too.

Your business will be in a strong place if it becomes known as a company that has a high retention rate. Get to know the type of people who you are after and hire the ones that will really stick through profiling etc. With culture being so important in the business, and something in great fluctuation at the moment, this needs to be identified and developed. You’ll need to get this across to candidates in an interview as well as working out how they’ll fit in and add value. The last person you want joining is a job hopper and unfortunately the high unemployment forecasted because of COVID-19 will create more of these as candidates take the first opportunity that comes along.

Successful organisations will have clear and defined career advancement path that give clarity and make employees feel valued. This should be in place from day one and regular reviews that aren’t missed should be in place. This will show that you are serious about their future within the business. Good education and training will repay you and the company with increased work rates and higher retention, but don’t do this badly, get personal development and training plans laid down and stick to them to reap the benefits!

Other huge areas of concern that we hear from candidates are bad communications from management, poorly offered benefits and incentives that come and go, having your whole management team on board and pushing in the same direction and having a brand (with culture) that your employees are proud to work for! If some or all of these are in place in your business, then it might be time for a review!

When losing staff its vital that time is taken to identify the reasons for their departure and what the right replacement might look like. It’s important to look at the external reasons and the internal ones from your workplace too, make sure you get ax Exit interview done from someone that the employee will be honest with! Remember, the replacement could be permanent or contract (whilst you get it completely right!) but just ensure the process of recruiting is right and there’s no sense of knee jerk to urgently replace that employee at all cost.

The full article on ‘Increasing employee retention: Techniques & best practices’ which was written by Blake Thompson, can be found here. Let us know your thoughts and whether we can help you by talking about issues you may be having in your business.

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