What keeps employees around?

Long service employees are becoming a rare and precious asset to organisations these days, and the proof is right there in the data. Older adults nearing retirement have worked in seven different roles on average, however with the average 25-34 year old already sitting at six roles, the days of having a job for life are well behind us.

There are a range of factors for this, including searching for higher salaries, better benefits, incompatible work culture, relocation, and the rise of online job applications making it easier than ever to find new employment. Something that may become the final straw is a lack of appreciation for loyalty;many companies do not offer incentives for recognition of years of service. While some of these factors are hard to change overnight, there are some changes in the short term that can boost employee retention for the long run.

Why are long service employees a plus?

Having long-term employees is good for many reasons, and while it is of course more cost-effective to retain employees than it is to keep re-hiring, there are other bonuses that are not monetary.

Long service employees have the time and experience to understand their role inside and out, as well as developing effective methods and tools, so loyal employees can get the job done to a high level. The culture and values of the organisation should also be second nature to loyal employees, making them excellent ambassadors to the public, and potential new hires alike.

How to have employees stay for longer

There is no cheat sheet or easy fix that will guarantee your employees choose to stay at your organisation for years, but you can improve your chances and prioritise staff satisfaction. If you want to prevent job hopping, and increase company loyalty, try focusing on these suggestions.

Ensure that you are delivering regular performance reviews, as they are an opportunity to give feedback, clarify goals, and also give the employee the platform to express their thoughts. This could act as a chance to discuss future opportunities and career progression, making sure your people feel seen and uplifted.

On this subject, providing opportunities for growth and progression is key to preventing employees from seeking roles elsewhere. If your people feel that there is no room for learning, increasing salary, and gaining experience, what is to keep them from moving to an employer that does encourage this growth? By making career progression and development a priority, your employees know you care about their futures. One way of providing this is with learning and development opportunities, which you can get through employee benefits platforms.

Another effective way to encourage loyalty is through a Reward & Recognition programme. By consistently reinforcing that employees are valued and appreciated for their hard work, and demonstrating this through useful perks, you can boost both morale and your Employer Value Proposition. The key to a successful Reward scheme is ensuring that the perks are useful, relevant, and accessible, while also being suited to all of your employees.

Sometimes just feeling heard can make a big difference to staff attitudes to their employers.This is why valuing individual employee input is important. Showing that feedback is both heard and appreciated, while keeping your people in the loop with company decisions is a genuine way to motivate employees.

If you want to encourage employees to stay around, get in touch to learn more about our Reward and Recognition offerings with a free demo.