Employee loyalty is worth its weight in gold. Not only will a trusted workforce keep morale high in the workplace, but it will also help keep costs down.
The CIPD has estimated that the average cost of hiring a new staff member to fill a vacancy, including cost of labour, is around £6,000. So retaining staff is key to a successful business – but it’s not always easy. In a recent study 31% of those asked admitted to quitting their job within the first six months. So how can companies keep high employee satisfaction and a fulfilled and strong workplace?
Hard work pays off
Sometimes the best option is the most obvious. Long service awards show your employees that their dedication to the company has not gone unnoticed. 57% of people report benefits and perks were one of their top considerations before accepting a job. Adding a monetary reward to this incentivises employees to stick with their company, and gives your staff a goal to work towards.
People enjoy feeling respected by their employer, and if staff have positive things to say about their long service with a company, this helps create a strong business presence, and promotes a feeling of security for colleagues.
Education, Education, Education
Invest in your employees – they can be your most valuable business asset. Encouraging your staff to grow and increase their potential within a business will not only give your employees a sense of achievement and the ability to move up within the business, but by giving your employees the opportunity to improve or learn skills, you are giving your company people who know the business inside-out, who will present fresh ideas, with the knowledge of years of experience with your company. Giving people the opportunity for career progression will help stop employees looking elsewhere for opportunities.
Providing your teams with mental health support will ensure your staff is protected and able to access the crucial care they need, when they need it. Offering services such as health insurance, wellness bundles or an Employee Assistance Programme will help minimise staff turnover by supporting your staff to be able to thrive in their personal and work life, and emphasise the value of themselves as an individual in your company.
According to a recent study, 55% of UK employees have experienced severe anxiety due to work in the past year. So protecting your employees mental health is imperative to maintain a positive relationship between employee and employer; and promote loyalty to a company that puts their staff’s well being at the forefront.
Fostering a motivated and inspired workforce will help drive employee loyalty, and attract like minded individuals when hiring new staff. Employers who are consistently setting a high standard for their employees to do their best work will find that more of their staff will be willing to put in the time and effort to improve the business as a whole, as they will feel proud of the company they work for, insuring success for themselves, and your company.
See how boosting your employee benefits can help with staff retention, and speak to a friendly advisor.