Where to begin with your retention strategy

Where to begin with your retention strategy
Welcome to the Randstad Business Rewards Program! Over the next few weeks we will be posting in-depth articles and tailored industry advice on how to craft and create your very own “retention strategy”. We will include tips, tricks and how-to’s to help you improve your retention levels whatever your business size, and keep the best people by implementing simple but effective strategies.

While there isn’t one answer to the problem of retention, there are universal elements that can be monitored and addressed to establish good practice across your business. You may have already had experiences with retention (good and bad) and have your own processes in place, but what else could you be doing to keep great people in your business?   

Through this series of retention guides, we will not only help you manage and assess your HR practices but also help you to find ways to retain the best people, and as a result, accelerate your business.

Why do staff leave?

Many of the reasons why staff leave can equally be what motivates them to stay. These reasons include how your business approaches attracting new people and how you bring them on board, how you train your new people, the quality of your leadership, how you manage your business and the policies you have to help you do that, how you communicate with your employees and encourage collaboration, the career opportunities you can offer, how you reward your staff, your business culture and so on.

When the factors are so broad – ranging from their first day at the company to work-life balance – it can seem near impossible to create a strategy that encompasses it all. But we have to try!

People can make or break a business, and you need to do everything in your power to keep them happy and productive. Bringing a new employee is a huge investment, so getting it right in the long term is crucial to making sure your investment pays off. Your people are not only integral to your business functioning smoothly but they are also your brand ambassadors. They represent your company and can promote its strengths if they are happy, but equally its weaknesses if they are unhappy.

What you can do today...

Research shows that workers tend to stay in their jobs if they feel appreciated, so to begin with, you need to get agreement organisation-wide on the importance of having a retention strategy in the first place, then communicate that importance to staff.

The responsibility of keeping people lies with management, which is why the entire management team should be in support of your goal to develop a strategy focused on retention.

If you haven’t already established a consensus for retention it might be time to do so. Once you have the idea in motion you can begin to work through the common issues that influence staff to stay or go and make changes that really benefit your business, from establishing your own personalised induction processes (how you manage a new starter on their first day) to managing the expectations of new employees with a future-looking approach (highlighting how this job can benefit them going forward).

Stay tuned to this group for more tips and tricks for keeping people thriving in your business, and feel free to share your own ideas, experiences and advice on the group.
Posted: Thursday, 23 February 2017 - 8:54 AM