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Staff turnover is a negative experience for everyone involved and hiring someone new is also an expensive outlay. Costing an average of £30,614 to hire each new employee, it’s an expense you don’t want to be shelling out all the time. And then, of course, there’s the wound your business feels when a valued member of the team moves on.
Staff retention may be a business buzzword, but it’s an important one. In the UK, the average interview period lasts 27.5 days – an investment of precious time spent screening and then selecting the right candidate for the job. This is why, when you find a great person, it’s so important to hold on to them – and here are our five ways to do it.
Keep developing them
This one comes up time and time again, but with 87% of millennials naming career progression as a key factor for staying with a company, it’s more important than ever to offer professional development. Keep working closely with each team member to shape their role based on their own career goals (and remember that these will change over time). Upskilling your team also provides obvious benefits for your business so investing in training is always a good idea.
Get everyone involved
Giving employees the chance to weigh in on important work and decisions is empowering and can make them feel like an important cog in the wheel. Give team members projects to own, ask their opinions and show you’ve taken feedback on board. 77% of businesses feel the effects of burned-out staff, and sharing decision making is also a way of alleviating pressure on individuals. However, it’s equally important not to over delegate and lose sight of what your team is actually working on, so always aim to master this balance.
Spruce up your environment
Nearly half of the respondents in this study flagged great workspace design as a key motivator for staying with their company. Take a look at your own space. Is it inspiring, secure and comfortable? Are you providing a space that meets the needs of the modern workforce? If not then it could be time to enlist the workspace experts like Fora to give you a helping hand.
Provide a couple of added extras
Naturally, we all enjoy a few perks and they needn’t cost a lot for your business to offer. Things like great coffee and free snacks can all make a difference. It’s also important to promote workplace wellbeing and give your employees space to reset and unwind. If you’re a Fora Resident, this is all part of the package – your kitchen will always be fully stocked and your team get access to yoga and fitness classes, as well as discounted membership at wellbeing hotspot 3Tribes Borough.
53% of people list a flexible work environment as the most compelling benefit a company can offer. Being able to fit work around family, exercise and socialising makes a tangible difference to people’s relationship with work. Try to offer flexible hours and the option to work remotely, but always keep it fair across your team to avoid any disgruntlement. There’s no time like the present to draw up your employee retention strategy and while you’re working on it, why not come and take a look around our workspaces. Book a tour via the tab to the left and our team will be happy to explain how choosing a Fora workspace will support in keeping your employees inspired, motivated and engaged.