Maximising employee retention rates

Maximising employee retention rates

There are many secrets to success when running a business; one of which is maximising employee retention rates.

Retaining staff is extremely important for a number of reasons when it comes to running a business. When you retain your staff, you save money in advertising job openings, in training new employees, in paying leaving employees out and in avoiding the chances of loss of profit due to client dissatisfaction with an experienced employee leaving.

There are a number of strategies you can adopt in order to retain your staff, including:

Positive challenges

If a position is too challenging, or is not challenging enough, individuals are likely to experience low rates of job satisfaction. By providing your employees with a career that is challenging and provides them opportunities to develop their skills in problem solving, lateral thinking and teamwork in a safe environment, they are likely to not only grow as an employee but to enjoy their work.

Rewards and incentives

Offering employees rewards and incentives for the commitment they give to your business is a great way to foster a positive relationship between them and their employment, meaning they are more likely to stay with the business for a prolonged time frame. Different rewards and incentives you can offer may include:

  • Pay rises
  • RDO
  • Team outings
  • Monthly bonuses

Work ethos

The ethos of the environment in which your employees work in every day is extremely important when it comes to retaining staff. Individuals who work in a healthy work atmosphere are more likely to have positive work experiences. In order to provide an atmosphere like this, consider the following:

  • Open working spaces
  • Living plants
  • Artwork or other interesting eye points
  • Strong team
  • Team bonding activities
  • Structured introduction process for new employees
  • Clear guidelines and expectations articulated

If you believe the matters discussed above are relevant to your business, please contact Darren Smith of our office to discuss further.

Darren is a Chartered Accountant with extensive experience, including working in the big 4 and medium sized firms before becoming a partner of a city based firm in 2000.

He has gained much experience and has extensive knowledge in providing business and taxation advice, superannuation planning, negotiation of sales and acquisitions of businesses and property development. His client base covers a wide range of industry groups.

Darren works with business owners to grow their businesses and create personal wealth within and outside of their business.

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