Retaining employees

Retaining employees

Retaining employees is important when building and maintaining a successful business.

Creating a business with high employee retention rates will save you money in hiring and training costs and will help in achieving your business goals because you can have faith that your employees are loyal to you and want to see the business thrive. Consider the following employee retention tips:

Get to know your employees
Build a relationship with your employees that, while still professional, goes beyond the typical employer/employee relationship. This kind of relationship should involve, for example, knowing your employees’ career aspirations. That way, you can tailor employment opportunities to provide avenues for them to grow professionally while keeping them working for you.

Make your mission known
Employees that value the business’ mission and work with the mission in mind each day are likely to take pride in their work because they feel they are contributing to a vision and doing something valuable. This can boost morale and help retain employees.

Provide continued education
Keeping employees satisfied is an influencing factor for retention. Recognising employees’ worth and providing opportunities for them to develop their formal skills and education can make a big difference as to whether an employee stays in the business or chooses to leave.

Rewarding employees is a very easy thing to do. Acknowledge their hard work and reward them; a small bonus, an employee of the month award, a voucher for lunch somewhere. These small actions can really help create a positive mindset within your employees, encouraging them to stay in the business.


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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