Staff retention is always important – but right now, it’s vital. Don’t make the mistake of thinking your superstars will stay with you just because the job market is flat (for now).
Workers who feel let down by their employers during difficult times will leave – as soon as possible. And if it’s a whole workforce feeling let down – at a time when you really need those key staff in place to help you recover – it won’t be pretty.
With lockdown ending, many companies are already thinking about hiring, which means your staff will have opportunities to leave – so you need to give them reasons to stay.
Good employee retention means long-term thinking and long-term effort, because if you drop that ball, there are going to be long-term as well as short-term consequences. How good is your employee retention? It’s about to be tested… read on to make sure you pass.
Your people have undoubtedly been through a lot of change and stress. It’s vital to be aware of what they’re experiencing at work, so anything that might affect their mental health, engagement, or productivity can be quickly resolved.
Keep communicating regularly with team leaders and checking how teams are feeling with pulse surveys. And make sure that communication goes both ways – transparency is a big factor in employee retention too.
Pay them what they’re worth
There are many places we need to cut costs right now. Your people’s livelihood isn’t one of them. And hiring new workers at below market rate won’t work for you in the long term.
People who are underpaid usually know it. They’ll be less engaged, less productive, and more likely to jump ship to work for your competition, leaving you with the cost of hiring their replacements.
That means it’s particularly vital to pay your top performers well. You really don’t want the competition to get its hands on them.
Take care of their wellbeing
Free gym memberships and office parties aren’t useful right now. So offer something else. Webinars on change management and stress management could be a good start. Encourage people to stay active, too – how about a virtual exercise class? Or how about a virtual team-building day to boost mental health and social bonds?
Be cooperative and flexible
The ‘new normal’ means your staff may face additional pressures at home (like childcare) and work (like unpredictable delays from suppliers). Companies that are agile, support flexible working, and offer flexible deadlines will win at employee retention.
Nurture their professional development
In these times, you may have to demand a lot from your employees. If you don’t show willing to give back, they’ll feel used. While a promotion may not be on the cards, giving them opportunities to upskill will mean a lot.