If your business is seeing high employee turnover, this will not only impact team morale but also cost significant time and money as you recruit and train replacements. Retaining skilled staff is essential. These four proven strategies will boost loyalty and engagement so your employees won’t want to leave.Reward with fair pay
Pay remains one of the top reasons employees look elsewhere. Ensuring salaries are competitive and in line with inflation shows that you value your team’s efforts. While you should remain within budget, offer a pay package that reflects your industry and region, as well as any changes in inflation. With sites such as Glassdoor providing salary and compensation details, your staff will be well aware of how much they’re worth.
Transportation perks that boost loyalty
Transport costs are soaring. A business that offers help with commuting costs can really reduce their team’s daily stress levels.
Do your research and be creative in providing travel-related perks that will actually resonate with your staff. For example, if they travel on public transport, then yearly passes or an interest-free annual loan might be the way to go. Or perhaps some employees would prefer mileage reimbursement.
If your employees often travel to meet clients or do other business, investing in a company car can help your company save on taxis and other transport costs. These are also one of the most popular transportation perks with employees – helping save time and worry.
Consider purchasing vehicles close to the location of your business to save on transportation costs. For example, if you’re based in South Yorkshire, opt for used cars in Sheffield, or Cannock if you’re closer to Birmingham.
Allow flexible working arrangements
The pandemic shifted expectations. Employees in the UK not only expect flexible work arrangements, but have the right to ask for them right at the start of their employment – the government is even looking to strengthen this right. Businesses that allow remote work support work-life balance and reduce the risk of staff burnout. As a compromise, you can opt for a hybrid approach with set days that employees are required to be in the office.
Wellness perks that matter
It’s not all about pay. Employees also value thoughtful perks that will boost their wellbeing. For example, you can provide retirement planning services, subsidised health benefits such as eyeglass vouchers, or mental health support that they can access online or over the phone. Meditation and stress management apps are also extremely popular. None of these extras will cost the business a huge amount, but they will go a long way in showing that you value your staff.
Invest in your people
When employees feel supported, are fairly compensated, and are empowered with flexibility over when and where they work, they’re far more likely to stay and thrive. Start with these small changes and decisions to watch your retention levels grow.
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