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Client News & Insights

26/08/2022

In today’s world, employers no longer hold all the cards. The majority of employees no longer feel obligated to work for companies that do not meet their needs. You must understand employee retention if you want to retain top performers.

In simpler words, employee retention is the effort a company makes to keep their employees working for them long term. To stay in business for a long time, you should also understand and manage your company’s employee turnover rate.

Do you know your employee retention rate?

Calculating the employee retention rate is simple.

  • Choose a period of time you wish to measure
  • Divide the number of employees who stayed during the given period by the number of employees on the first day of the given period.
  • Multiply it by 100

Here are 4 tips for better employee retention:

Hire people that match your culture

People can develop new skills but they won’t develop a better set of values. Choose people that share the same values as the company and can become a part of the team faster. Usually, you will get a feel for their personality in the interview and that can help you compare their skills with their personal values and career goals.

Reward effort rather than results

it’s time to recognise and reward hard work rather than just appreciating results. Things don’t always go as planned and in recruitment, a lot can change very quickly so we know to celebrate small successes.

Offer benefits that people need

Most candidates tell us how important work-life balance is for them and how a generous benefits package can contribute to their career move. Financial well-being, benefits for parents, cycling schemes, volunteering, sports and wellness, flexible hours, or great pension schemes – all these can form a generous benefits package alongside the correct salary for the employee’s job title and experience.

Focus on team building

Team building can improve employee engagement, collaboration, productivity, and company culture. Don’t view your employees as replaceable; rather, learn more about their personalities, quirks, and interests. This demonstrates that you care about them as people, not just workers.