10 Top Tips to Retain Talent in the Long-Term | Marino Sussich
As the Australian Bureau of Statistics explains, 1.3 million Australians (9.5% of employed people) changed jobs during the year ending February 2022, while 2.1 million people left or lost a job.
One of the biggest challenges for any business is attracting and retaining valuable team members that are good workers and a great fit for the company culture. People are unpredictable, and have the power to change jobs, or careers, whenever they please.
Marino Sussich has mastered many fields over the years in the industry, and has become well-known for his knowledge across regional and international business management. To overcome this challenge and gain some power over who continues to offer invaluable services to your business, see these 11 tips.
1. Cultivate a strong workplace culture
To ensure your employees want to remain a part of your business, it is important to maintain an appealing company culture. Encourage opportunities for colleagues to get to know each other and have fun together, as a social workplace will often retain employees longer.
You should establish a mission for your business, and ensure this is clearly communicated so that all team members feel as though they are working towards something together. Establish strong workplace values and enforce them.
2. Welcome diversity
It is important to make sure all team members feel safe and welcome, especially members of the BIPOC and LGBTQIA+ communities. Include people of all races, genders, sexual orientations and backgrounds and make it clear that this is a safe and inclusive space.
Work to create a community in which people feel comfortable speaking up if something has happened to make them feel unsafe, and implement strict rules around disrespectful behaviour.
3. Treat employees with respect
There are countless stereotypes associated with people in positions of authority treating those in lower positions poorly, assuming that they can get away with it. In reality, failing to treat employees with respect will lead to a fast turnover and difficulty making new hires.
Make it clear to team members that they are valued and appreciated, and lead with encouragement and empathy. Though it can be easy for stress to affect you in your role, it is important to avoid taking this stress out on your employees.
4. Offer opportunities for growth
People will not want to stay at companies where they are stuck in the same role and with the same set of skills for eternity. For long-term employees, it is important that they are able to grow their skills and begin moving up in the company, or they will begin to look elsewhere for these new opportunities.
5. Offer competitive salaries
If it is clear to someone that they could be receiving much more for the same work, there will not be much incentive for them to join your company or stay. It is often worth spending a bit more on wages to ensure you can retain employees, as much more time, money and energy could end up being spent on constant rehiring or struggling to hire talented workers.
6. Provide flexibility
Offering flexibility in terms of work hours and even work location, for example, allowing employees to work from home, has been found to increase retention as well as productivity as a whole. If team members are allowed to alter their hours, this leads to lower rates of burnout as opposed to more hours worked to a lower quality.
7. Promote work-life balance
Feeling as though work is taking up too much of their life is a common reason for people to change jobs. It is important to encourage employees to log off on the dot at the end of the work day, and discourage email or message answering out of hours.
8. Appreciate and recognise employee performance
In line with communicating business goals, it is important to recognise those employees who work hard to contribute to these goals. Not only will this assist with retention, but this will also increase productivity and motivation.
9. Promote mental wellbeing
This is especially important if there is anything specific to the work that is carried out in your organisation that may take a mental toll on employees. Show that you care about the wellbeing of team members and offer workshops or advice that help to improve their wellness.
10. Conduct exit interviews
When an employee leaves or is let go, it can be extremely beneficial to conduct an interview and understand their specific reasons for leaving and any suggestions for improvement of the business or culture that will help to retain employees.
Business strategy consulting excellence with Marino Sussich
Marino Robert Sussich is an expert business consultant who has founded multiple international businesses, and is eager to share his expertise. If you are looking to achieve success, contact Marino today.
