Employee Retention
Scroll to the end of the page for tips on improving employee retantion
Attracting and Retaining Your Talent
Attracting top talent is key to the success of any business. There is always a shortage of skilled candidates, particularly for niche roles and there may be a lot of competition to entice candidates to move, not least from the candidate’s current employer.
Benefits
To be an employer of choice you will need to consider offering some kind of benefits scheme. The following could be considered:
- Medical Insurance: Access to private healthcare for the individual often is one of the most common benefits offered by employers and one of the most valued by employees.
- Flexible working: This can include flexi-time, working from home, job share or part-time working to help employees to maintain a work/life balance. More important than ever in these extraordinary times.
- Annual leave: The statutory minimum for annual leave in the UK is 28 days including Bank Holidays, but many employers offer in excess of this. Some companies also offer the opportunity for employees to accrue extra holidays through long service.
- Stakeholder pension: It is compulsory for all employers to offer their employees access to a pension scheme and to make contributions on their behalf. Many employers offer employer contributions to pension schemes above the statutory minimum – a welcome benefit as the state pension age rises…
- Transport: A season ticket loan for the price of an annual train ticket may be valued by employees commuting by public transport.
- Gym membership: A healthy workforce is a productive workforce. Some employers offer gym membership so that employees can exercise before or after work, or even during their lunch hour.
- Childcare: Some employers offer
an on-site creche or flexible working options for parents. - Social Activities: Many employees like to socialise with colleagues outside work and this also has the benefit of enhancing effective teamworking at work. This doesn’t necessarily mean going to the pub every night! Corporate social activities could be bowling or trips to the theatre or to sporting events; for larger organisations, it could include participating in team sports, or any other event which fosters communicating with colleagues.
- Corporate Social Responsibility: Employees are increasingly attracted to companies which demonstrate ethical values, or which have a CSR Programme. This could mean donating to a charity, offering your employees opportunities to help within the local community, or paid days off for doing work for a charity of the employee’s choice.
- Learning and Development Opportunities: For most employees, the opportunity to develop both personally and professionally is crucial for job satisfaction. Holding regular appraisals so that employees can receive feedback on their performance, discuss in which way they might like their career to develop and receive support for any areas where they feel they could improve
are important. In addition, training courses are an opportunity for employees to learn something new and develop their expertise, and they also make the employee feel valued. Cultivating an environment of continual learning and progression will help to engage existing employees and enhance your reputation as an attractive employer. - Little Perks: No matter how wonderful your brand or exciting your role, candidates still appreciate little perks and these may represent the tipping point where a candidate chooses your offer over another. These may include: Dress down Fridays; subsidized restaurant or on-site lunch provided; regular social activities; or a holiday on the employee’s birthday. Maybe you offer the opportunity to work in one of your overseas offices? Whatever your perks might be, make sure you let candidates know!
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