Businesses need to attract and recruit good people to be successful. The risk is that they place too much emphasis on hiring and not enough on talent retention.
The rise of the gig economy, while having the potential to pile the pressure on individual workers, can also make life difficult for employers. When trying to retain full-time, skilled staff, they may be competing against people’s entrepreneurial urges to explore alternatives for themselves.
Also, there is competition from other, sometimes bigger companies ready to pounce and attract staff away.
Employees are not commodities, they are the building blocks of a company. Strategies to both nurture and retain talent are, therefore, business critical.
Keeping Your Quality Employees
“For any size of company, finding the right staff is crucial, but for SMEs it can be a matter of survival,” Chris Rigby, MD of Invogue Incentives suggests, “because the getting the right fit with your staff is essential for growth.”
“Bigger businesses may have the reach and financial muscle when it comes to attracting talent, but smaller companies have the inherent advantage of greater familiarity with their employees, which they should use to their advantage”
“Regular communication and feedback are crucial in how you engage with employees,” Chris says. “Constructive criticism and feedback, and a clear exchange of information all help in retaining staff.”
Chris points out that offering career progression is also a big part of talent retention. As is regular performance management, where managers interact meaningfully with staff.
“Ensure regular catch-ups and consider using online performance management tools,” he advises.
“Another key factor in staff retention is rewarding and incentivising people. Reward and recognition can be decisive in whether someone stays with a business or organisation”
How to Reward Staff
Research from American Express reveals that 94% of SMEs reward their employees with gifts. Half of these enterprises stated that motivating staff was their main reason for doing this.
“Creating a positive culture reaps the rewards of greater talent retention, and rewards can vary in size. Even the simplest gift, as a means of saying thank you, can cause a ripple effect of positive influence”
“How companies reward staff varies, with some focusing on monthly reward schemes, and other recognising long-standing or high-performing employees,” explains Chris.
“How this benefit structure works is down to individual businesses, but the important thing is the cultural benefits it brings,” Chris concludes, “with research suggesting that even those employees who don’t receive rewards recognise how a reward-based culture benefits their workplace.”