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10 ways for firms to boost retention

23 / 02 / 2015
10 ways for firms to boost retentionBarclay Simpson's recent research in the financial services industry and particularly the internal auditing sector has highlighted the need for companies to make sure they are working hard to retain their qualified staff.

A lack of appropriately skilled internal auditors has led to more companies looking at ways to train their own staff members. It would appear the Big Four have increasingly become aware that it is not fruitful to spend resources improving staff capabilities, only for them to be then 'poached' by rival firms.

However, there are a number of ways for companies to make sure their employees are not tempted to look elsewhere for employment.

Here are ten ideas that could help boost retention and make sure talented workers stay put, as well as ensuring firms are attractive to those looking for a new employment challenge.

Competitive salary

Money is often the best way of keeping staff happy. It is vital to take time to research rival pay scales and double-check that workers are being rewarded at a good market rate.

Consider benefits and rewards

There are a whole host of additional benefits and rewards that can be offered to staff members to help compete with any potential salary packages from other firms. Implementing a monetary bonus system could also help to retain employees, but do not discount options such as childcare vouchers.

Look at the amount of annual leave offered to workers - it could prove very attractive to offer a bit more than the statutory basis and discourage people from applying to other jobs.

For staff who have been employed for a significant period, then offering long-term rewards could be well received.

Improve staff welfare

One way of improving retention could also have the added bonus of tackling absenteeism in the workplace. It has been suggested that offering reduced gym membership could help to improve the general health of workers, as well as being regarded as an attractive benefit, especially when coupled with health insurance packages or cycle to work schemes.

Be flexible

Offering flexi-time could also prove beneficial and help to keep talented staff, especially those with family commitments. By allowing staff to start early and then be home to put the children to bed can be a real bonus. Other options including supporting extended sabbaticals - this can give staff some valuable time away from work, yet also ensure they return at some point in the future.

Support training and development

Providing a clear career path can be an excellent way of allowing staff to feel happy about their long-term work future. Ensuring staff have access to high quality and relevant training can improve their outlook at work, as well as developing their skills. Setting measurable milestones and ensuring staff are rewarded when they meet goals helps to manage everyone's expectations.

Ensure a work life balance

It is important to ensure staff do not feel their work life is having a negative impact on their personal life. Therefore, consider ways in which the work-life balance can be restored. Small gestures such as allowing a day-off for a significant birthday or organising social activities can all help to improve how staff view their working career.

Make the job varied

Many people can offer feel dissatisfied with their job if they feel they are not being challenged or are constantly having to do repetitive and mundane tasks. It may be worth looking at job descriptions and day-to-day roles and consider how they can be more varied to offer a better level of employee satisfaction.

Set the right environment

Spending long hours in the office can be hard if the environment is not conducive, but it can be easy to make a few changes to help promote a better atmosphere. Opting for comfortable furniture can alleviate back problems and increase productivity.

Technology can also play a key role in improving the workplace environment. Ensuring staff have up-to-date computer equipment can make their job easier. Providing workers with tablets, laptops or smartphones can also allow them to easily stay in touch without them having to be at their desk. This can also enable more people to take advantage of working from home – reducing their commuting costs and potentially avoid travelling at peak times.

Remember to recognise good work

Sometimes employees just want to be recognised for their contributions and taking the time to acknowledge this can be a great way of boosting morale.

Finally hire the right person

Did you hire the right person for the job? Making sure you have effective recruitment methods in place when taking on staff can be invaluable in ensuring staff stay committed.ADNFCR-1684-ID-801776565-ADNFCR