How to Boost Employee Retention and Attract New Talent

As a business owner, you don’t need to be told that the key to your success is a stable workforce, without it you can’t reach your full potential. That’s why staff retention and satisfaction is likely high up on your priority list.

In recent months you might have felt the strain when it comes to hiring talent, especially during the ‘The Great Resignation’.

So, you want two things: to retain your existing employees and to attract the best new talent, but what’s the best way of doing this?

In this article, we’ll run you through how to make the grass greener & offer the most tantalising workplace possible.

We’ve broken potential incentives into financial and non-financial, let’s begin!

Non-financial incentives

It’s not always money, money, money. More so now than ever, employees are looking to work in places that are truly satisfying and meet their needs. This means that you need to frame the job correctly and build an inclusive workplace that suits everyone.

You might want to consider how your organisation approaches the following factors and how they can be improved to improve both retention and attraction.

Trust

Allow your employees to shape their own roles and avoid micro-management.

By allowing employees to act on their own suggestions and expand their responsibilities, it demonstrates that you trust they will achieve a positive outcome.

It can be hard to delegate sometimes, but failure to do so can stifle creativity and frustrate your employees, so it’s essential that you let your people crack on.

Career opportunities

Ensure that you always offer career progression opportunities. No one wants to enter a position knowing that it’s a dead end. Employees want to know that if they work hard, they will have a clear path to any potential promotions that will advance their skills and boost their income.

This is especially important in the current climate. Employees have more choice and more autonomy than ever before, meaning that if they don’t see long-term options, then they won’t work for you, it’s as simple as that.

Recognise employee efforts

Everyone likes knowing when they’ve done a good job. One sure fire way to boost employee satisfaction is to value and recognise their efforts.

Even if someone doesn’t want a big fuss, a simple acknowledgement of a job well done goes a long way towards boosting employee morale.

If employees feel that their skills aren’t appreciated, they may take them elsewhere and work for a business that will.

Flexible hours and WFH options

During the pandemic, many companies were forced to adopt working from home as standard. Since then, many workers have decided that they prefer this to the office environment, having found that it raises their productivity and improves their mental health. For some employees this is a make-or-break condition of their employment.

Hybrid workforces, where employee hours are divided between working from home and at the office, are becoming more common. Offering a hybrid model workplace is great for the employees who would prefer to work from home more often. This has the added bonus of allowing you to broaden your search for talent, as proximity to the office is no longer a limiting factor.

Financial incentives

While these measures may improve employee satisfaction, financial incentives are, perhaps, unavoidable.

Pay rises and employee discounts are common incentives for most business. Here are some other financial options that businesses may offer their employees and potential candidates.

Retention bonus schemes

Retention bonuses are an excellent way to incentivise work performance. For example, if employees know that at the end of a 12-month period, they will get paid based on how many clients they manage to retain, they’re more likely to work hard to keep them.

Training

One powerful incentive for new and existing employees is to invest in them through financing their training. Not only does your business benefit from their newly acquired experience and knowledge, but your employee will also gain skills and qualifications that can advance their career.

Of course, it’s also important that you offer them the opportunity to advance their career with you.

Recruitment services at Quantum

If you’re struggling to find and recruit the best talent, you’re not alone.

Businesses across the world have found it increasingly difficult to attract and retain premium talent.

At Quantum, our international team of specialists can help you to optimise your workplace and attract the best talent.

If you have any further questions or need advice, don’t hesitate to get in touch with one of our experts.