What Is Staff Retention?
You might also hear employee retention referred to as 'staff retention.' Both terms have the same definition. When employees choose to stay at a company instead of pursuing other jobs, this relates to staff retention. Essentially, retention is the process that organizations use to keep their staff.
What Are The Five Drivers Of Employee Retention?
Ensuring that a current employee is as committed to your company as possible goes beyond the traditional understanding of what fostering satisfied employees involves. Let's look at five effective standards that you can include in your internal processes.
1 . A Flexible Workplace
One of the key drivers of employee retention is workplace flexibility, but what exactly does this mean?
Flexibility is used as a general term to discuss conditions that differ from the conventional '9-5' structure. Workplace flexibility might mean the freedom to choose working hours, remote work options, part-time roles, or flexible scheduling.
The idea is that staff members have the freedom to choose where, how, and when they complete their work tasks.
According to a Forbes study, 70% of employees felt that flexible work makes a role more appealing to them. Additionally, 30% would favor flexible work over a pay rise. Stats like these should be considered when tailoring your recruitment process.
When employees have job satisfaction, they are far more likely to stay in a role, helping companies to reduce turnover and improve employee retention. On a side note, Millennial and Gen Z knowledge workers are incredibly specific regarding their personalized work requirements.
2. Staff Benefits
Staff benefits are one of the most critical drivers of employee retention. According to Caboodle, around three-quarters of employees believe that they will remain with employers that provide a solid benefits program.
Common employee benefits include annual and sick leave, retirement plans and contributions, childcare benefits, bonuses, and healthcare benefits.
Other desirable employee benefits include wellness packages and life insurance. Workplace perks can take many forms and can include a wide range of advantages, from discount programs to free healthy snacks.
Providing workplace benefits helps your employees feel valued and has many positive impacts on your company culture, which improves employee well-being and retention. With the right benefits, you'll enhance your employer value proposition and stand out from your competitors.
3. Career Development Opportunities
Career development opportunities play a key part in employee retention. If an employee feels that their role lacks progression, they are unlikely to stay. Career development opportunities might include extra training or sponsorship for educational courses.
Employers might provide mentorship schemes or skills-based workshops in line with their retention efforts. Professional development is a key component of the modern employee journey, and a strong sense of progress is key to anyone's personal satisfaction.
Supporting staff to establish their career goals is a fantastic way to boost retention. When you take an active interest in your employees and their goals, you'll improve loyalty and engagement. Even small gestures can make a difference to create a healthy and supportive company culture and employee career satisfaction.