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How To Maximise Employee Retention

Oakstone International executive search: How To Maximise Employee Retention

We have spoken previously about company culture and its importance for standing out in the market against your competitors – especially when you are trying to hire new talent.

With new generations becoming the forefront of the workplace it is not only important to have the right culture to attract great talent but its also to retain them – which will not only save you money and time in the long run it will also build a stronger culture and organisation.

According to new research, younger generations are less likely to be with an employer for more than 4 years, moving positions regularly to maximise earnings, opportunities and promotion potential.

With up to half the workforce being expected to be millennials and Gen-z by 2020, how are you going to cope with your employee retention rates getting worse?

The truth is these generations aren’t trying to find a forever employer – but finding a way to retain millennials for just two years longer than your competition can lead to huge advantages against them and save you thousands of pounds in constantly looking for new talent.

Regardless of the age of your employees and the industry you work in, having a great culture can improve your retention rates.  Those in tech, finance, hospitality and healthcare have the lowest employee retention rates, so how can you improve it?

How can culture improve employee retention?

Most companies misunderstand what company culture is and how it can be improved – believing that it is time consuming and costly.  There is often a misconception that culture is about employees having fun.  Company culture is not about having fun at work it’s about a focus on values and a common understanding of them throughout your workforce so that it extends to those outside your organisation.

What makes an award-winning culture?

Focusing on the company’s core values will instantly improve your company culture. These are the building blocks for your company and everyone involved in it. Use these values everyday and in everything you do so everyone is working towards the same goals and objectives.

Investing in company culture is a necessity if you are trying to improve company culture or are maintaining your already existing great company culture.  What do you invest in? Investing in the people in your business is a great place to start – fix employee issue’s by offering opportunities to learn, offer flexible working or provide more assistance.

Focus on values

  • Be genuine – always be honest with everyone involved in your business. If you have something to say its always best to just say it (in a positive way). Don’t hide important information from anyone. If people know what’s going on they feel more involved making them feel more motivated to work for the company.

  • Don’t push your company culture – if you have great company culture you don’t need to constantly talk about it and you certainly don’t need to tell people to believe in something they may not. You will know when your company culture is great, and you won’t need reassurance from your employees.