Employee Retention

Staff retention has always been one of the toughest challenges for managers and it’s getting worse. More people than ever before are willing to change jobs for better pay and conditions.
 
This is a bit more complicated than simply offering higher wages and more perks. Those things are important but have a very short-term impact on retention.
 
Any research you care to read typically highlights a common set of drivers that often outweigh the financial aspects.
 
Here’s what most employees weigh up when considering a move, very often in this order:
 
1.   The relationship with their manager or direct supervisor
2.   The behaviour, or example set by senior managers
3.   Psychological safety in the culture of the business
4.   Opportunities to expand their skillset
5.   Opportunities to advance in their careers
 
When you get all of these right (especially the first three) unless there’s a major discrepancy between what you offer and what the market is doing you will almost certainly experience lower levels of churn.
 
How do you think each person working in your business would rate their experience on a scale of 1 to 10 on each of these key drivers?
 
You’d be amazed how just having that conversation can have a positive effect on retention.
 
Have you been brave enough to ask them?