The 5 foundations of staff retention

The 5 foundations of staff retention

As a leader, you know the value of great employees. You also know that keeping them long-term takes more than a simple pat on the back or a quarterly team lunch. With two-thirds (67%) of employers citing higher staff turnover in the past 3 years, it’s not surprising that the key topics of concern in 2019 for Human Resources, and managers, are primarily motivated by retaining their best talent.

We have categorised these topics into the five foundations of staff retention:

• Company culture
• Diversity and inclusion
• Learning and development
• Trust and leadership
• Workplace wellbeing

Here’s what they mean for your business and why they are integral to keeping your employees long-term.

(1) Company culture

Company culture plays arguably the most important role in shaping an employee’s trajectory with a business.

Prospective employees are now empowered to pick and choose organisations more carefully, based upon how they align with their own personal values and worldviews. From an employer’s perspective, employees should be both a fit and a cultural ‘add’ to their business.

Employees that feel in tune with their company’s culture – that they fit, their needs are met, that they can add value and are valued – tend to have a greater sense of overall happiness at work and are subsequently more likely to want to stay with the business long-term.

(2) Diversity and inclusion

In a world where acceptance and belonging are fundamental human needs, the emphasis on diversity and inclusion in the workplace is growing. It’s no secret that a production-line approach will not work when it comes to your employees – there is no “one-size-fits-all”.

In fact, it is so important to employees that their differences are embraced and celebrated by their employer – be it culture, personality, ethnicity – that many businesses have incorporated diversity and inclusion into their company values.

As a leader, tapping into emotional intelligence is essential in order to successfully manage a diverse team. By recognising that no two people are the same and adjusting your management style accordingly – albeit fairly – you are truly able to be flexible and responsive to the needs of each individual. In turn, you can actually drive employee engagement and retain your employees.

(3) Learning and development

In the modern workplace, it is important to employees that their employer will facilitate their development and invest in them so that they can grow organically with the company. Businesses that fail to extend their budget to include a people investment are more likely to see employees move to a business that will. Why?

By investing in your people you are unequivocally communicating to them that they are worth it – that they are valuable and that you see them in the future of the business. It is without a doubt that this is what many employees wish to receive from their employer, but few get.

Learning and development doesn’t just benefit your employees. An investment in your people often translates into greater productivity and engagement. Not only that – the cost of developing your staff is often significantly less than the potential costs associated with rehiring for the same role if an employee decides to move on due to a lack of growth opportunities.

(4) Trust and leadership

Building a culture of trust is becoming of greater importance to businesses. Trust is an inherent aspect of any relationship, and the workplace is no exception.

Trust ultimately frames the relationship between a manager and their employee, employees and their peers, and employees to senior leaders – not to mention employee trust in the business as a whole. Businesses that have a culture built upon trust are often characterised by flatter management structures and a movement away from micro-management.

When your employees are given autonomy, they will feel empowered in their role. Conversely, where there is a lack of trust in the employee-manager relationship, or a lack of confidence in the integrity of the business, there is often a rise in turnover rates.

(5) Wellbeing at work

No longer is the responsibility solely on the individual to ensure they maintain a sense of all-round health, both inside and outside of work.

Increasingly, businesses are acknowledging the need to implement wellbeing initiatives – such as committees, support services, daily breakfasts and nutrition seminars – to ensure that they are providing employees with the tools and support they require to maintain a healthy lifestyle at work.

These businesses know that their employees are their most valuable asset. They know that healthy employees are happier, perform better and are more productive and so it makes good business sense to ensure that your employees are their happiest, healthiest selves.

Why it matters

Retaining the best talent is undoubtedly a challenge and key focus for businesses in 2019 and on. Throughout this blog series, we will explore each of the five foundations of staff retention and how you can set your employees up for success at work. Through the use of the a recognition and rewards program, you can create a positive company culture that your employees will not want to leave.

Redii provides recognition and rewards programs to facilitate a positive company culture and drive employee engagement. Request a demo today.

Sources

https://smallbusiness.chron.com/relationship-organizational-culture-employee-retention-25406.html

http://www.insideindianabusiness.com/story/38321406/4-ways-a-positive-company-culture-can-increase-retention-and-revenue

https://www.forbes.com/sites/brentgleeson/2017/04/03/how-important-is-culture-fit-for-employee-retention/#44ef9497839e

https://cezannehr.com/hr-blog/2019/01/the-biggest-challenges-facing-hr-in-2019/

https://www.hrdive.com/news/10-trends-that-will-shape-hr-in-2019/545343/

Extending the honeymoon period: How to keep your employees happy after onboarding

Extending the honeymoon period: How to keep your employees happy after onboarding

The interview was stellar, they accepted your offer and then their first impression at the company was perfect – looks like things are getting off to the right start with your new employee! But as any experienced leader knows, this ‘honeymoon period’ won’t last forever. While that’s true, there are strategies you can employ to extend the honeymoon period and keep your new team members happy and motivated for the future.

What’s involved in the onboarding process?

When delivered intelligently, the onboarding process can enhance employee retention rates and help you build your dream team. In fact, research shows that “90% of companies believe their employees make their decision to stay at the company within the first six months”.

So what are the essentials when building your onboarding process?

• Solidify the process: This includes ensuring the new hire is fully prepared for their tasks, they have a functioning workspace and all the necessary paperwork is prepared.
• Get everyone acquainted: Gather the whole team for a friendly welcome in the morning, introduce them to their co-workers and leadership team, and make sure they are comfortable and familiar with the workplace, as well as nearby amenities.
• Train up: Clarify their responsibilities and have them set both short and long-term goals. Partner them with an experienced employee for any necessary training, and consider offering them a mentorship program with someone in leadership.

While some of these steps can be conducted on their first day, the onboarding process itself could take several months. It’s important to check in with your new hire regularly to ensure they are on the right track and to answer any questions.

How can you transform their initial positivity into ongoing momentum?

The first day, first week and first month in a new job is a hugely exciting time, but how can you harness that initial positivity to extend the honeymoon period?

Of course the onboarding process is crucial, and it should start well before your new hire arrives for their first day. But beyond getting them acquainted with the company, there are a few ways you can build momentum to ensure they stay happy and productive:

• Organise regular one-on-ones: A LinkedIn survey of more than 14,000 professionals found that 96% of people see one-on-ones with their manager as “the most important aspect of their onboarding process”. So why stop at a single session? Make it a priority to sit down with your new hire at least once a month.
• Set goals together: There’s nothing better for teamwork than a group of employees working together to achieve their goals. A rewards and recognition program could be exactly what your company needs to set short and long-term goals, both for the overall business and as individuals.
• Build a culture around them: More than four out of five new hires don’t stick around because of a lack of cultural fit. By broadcasting how your company operates – for example, on social media channels and of course during the interview process – you have a better chance of making the right hire. Once your new employee is on-site, it’s important to integrate them with the culture and get them to actively contribute to its development. Brainstorming sessions, team goal-setting and offering rewards for a job well done are all easy ways to generate a more positive company culture.

Let your new team member be vocal

They might be shy on their first day, but over time your new hires will come out of their shells and want to actively contribute. Fostering this early on can ensure they are comfortable discussing their aspirations and any ways they believe the company could function better.

Team members who are vocal are also more likely to seek out feedback and put their hand up for additional duties.

Be honest and give valuable feedback

Speaking of feedback, it’s important to deliver it in a safe environment where the conversation is back and forth – rather than you listing off a series of positives or negatives about your employee.

And while it’s important to be honest about the new hire’s successes, and any areas where they need to work harder, the feedback itself should be a chance for them to share their opinions on the company as well. Open, free-flowing communication should go both ways – and you never know what you might learn from your team members.

Be conscious of providing recognition – not just on day one, but consistently

Rewarding your team should be an ongoing strategy. Moreover, you can build that strategy into your company’s day-to-day by deploying a rewards and recognition platform. Employees can monitor their progress, target specific goals and even generate some friendly rivalries on the company leaderboard.

Gamifying the workplace could be exactly what your business needs to boost productivity, foster greater employee wellbeing and improve your bottom line.

Keep your employees happy and motivated with recognition and rewards programs from Redii. Request a demo today!

Sources

https://www.roberthalf.com.au/management-advice/recruitment-process/employee-onboarding
https://business.linkedin.com/content/dam/me/business/en-us/talent-solutions/resources/pdfs/inside-the-mind-of-todays-candidate1.pdf
https://blog.cultureamp.com/employee-onboarding-survey-questions

The importance of ‘Thank You’

The importance of ‘Thank You’

When you’re juggling multiple projects, putting out spot-fires and trying to keep the business as profitable as possible, it’s easy to forget about the little things. But it’s the little things that matter most to your business’s greatest asset: your employees. A simple ‘thank you’ goes a long way – and it could be exactly what your team needs to ramp up their productivity.

The power of saying ‘thank you’

A recent study on the Australian workplace found that less than half of all workers “regularly receive praise or recognition” for a job well done. And for those who don’t receive any recognition, they are more likely to experience “frequent high levels of stress at work”.

Saying ‘thank you’ is such a simple gesture, but it can be so powerful when given with genuine appreciation for an employee’s efforts. And with studies linking gratitude with overall wellbeing, it’s an easy way to improve the employee experience.

Not just from the C-suite

When the holiday season comes around, most employees expect a faceless ‘thank you’ from someone in the C-suite – whether it’s a company-wide email or a stock-standard Christmas card from their CEO.

But giving thanks shouldn’t be an annual chore. Rather, the words should be reserved for when they truly mean something – when a team member achieves a goal or helps a co-worker hit a challenging target.

Consistent appreciation throughout the year is what really matters most.

It can take your team to new heights

Every employee wants to impress their boss, but likewise they want their co-workers to appreciate their efforts. Building a culture around giving and receiving praise can foster greater camaraderie.

And a team that works well together delivers higher productivity – and therefore a better bottom line for the company. Be their example – not just their ‘leader’.

As with all things in business, change starts from the top. If your team sees your appreciation for fellow employees as they go about their day-to-day, they will be more likely to emulate your gratitude.

You can still be their manager in standard business activities – and you should. But when it comes to offering sincere thanks for a job well done, it’s more important to be an example.

Say ‘thanks’ with recognition and rewards software by Redii. Request a demo today!

Sources

https://www.convergeinternational.com.au/docs/default-source/research/a-future-that-works-2016-snapshot-of-the-australian-workplace
https://www.forbes.com/sites/amymorin/2016/11/20/how-an-authentic-thank-you-can-change-your-workplace-culture/#19665de07990