Hiring in 2024
If you are running your own business, chances are your focus is generally ensuring your business stays afloat, keeping your customers happy, returning and hopefully referring. Sometimes this feels impossible. We hear you!
2023 presented an interesting playing field when it comes to keeping and retaining staff. Businesses across the country (and world) all seemed to be simultaneously experiencing the same problem of ‘running out of hands’ to do the job.
As business owners, regardless of the size of our business we know that it is the people within the business that keep our business afloat. Retaining good staff is crucial for the success and stability of any organisation.
To kick off 2024, we compiled some of our top strategies that can help you retain your employees
Pay them what they are worth … and a little bit more.
Inflation across the board has impacted everyone with basic items costing more than ever. This is a domino effect from the top down and financial incentive is a major factor in staff retention. Ensure your employees are compensated competitively based on your industry and the local job market. Offering benefits or job perks (e.g. your birthday off every year, financial bonus incentives, KPI incentives) is something that works well in many businesses with the view of work hard = reward.
Flexible Work Arrangements.
While we have seen over the last few years, flexible working arrangements become a real thing in workplaces, this is a great way to retain employees. Ensuring that employees can live their life outside of work commitments, (within reason to the business needs) and depending on business suitability is very attractive for retaining staff. Many businesses have turned to a 4-day a week work model which has proven effective for them.
Upskilling and Professional Development Opportunities.
Keep your team interested with skill development and continuous learning through training programs, workshops, employee support programs.
Effective Leadership. Be the kind of boss your team draws inspiration from. Strong leadership at all levels of an organisation, leading from ‘the top, down’ guarantees a strong team culture and keeps employees striving forward.
Transparent Communication.
This one is very self-explanatory. Keeping employees updated with what is happening inside the business, company goals, strategies and change certainly supports employees in feeling connected to the organisation.
Recognition and Acknowledgement.
Taking the time to recognise and appreciate your hard working team goes a long way. This can be through an employee recognition or achievement program. A simple and genuine ‘thank you’ also goes a long way.
Provide employees with the right Technology and Tools.
This one is another very self-explanatory one. Invest in your team with the right tools and tech to the job efficiently and well. While this can be an expensive outlay initially, it will save you time and improve productivity in the long run.
Health and Well-being Programs.
We understand that most of us in work-related roles will spend the majority of our week engaged … working for someone else. Offering well-being incentives, mental health support, fitness / wellness programs is a great way to ensure your employees stay healthy and well.
Career Advancement Opportunities.
Providing employees with clear and attainable career progression pathways with goals is one of the most effective ways to retain employees. Supporting them in the process with professional development and financial based incentives, while making employees feel valued is a great retention strategy.
Exit Interviews and heartfelt good-byes.
When an employee decides to move on, it is important for business owners to understand why. There is always a natural career progression where people simply choose to move on for a variety of reasons. Understanding this could be a game changer in your organisation and is also an opportunity to improve any aspect within the business that has caused the person to … leave. Following this up with genuine introspection and celebrating the person’s contribution and achievements within the business is a great reflection of good business culture.
Social and ethical responsibility.
Embracing some type of commitment to making a positive impact on the community and environment that resonates with employee (and ideal employee) values is another great retention strategy. This can be tied in with workplace values and overall, demonstrates to the wider community an incredibly positive aspect about the business and its people.
