how do I make them stay?

Retaining Staff in 2023

In the last three years, we have seen a real shift in the employment market globally.  There is no question that businesses have been challenged in a number of ways.  Some, not quite so lucky to make it through the COVID era that many seem to have forgotten.

With a changing employment landscape here in Australia, one of the biggest challenges faced by business owners is finding staff to do the job in 2023.  Employers are advertising, and advertising some more, unable to find applicants to fill jobs within the workplace.  This has put excessive strain on some businesses to the point where they simply do not survive.  Forced business closure due to lack of staff is fast becoming the reason among business owners in 2023 as to why they are shutting their doors for good.

Employers have had their hand forced, with some doing almost anything to hire new staff.  Many have completely re-written their job descriptions, offered more money, changed the working capacity and offered perks and benefits they ordinarily never would just to attract candidates!

While we look to hire new staff for jobs, another aspect to look at within our business is retention strategies for current and existing staff.  Effective staff retention strategies can be a real time and cost saver to a business.  Have you ever calculated the cost of hiring and training new staff?  

This is a time and money calculation, with time being the most valuable asset in a business - your time that is.

Factoring in recruitment, training and administrative costs, on average it can cost a business up to $20,000 to hire a brand new employee.  WOW!

What savings could be made for your business if you worked on retaining current staff?  While it may seem like an exhaustive process, working to retain your current staff will save you time, money and maintain productivity within your business.

Retention Strategy #1: Recognise

Recognition for a job well done can go a long away with employees, especially where recognition is due.  Demonstrating that you value their efforts is a simple, yet effective retention strategy.

A genuine and heartfelt ‘thank you’ can be enough, with many effective recognition strategies that don’t involve money or material rewards. 

Positive praise, public acknowledgement, expressing how you are inspired by them and their efforts, encouraging creativity, acknowledging their birthday or work anniversary are a few that work well.

Retention Strategy #2: Reward

Rewarding employees is a great motivator in retaining staff.  There are many reward strategies businesses can employ (and can also be part of the ‘pitch’ for the role). 

Profit sharing, performance based financial incentive, bonuses, health insurance benefits, additional leave, rostered days off and early finish Fridays are all great ways to reward employees.

Retention Strategy #3: Respect

Respect within the workplace between employer and employee is by far the most important retention strategy you can have in your toolbox.  Without respect, recognition and reward are irrelevant. 

If respect does not exist between the employer - employee relationship, you have lost them entirely.  Demonstrating respect is certainly not found in a list or handy tip guide. 

Respect is in your core being, demonstrated through how you communicate, your tone of voice, choice of words, how well you listen and body language.  More than 60% of employees define themselves by their job and spend more than half of their week at work.  

Employing the above strategies into your business will guarantee a ‘hard-to-leave’ workplace, creating meaningful relationships, increased productivity and an excellent work environment where your employees will want to be every day.