09 Nov 5 Key Factors to Attract and Retain Employees
A high staff turnover can cost a business dearly in more ways than one. Investing both time and resources into hiring and training new employees is an extensive process which can take many months. At Thomas Gray we understand the significance of attracting and retaining valued employees and the cost implications of failing to, in both the short and long term.
Not only does poor staff retention incur outlays, but it is also proven to affect productivity, team dynamics and the overall performance of the company which, over time, will damage the reputation to prospective hires.
An attrition rate of 10%, whilst retaining the top 90% of your employees is classified as 'healthy’. Those in the 10% should ideally be the low performers who can easily be replaced with engaged and motivated team members.
Below are 5 key factors to consider when hiring
1. Salary – Where do you stand in the market?
Are you aware of what your competitors pay? Key information and knowledge of the ever-growing industry is vital in creating an attractive offer and remuneration package. Remember not only do you want to appeal to people who are actively seeking employment, but also passive candidates who are not necessarily on the market.
At Thomas Gray our in-depth understanding and contacts allow us to advise our clients on where their proposal stands within the industry and what type of people it will attract. If you are looking to discuss your worth or want to view the statistics of our recent market intelligence survey please email our Head of Marketing, Danielle Meme – Dani@tglsearch.com.
2. Recruit, REWARD, Retain
Perks don’t have to be costly. Being part of a culture that recognises high working standards with words of encouragement whilst providing an environment where people can voice their opinions and take ownership of their work, makes them feel they have a purpose and gives them an opportunity to develop professionally. That said, implementing reward schemes will also increase job satisfaction and productivity.
The majority of our Clients put in place a bonus scheme which includes all disciplines, to promote teamwork and in turn raise product and service quality. This is usually quantified through customer satisfaction scores and post completion questionnaires and is a reflection on the quality of the build, through to the sale and aftercare service. Ultimately, elevating the company brand.
Although remuneration packages including bonuses and company vehicles have a great impact in attracting and retaining employees’, smaller perks such as team training days and gym memberships can pay back in dividends. Not to mention working from home occasionally and providing flexible working hours.
- Private Medical Insurance
- Discount Cards
- Childcare vouchers
- Day off on your birthday
- Travel Insurance
- Extra holiday rewards for length of service
Unless you continually invest in developing your employees with training and mentoring, they may become discouraged and disillusioned and subsequently force additional hiring into the firm upon their departure.
A clear progression path is desired by the majority of individuals and tends to be one of the main factors as to why people end up leaving their job or are attracted to new ones. Promotions facilitate employee retention whilst providing the opportunity to enhance knowledge and develop key skills.
Companies have become so compartmentalised that employees believe they can only operate within their department or function. If you are wanting to truly develop your people, then they need to understand all aspects of the organisation. Try introducing cross sector training and open up flexibility in changing career paths throughout the business. This will create energy and excitement in the workplace.
A lack of leadership can be one of the most common causes for staff turnover, therefore it is important to implement policies, guidelines, communication standards and a review process to prevent this from happening. By introducing transparent management with opportunities for bonuses and incentives you will aid in securing motivated new hires and retaining top talent. You will also find employees are more likely to stay in organisations where they can trust their senior leaders and build a strong working relationships.
5. Positive Culture
Culture comes hand in hand with the above key factors. Understanding the importance of this can be the difference between your company having remarkable employee retention and satisfaction rates as opposed to a high turnover and low morale.
People spend more than one third of their lives in the workplace, therefore if your employees are happy and content at work it will reflect in their overall output.
Creating a positive working environment will increase productivity and employee satisfaction resulting in a higher degree of employee engagement. Moreover, a negative work place will be reflected in low energy and a detached work environment with employees operating in isolated silos.
At Thomas Gray, we wish to meet all of our Candidates and Clients beforehand to not only gather a detailed brief of the current requirements, but to understand and represent the individuals accurately. Therefore enabling a seamless transition with both parties’ best interests at heart.
Furthermore, we have access to psychometric tests and with contacts forged over 5 decades, we are always able to provide confidential references from industry sources.
If you need advice on positioning your company in the market or are struggling to fulfil certain requirements then please make contact with our Group Operations Director, Matt Revett, on 07932 393 861 or email Dani@tglsearch.com to arrange a call.
We are always delighted with the teams professionalism, proactive approach, depth of market knowledge and understanding of our business needs. They have a solid track record of identifying outstanding candidates which has led to many successful appointments at senior level across our organisation.
I find there are very few Recruitment Consultancies like Thomas Gray, who spend the time or have the ability to understand your business in order to represent your organisation in the market place, thus ensuring the best people are recruited.
I would just like to say a huge thank you to the team at Thomas Gray, the help and support they gave me throughout my job search was amazing. They guided me through the process and gave me advice every step of the way. I was very impressed the company and would definitely recommend.
Ian and the team at Thomas Gray always take the time to fully understand the brief and take a keen interest in our business plans, then work diligently and professionally to deliver in agreed time scales. Recent assignments have been at both Executive Board level and other key functional Directors.
Thomas Gray approached me regarding a new role and provided me with clear, helpful advice and insight into the recruitment process. Their communication before and after interviews was brilliant and the whole process from initial contact through to starting the new role was managed seamlessly. I would highly recommend Thomas Gray to friends and colleagues looking to make their next career move.