Maximizing Staff Retention Rate

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When you first start hiring staff, you may find that it’s quite hard to keep them on board. Start ups tend to have a high staff turnover for a number of reasons. More often than not, a lot of the issues that employees find with working for a start up boil down to the business owner’s lack of awareness or knowledge on how to maintain a happy staff base. Start ups can often feel disorganized, mismanaged, high pressure and ungrateful for staff’s efforts, as owners are trying to focus on too many areas at once, may be reluctant to let go of certain tasks or areas of operation and so much more. As a business owner, it’s important to be open to criticism, to research others’ failings and to really reflect on your actions to ensure that you’re providing your new team with the best experience possible. Here are some suggestions that could help you on this journey.

Hiring Right

First and foremost, you need to make sure that you hire the right staff in the first place. Start out by really focusing on job descriptions. Know what you’re looking for and make sure that interviewees are fully aware of the job demands, working hours, working environment, salary and other important elements of the role. This will allow them to weigh up whether it works for them or not, rather than you selling a dream and your team growing disappointed when they find themselves in a position that is different to what they were sold.

Paying Well

Sure, you may be a start up and you may not have a lot of funds yet. But paying just above market rate will do your business a lot of favors. At the end of the day, staff are unlikely to leave a role that’s paying more than other options that are available on the market. Paying well really can maximize staff retention, as few people will leave for anything but a pay rise. If other companies won’t match your rates, you’re onto a winning formula for happy staff and staff loyalty.

Being Inclusive

Making sure that your business is inclusive will make your team more proud to work for you. You will draw in the finest talent regardless of the individuals’ backgrounds. Take a look at the DE&I survey by Goodhire to learn more about diversity and inclusion in the workplace and the benefits that its proper implementation can bring to your business.

Offering Progression

Your staff don’t want to feel stagnant or like they are in a dead end job. Opportunities of progression can encourage hard work and will keep your team on board. Offer training opportunities. Staff are unlikely to leave your business if they are in the middle of a training program that maximizes their qualifications. Offer opportunities for promotions and pay raises. Staff will strive to reach these goals in order to be rewarded.

Implementing just a few of the tips outlined above can really make all the difference to your staff retention rates, even if you are operating on a smaller scale.

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