High staff turnover can be bad for business. It can create unease, affect morale and cost a company in both time and recruitment fees to find a suitable staff replacement. Investing in employee incentives to boost and maintain staff retention can help. Happy staff will not only stay put for longer, which helps to combat the problems, such as unease and expense, they will also be more productive and do a better job for your business.
So, from using an employee incentive programme, what benefits can retaining your staff bring to your business?
Recruitment fees are expensive and the time required to find and interview new staff is also a cost to your business – reading through CVs, using a recruitment agency and conducting multi-stage interviews can take hours away from valid sales or production time, for instance. Add to this the time and expense of providing training to new starters and the costs mount up.
In keeping staff, however, you can use that time and money – otherwise spent on recruitment fees and processes – to invest in your business, brand or employees instead.
The longer an employee is with your business, the more experience they will have in both your industry and your specific approach to business, which is invaluable. They will be in a better position to talk about and promote your brand to customers and clients. They’ll also be able to train and mentor others. As a result, as well as achieving continuous good results themselves, they can help other staff do the same, delivering high-quality work with ease across your company.
On the flip side, if this individual leaves, they’ll take all that knowledge and expertise with them, possibly to a competitor, which can be detrimental for your business.
Longstanding members of staff are inevitably more loyal than new starters. They are likely to believe in your business and want the best for it, while having a developed positive working relationship with peers and managers. All this can make them much easier to motivate – a happy member of staff will proactively want to do a good job. A satisfied employee is also likely to go above and beyond to support your organisation, share expertise, resolve conflicts, suggest improvements, boost morale, and help co-workers.
A work culture that has a high staff turnover can be bad for morale and give the impression that staff are simply a replaceable resource – staff in numbers, rather than the actual quality of experienced and dedicated staff, is all that matters. In contrast, the more loyal, happy staff you have, the more uplifting and motivational your workplace will be, ultimately creating a more productive environment.
Positivity is contagious and upbeat staff are likely to share their attitude, helping to form a cheerful atmosphere with less conflict. This also promotes an ethos of support and encouragement where peers want to help each other to succeed. This, in turn, is likely to make people want to stick around.
An added bonus is that this sort of company culture will infiltrate customer relationships, leading to happy, loyal customers who want to keep doing business with you.
The best way to keep staff motivated and happy is to recognise their achievements and reward their efforts. You can do this with a structured employee incentives rewards scheme. By initiating a reward platform will help you to strive to keep your talented employees - read our blog on 'How to retain talent here for further ideas.
By offering a catalogue of designated rewards that staff can see, choose from and strive for – from a smart phone to a set of golf clubs to a weekend away – they will be encouraged to work harder to hit their targets. Plus, they will feel appreciated and engaged because their employer is willing to invest in them and acknowledge their efforts.
Employee reward and recognition programmes are very easy to set up and manage, with online platforms now readily available and inexpensive to activate. This approach makes them accessible and easy for staff to use, so they are more likely to engage with the process. They’re also quite simple for a management team to run and monitor. This, in turn, leads to strong relationships along the reporting line, which contributes further to staff loyalty and job satisfaction.
We’d love to help you engage, motivate and inspire your team with our innovative Employee Recognition services. To speak to a member of our award-winning team, call us on 0370 405 2020, email firstname.lastname@example.org, or make a quick enquiry to find out how to drive your business performance today.