Whether your business is expanding, looking to grow, seeking investment or tidying up for sale consider our practical tips on retention strategies for incentivising and recruiting quality employees as the labour and economic markets continue to improve.
Employee Retention Strategies – Hints and Tips
- Talk to your people
Up to a fifth of employees and jobseekers make career choices based on the available benefits and incentives package, and yet 80% of employers have never researched what their employees would actually like to receive.
Consult your employees about what’s desirable to them and what’s not. Market surveys suggest that there’s no ‘one size fits all’ package, so how will you know what motivates your team if you don’t ask them?
- Review your employment documents
Ensure your policies and procedures are up to date in respect of your operational requirements, legally compliant and reflect the culture that you want to promote.
- Implement low cost incentives
Movers and shakers are not solely influenced by financial incentives – it really is the small things that make a difference. Consider introducing things like an ‘employee of the month’ scheme, thank you cards to recognise achievements (whether based on attendance levels, performance or otherwise), a quarterly employee newsletter and/or flexible salary sacrifice schemes.
- Be competitive
With salaries rising as confidence in the labour market grows, now is a good time to review and benchmark your offering against remuneration packages available from other employers in your sector.
- Be proactive
As well as external benchmarking of salaries, it is advisable to carry out an equal pay audit internally and implement any necessary changes.
Not only would this ensure that your employees are remunerated and incentivised based on merit, but you’d be well-armed to defend any potential ‘gender pay gap’ claims in future.
- Offer training
Up-skilling and supporting your workforce through training will not only improve the performance of your business and help it to grow, but it will engage your people and ensure they feel valued. Another benefit of training? You’ll have the confidence that your staff are able to deal with any workplace issues that may crop up competently, consistently and efficiently.
- Protect your brand
Review and amend as necessary employment contracts and consultancy agreements to ensure your business is fully protected against potential leavers divulging to competitors and/or exploiting your valuable confidential information, trade secrets and intellectual property.
- Safeguard your relationships
Where the employee has exposure to your client base, ensure their contract includes well-drafted, clear, enforceable and realistic restrictive covenants which prevent the poaching of your customers for a defined period lasting no longer than is absolutely necessary to enable you to safeguard your relationships.
- Retain your team
Ensure that there are proportionate and well-drafted restrictions in your key players’ employment contracts which will stop them soliciting away the rest of your valued workforce should they ever decide to leave.
- Take advice
Our team of experienced experts provide more than just legal advice. We’re proud to offer strategic guidance on matters such as employee retention strategies and share our extensive legal and market knowledge, working closely with our clients to add value to their business. We’d be delighted to do the same for you – just drop us a line.
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Disclaimer: Anything posted on this blog is for general information only and is not intended to provide legal advice on any general or specific matter. Please refer to our terms and conditions for further information. Please contact the author of the blog if you would like to discuss the issues raised.