Let’s face it: losing your star players can be a right pain in the (ahem! insert anatomical area) — costly, time-consuming and disruptive, especially when you’re trying to scale up. In fact, replacing an employee can cost an average of 33% of their salary, creating a not too insignificant financial impact on businesses. So how do you ensure your best people stick around as your company evolves?
Take care of them, and they’ll take care of you
It sounds obvious but you’d be surprised how many companies miss this one. Employees (but particularly ambitious employees!) join companies to grow their careers, not to partake in a charitable endeavour. So as a leader you really want to encourage a feeling of forward momentum from the get-go by sitting down with them and creating a personalised development plan that matches their career aspirations.
What KPIs do they need to achieve in a year’s time, in order to get promoted? How do they align with your business goals? Can you invest in a course or learning opportunities or online training programme for them to skill up, and therefore become more valuable to you? What mentoring can you offer them to broaden their skills and network within the company?
In other words, what you want is to create a win-win situation where they know exactly what to do to rise up the ranks internally, and you know what they’re doing to help propel your business forward.
The carrot is almost always better than the stick
The days are (thankfully) over when you had to go to the office five days a week, and if you arrived five minutes late you’d be told off. But this flexibility is also a gain to businesses because by prioritising your employees’ needs, you increase the chances of retaining them.
Do you offer flexible working arrangements, such as remote work options or flexible hours? Do you encourage employees to take their full holiday allowance and respect their time off? Consider implementing policies that discourage after-hours work emails or calls to help employees maintain a healthy separation between work and personal life. Lead with the carrot (not the stick), and they will value you more as a business they want to work for.
Check-in before they check-out
If I asked you to give me a list of your star players you probably could rattle off a few names quite easily. But if I asked you – when do you think they’ll leave your company, I bet you that would be harder to answer.
In my experience, it’s often the leaders who don’t do regular check-ins who are most surprised when their talent becomes a flight risk. Schedule frequent one-on-one chats between your Managers and your employees to discuss progress, challenges and goals. Don’t just ask for feedback—actually do something with it! Show your team that their opinions matter by taking action on their suggestions.
And if you’re worried your employees might feel uncomfortable, consider implementing an open-door policy or anonymous feedback channels to encourage honest communication. Regular town hall meetings or company-wide updates can also help keep everyone informed and feeling connected to the bigger picture. The worst thing that can happen is that a dissatisfied employee stays quiet, and then abruptly leaves, taking valuable knowledge and skills with them. Check in, before they check out.
In the wise words of Rihanna…
This one’s a no-brainer so I won’t spend too long on it but let’s face it – money talks. Conduct regular salary reviews to keep an eye on market trends and make sure your pay packages are competitive…no one wants to feel undervalued! Consider offering unique perks that align with your company culture and values, such as wellness programs, sabbaticals for long-term employees, or even equity in the company for key players.
And finally…don’t forget the bigger picture
Employees who feel connected to your company’s mission are far more likely to stick around. What’s the bigger picture – how is your company changing the world for the better in a way that isn’t simply monetary? Keep everyone in the loop about the company’s goals and how each person contributes to the bigger picture.
Where possible, involve your team in strategic discussions; giving them a sense of ownership makes them feel valued. Remember: CSR isn’t just a good thing to do, it also shows that as a company you’re caring about wider society, which will go a long way to earn your employee’s trust, and loyalty.
Need help increasing retention in your company? Drop us a line via hello@thehrhub.co.uk or give us a call on 0203 951 1208.
If you don’t want to speak to anyone but would like to learn more, read my book The MAGIC of HR.
