Staff retention — 5 ways to keep top talent

If you run a progressive business which values its employees, there’s little doubt you’ll want to hang on to them for as long as possible.

And while a generous salary that reflects the responsibility of the role, experience and excellence is vital, it’s only one important ingredient in the recipe for retention success.

So if you’re revamping your retention regime for 2019, here are five ways to keep top talent.

• Childcare

It’s the way of the world that many staff members will either share child-rearing duties with a partner or have sole responsibility for their children’s upbringing — in both cases, having some sort of company childcare provision is crucial.

Some larger companies provide onsite creche care, as evidenced by the nurseries in offices of international bank Goldman Sachs for example.

But should you lack the wherewithal for such an arrangement, you might subsidise staff childcare or even ensure flexible working arrangements allow parents to pick up kids from school and work from home on occasion.

• 4-day week

The five-day Monday to Friday nine to five week is a relic of the industrial revolution, yet it’s still the go-to model for many modern businesses.

However, research has proven that it’s possible to introduce a four-day week and increase productivity, while paying employees the same salary.

New Zealand firm Perpetual Guardian worked with local academics to trial a four-day working week and it was such a success that the CEO introduced it permanently.

• Corporate gym membership

It’s a no-brainer that when workers are healthier, they’re happier and more productive.

So doing your bit by encouraging them to keep fit will be well worth the investment.

If you can’t afford a well-appointed office gym, gifting staff corporate membership which allows access to a popular exercise outlet like PureGym is the next best thing.

• Culture

All the ideas above and more combine to create a positive company culture — but it doesn’t develop by chance and is more than the sum of its parts.

Vitally, maintaining a comfortable and supportive company culture relies on staff at all levels consistently behaving in ways which align with declared values, and at various times this entails monitoring, encouragement and correction.

If you want to prioritise culture in your company, look at the Great Place to Work website — it rates the organisations currently getting it right.

• Pensions and Benefits

When loyal employees look at their long-term employment picture, being able to put enough cash away to provide for their families and save for retirement is often top of their to-do lists.

So offering staff a bespoke pensions and benefits bundle which will protect them financially into old age is a real bonus for retention.

Finance experts like Chancellor Financial Management can create packages that suit your staff down to the ground and provide them with peace of mind.

That’s our list! Share your own staff retention tips in the comments section.