In the UK, the average cost of training a new employee is a staggering £1,530.00. With such a significant investment at stake, you want to ensure it’s not in vain. Are you a business owner struggling to retain staff? We have 9 practical, proven strategies to reduce staff turnover.
- Enhance training and onboarding
A robust training programme can make a significant difference in employee retention. Why? Because if you approach onboarding and development in a structured way, this helps new hires integrate more smoothly and feel more connected to the organisation. If you don’t already, make sure to tailor your training to not only cover the basics of the job but also instil a sense of belonging within the company. Your employees need to understand the company culture and how they contribute to the overall vision.
- Offer competitive compensation and benefits
In today’s market, offering competitive wages and benefits is crucial in both attracting and retaining staff. This could include seasonal bonuses, performance incentives, remote working days, flexibility with working hours, or discounts on products etc. Your benefits need to be competitive within the industry so you stand out as an employer, so take a look at what your competitors are offering.
- Create a positive work environment
A positive and inclusive work culture can significantly reduce employee turnover, so if you don’t have this already, start nurturing one. The goal is to build a supportive atmosphere where employees feel valued and respected, so think about implementing regular feedback, recognition programmes, and/or team-building activities.
- Showcase career development opportunities
Providing clear pathways for career advancement within the company can motivate employees to stay longer. Why? Because not many people want to stay in a business where they have gone as far as they can go within the first couple of years. To show there are growth opportunities, think about implementing training programmes, mentorship opportunities, or the potential for a permanent position. A practical example could be facilitating cross-departmental experiences for employees, enabling them to acquire diverse skills and insights while gaining a comprehensive understanding of the various careers available within the organisation.
- Communicate effectively
Open and transparent communication is key in any workplace, so make sure to regularly check in with seasonal staff to understand their challenges and feedback. This not only helps in addressing any issues promptly but also makes the employees feel heard and valued.
- Engage your employees
Engaged employees are happy employees, so try to involve them in decision-making processes where appropriate. Maybe seek their input on work schedules, store layouts, or customer service strategies. When employees feel their opinions matter, they are more likely to be committed to their jobs.
- Provide some work-life balance
Recognise the importance of work-life balance, especially during peak seasons, and think of ways you can improve this. If you ensure that employees are not overworked and have sufficient time to recharge, this will reduce burnout and increase job satisfaction.
- Utilise technology
Can you implement technology to streamline some of your manual processes and reduce the workload on employees? For example, using an efficient point-of-sale system or inventory management software can make their jobs easier and more enjoyable.
- Build a community
Create a sense of community among staff by organising fun social events or team outings. This can be as simple as taking the team out to lunch on Fridays or organising a team activity once a month. When employees feel a part of a community, they are more likely to stay with the company.
Improve your workplace and turnover rate
Reducing staff turnover in retail hinges on valuing and nurturing your staff. By offering robust training, flexible work options, and clear paths for career growth, businesses can benefit from a loyal and committed workforce. Ultimately, investing in your employees is investing in the success and resilience of your retail business!
Need help retaining staff?
From business planning and financial analysis to advising and implementations, we can help you with it all. Get in touch today to see how we can help you.
