Charlie Griffiths Charlie has worked in the Recruitment industry for just over 4 years, after leaving a career in teaching. He started as a recruiter in Data Analytics, before moving across to The Consultancy Group in 2018 to focus on Accountancy and Finance. Charlie specialises in placing newly qualified and senior finance professionals into SME and FTSE-listed businesses predominantly in the Media, Technology, Retail and Business Service industries

Top 10 Employee Retention Tips from The Consultancy Group

5 min read

Want to Reduce Employee Turnover and Boost Retention Rates Across Your Organisation?

As the British workforce grapples with the post-pandemic era, businesses nationwide are witnessing unprecedented turnover. Reducing employee turnover has emerged as a significant challenge for HR leaders, whilst company culture and employee engagement have become vital indicators of retention rates and overall job satisfaction.

In this blog, we’ll explore The Consultancy Group’s top 10 employee retention tips to create an engaging work environment, decrease turnover rates, and secure your top talent.

1. The Importance of Onboarding in Employee Retention

Onboarding is indeed more than just a procedural formality when a new hire joins your team. It’s the first opportunity to foster a sense of belonging, introduce your company culture, and lay the groundwork for a mutually rewarding relationship.

Gallup’s research demonstrates the power of onboarding done right; effective onboarding can boost new employee retention by a staggering 82%. Conversely, an inadequate or poorly managed onboarding process may result in premature burnout and, in turn, disrupt the equilibrium of the existing workplace culture. Therefore, HR leaders must carefully craft a robust and engaging onboarding experience that not only fosters inclusion but also paves the way for a lasting commitment. Here are some actionable steps to refine your onboarding process:

  1. Pre-boarding Communication: Prior to their official start date, send your new hires a welcome email, introducing your team and giving them a sense of what their first few days will look like. This approach can help ease anxiety and build anticipation for their new job.
  2. Create a Structured Onboarding Plan: Don’t leave your new hire to figure things out on their own. Provide them with a clear plan for the first few weeks, including any necessary training sessions, introductions, and company orientation.
  3. Assign a Mentor: This person can help the new hire navigate their new work environment and answer any questions they might have. This practice encourages the development of relationships and ensures that the new employee feels supported.
  4. Provide Clear Job Expectations and Goals: Providing clarity on what’s expected can eliminate confusion and helps the new employee to start contributing quickly.
  5. Introduce Company Culture: Be sure to acquaint new hires with your company’s values, norms, and traditions. This might involve explaining the company’s history, mission, vision and objectives.
  6. Encourage Open Communication: Create an environment where the new employee feels comfortable asking questions and giving feedback.
  7. Check-in Regularly: During the initial weeks and months, check in with your new hires to ensure they settle in well. This allows you to address any potential issues early on, ensuring that the new employee has a positive experience.
  8. Ongoing Training and Development: Onboarding doesn’t end after the first week or month. Ongoing training and development are part of the onboarding process and contribute significantly to the new employee’s satisfaction and retention.

By investing time and resources into a thorough, thoughtfully constructed onboarding process, you’ll be putting your new hires and your company on the path to success. Remember, the onboarding experience you deliver can significantly influence an employee’s decision to stay long-term. Make it count.

2. Wellness and Work-life Balance

Work-life balance has evolved from being a mere buzzword to a significant factor affecting employee retention. The adoption of remote work during the pandemic made us acutely aware of the challenges to mental health and the importance of wellness. Businesses must show transparency and offer flexible schedules, promote wellness initiatives, and provide support for mental health. Prioritising employee well-being can go a long way in reducing burnout and, subsequently, employee turnover.

3. Creating an Engaging Company Culture

Company culture directly influences morale, job satisfaction, and ultimately, employee retention rates. In a LinkedIn study, 70% of professionals in the UK said they would not work in a leading company with a poor culture. A culture of recognition, fostering teamwork, and promoting transparency are best practices that increase employee satisfaction and retention. Inclusion should be an integral part of organisational culture, encouraging every team member to feel valued and understood.

4. Employee Engagement – A Cornerstone of Retention

An engaged workforce is less likely to seek new opportunities elsewhere. Employee engagement goes beyond regular team-building activities; it involves continuously valuing employees’ hard work, soliciting their feedback, and involving them in decision-making processes. Building a culture of recognition where employees feel their contributions are appreciated will boost engagement levels, and enhance talent retention.

5. Promoting Professional Development Opportunities

With millennials making up a large proportion of the workforce, development opportunities have become a key driver for employee retention. A Gallup poll found that 87% of millennials rated professional or career growth opportunities as important in a job. Providing advancement opportunities, equipping team members with new skills, and facilitating their progress should be at the heart of your retention strategy.

6. Recruiting for Cultural Fit

Recruiting for cultural fit is about more than finding the right people with the requisite skills for a job. It’s about ensuring new hires align with your company’s values, which can significantly decrease the turnover rate. HR leaders must strive to ensure that recruiting and hiring processes are designed to attract candidates who will thrive in your company’s unique work environment.

Here’s some basic things to look out for in the hiring process to make sure they’re a good fit for your company culture:

  • Identify alignment with company values.
  • Look for adaptability to change.
  • Assess collaborative spirit.
  • Evaluate communication skills.
  • Observe enthusiasm for the company mission.
  • Look for signs of a growth mindset.
  • Consider interpersonal skills for team dynamics.
  • Notice alignment with the company’s work-life balance approach.
  • Assess their problem-solving attitude.
  • Evaluate their approach to feedback and continuous learning.

7. Hybrid Work Model: A Game-Changer for Employee Retention

The shift towards hybrid work models can be a key factor in employee retention in the UK. It blends the best of office-based and remote work, offering flexibility that caters to diverse employee needs. Embracing a hybrid model signals your commitment to providing a balanced work environment, appealing to top performers seeking both collaboration and flexibility.

8. Enhance Communication and Feedback Channels

Establish effective communication channels within your organisation, encouraging open and transparent communication between employees and management. Implement regular feedback mechanisms, such as performance reviews or surveys, to ensure that employees feel heard and valued.

9. Provide Competitive Compensation and Benefits

Offer competitive salary packages and benefits that align with industry standards. Conduct regular market research to stay informed about salary trends and adjust compensation packages accordingly. Additionally, consider offering attractive perks and incentives to reward and recognise employee contributions.

Here’s an example of a Competitive Benefits Package in the UK:

  • Competitive Base Salary: Provide employees with a base salary that is in line with industry standards and reflects their skills, experience, and job responsibilities. Always be transparent, it’s an immediate turn off when a company advertises a role with a ‘Competitive base salary’. If it is competitive then you should be able to tell candidates what it is.
  • Performance-Based Bonuses: Offer performance-based bonuses tied to individual or team achievements. This can motivate employees to excel in their roles and contribute to the overall success of the organisation.
  • Health Insurance: Provide comprehensive health insurance coverage that includes medical, dental, and vision benefits. Consider offering multiple plan options to accommodate different employee needs.
  • Retirement Plans: Offer retirement savings plans with matching contributions from the company. This helps employees plan for their future and provides an additional incentive to stay with the organisation.
  • Paid Time Off (PTO): Provide a generous PTO policy that includes vacation days, sick leave, and personal days. Consider offering additional paid holidays or floating holidays to promote work-life balance.
  • Flexible Work Arrangements: Allow employees to have flexibility in their work schedules, such as remote work options or flexible hours. This can help accommodate personal commitments and improve work-life balance.
  • Employee Assistance Programs (EAP): Offer EAPs that provide confidential counselling and support services to employees and their families. This can help employees navigate personal challenges and improve their overall well-being.
  • Professional Development Opportunities: Invest in employee growth by providing opportunities for professional development, such as training programs, workshops, conferences, or tuition reimbursement. This demonstrates a commitment to employee career advancement.
  • Employee Recognition and Rewards: Implement a comprehensive recognition program that acknowledges and rewards employee achievements and contributions. This can include performance-based incentives, employee of the month/year awards, or peer recognition programs.
  • Wellness Programs: Promote employee wellness through initiatives such as gym memberships, wellness challenges, mental health resources, and access to wellness apps or platforms. This highlights your organisation’s commitment to employee well-being.

Remember, the specifics of a competitive benefits package may vary depending on factors such as industry, company size, and location. Conducting regular market research and considering employee feedback can help ensure that the benefits offered are competitive and meet the needs and expectations of your workforce.

10. Encourage Workforce Development and Learning

Invest in employee development by providing opportunities for continuous learning and skill-building. Offer training programs, workshops, and resources to enhance professional growth. Support employees in acquiring new skills and certifications that align with their career aspirations.

Employee Retention Tips for Workplace Advancement

Implementing these employee retention strategies will enhance your talent retention efforts. By investing in a supportive work environment, effective onboarding, employee engagement, professional development, cultural fit, and a hybrid work model, you can reduce turnover rates and cultivate a resilient and dedicated workforce.

Remember, this is just the first step, employee retention is an ongoing commitment that requires adaptation to the evolving needs of your workforce. The return on this investment goes beyond a lower turnover rate; it results in a happier, more engaged, and highly productive team that drives your company’s success.

Charlie Griffiths Charlie has worked in the Recruitment industry for just over 4 years, after leaving a career in teaching. He started as a recruiter in Data Analytics, before moving across to The Consultancy Group in 2018 to focus on Accountancy and Finance. Charlie specialises in placing newly qualified and senior finance professionals into SME and FTSE-listed businesses predominantly in the Media, Technology, Retail and Business Service industries