How to Retain Your Best Employees: 7 Strategies for Building Loyalty and Reducing Turnover

1. Offer more than just a salary

Whilst a competitive salary is obviously central to attracting the right staff, other benefits that focus on the whole employee such as health plans (gym memberships, mental health support), flexible work arrangements, and opportunities for professional development are now more important than ever.

Employees are far more discerning when it comes to choosing who they work for, and a salary-only approach is less likely to attract the best employees.  

2. Provide Opportunities for Advancement

Employees are more likely to stay with a company that offers opportunities for career advancement and skill development. So many companies say they offer these, but once an employee starts they are soon forgotten. So having a strong strategy for implementing regular training programs and clear paths for promotion will you’re your employees engaged and motivated.

3. Foster a Positive Work Environment

There has been a huge change in the workplace since Covid, with many workers now preferring a mix of remote and office working; not least because they can control their home environment.

So, creating a workplace culture that values open communication, collaboration, and respect is now more important than ever – especially if you want your best workers to put in that effort in the office. Without it, they will find another workplace that does.

4. Support Work-Life Balance

The pressure on workers to do everything can have a massive impact on an employee’s mental health. So striving to provide a healthy work-life balance with flexible scheduling, remote-working options, and generous paid time off shows your staff that you value them as individuals, not just as a number. Respecting their personal time and encouraging them to take breaks to avoid burnout will reduce time lost to illness too.

“Genuinely flexible employers stand to gain and retain talent – for whom flexible work continues to be a high priority – and ride out the current economic uncertainty successfully.” – Molly Johnson-Jones, CEO and co-founder of Flexa

5. Recognise and Reward Performance

Employees will only stick around for so long if their actions are not being acknowledged. Yes, you could say that they should take pride in their work, but a simple expression of appreciation never goes astray. This can also be done more formally through bonuses and incentives and if so should be promoted to all eligible staff.

6. Provide Regular Feedback and Support

There is nothing worse as an employee than getting to an annual review only to find that you did something ‘wrong’ 8 months ago and no one told you! Schedule regular performance evaluations and one-on-one meetings with managers to make sure staff receive constructive feedback and support to help them grow and improve in their roles.

7. Promote a Sense of Purpose

Help employees connect with the company’s mission and values as well as showing how your company supports a larger purpose such as environmental or social issues. Knowing that a company is in it for more than just profit is a huge positive for many job seekers and gives your entire workforce a common sense of purpose on which to connect. It can also be a great way to organise some extra activities with your staff such as fundraising or awareness activities.