How To Improve Employee Retention Rates In Your New Business

Meta: Do you wish that you could improve your employee retention rates? Here are some of our tips to help you achieve this more effectively in 2021.

When you start a new business, you will likely put everything that you can into it to make it a success. One of the investments that you will need to make is on new staff members and getting them trained up. Staff cost money and so if all of a sudden, members of your team decide to move onto another role, it can be costly to replace them.

The good news is that it is possible to improve employee retention rates with the right advice. Read on to hear some of our tips on this. 

Listen To Feedback

One of the things that you should really try to do more often if you want to improve your employee retention rates is to listen to feedback. Are your team trying to tell you that you aren’t doing something right? Could their feedback actually have a positive contribution to your business and its success? If you don’t listen to them, you won’t ever find out!

Spend some time listening to feedback, ask for advice and grow the business together. If your team feels heard, they will stick around for longer. 

Empower Your Staff

Often, a team that feels empowered to do their job is one that will stick around. If you are micromanaging your team and not letting them get on with their work, they might go somewhere else where they feel respected and valued. So, why not spend some time finding solutions that might help you to empower your staff? We recommend trying out a facilities management tool that gives them more control. Check out https://www.fsifm.com/en-gb/ to find out more!

Provide Training For Promotions

One of the reasons why people tend to leave their role in a new business is that they soon realise that there is no room for growth. If they feel limited in their role and think that they could progress their career further elsewhere, they are likely to move on sooner than you had hoped. To improve your staff retention rates, you should create new opportunities for your team and train them up to allow them to improve. The more opportunities there are, the more likely they will be to work for them. 

Hold Exit Interviews

Finally, if you really aren’t sure why your staff retention rates are so low then you should try to hold some exit interviews. By asking those who have moved on why they decided to do so, you can learn more about what is going wrong. Exit interviews should simply be a chat which involves you listening rather than defending your company. Use this feedback to make improvements as your existing staff could feel the same way.

Final Verdict

If you are struggling to keep your staff around in your new business, you should take on board the tips that we have given you. Soon enough, you’ll have a loyal staff force that helps your business to grow.