Why You Should Have a Retention Strategy

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According to recent reports, the cost of replacing an employee is between 6-9 months’ salary on average. That figure covers recruitment costs and training expenses for the new employee also. When you factor in the additional costs from the loss of productivity between having to hire and train a new employee, it soon starts to add up to a costly measure.

With so many companies having their fair share of skill and staff shortages, holding onto your top talent is at its highest level of importance in your corporate strategy.

The ongoing talent shortage has seen 63% of HR leaders worrying about their staff retention – resulting in more businesses being proactive towards retaining talent through both redeployment and reskilling programmes that may have otherwise faced redundancy.

Retaining Employees

Whenever we speak with professionals about what elements are making them nervous in their current roles – as well as what they would want from future employers, we can generate practical suggestions to help those employers develop a retention strategy.

Employees who have opportunities through training and progression have more competitive energy, keep more engaged and adapt to organisational changes with more ease. An Employee Development Plan can focus on work-related skill development between the employee and the management. This step can contain an analysis of skill, knowledge, goals, training needs and aspirations.

Showcasing how you will support them in areas of training and advancement can be adaptable around the change requirements for both the organisation’s and the employee’s development.

Consultation

There is nothing more satisfying to an employee than knowing that their voice can be heard – and valuable. If your employees feel like they are being heard, they are feeling an integral and valued part of your business.

It can be something as small as asking their opinion on their role and how things could be easier for them, all the way to asking their insights on specific projects or areas for business development.

Benefits

Employee benefits are today more important than ever in a retention strategy, especially in the face of the cost of living crisis and rising inflation. Employees seek greater benefits packages that can support them financially, including healthcare, insurance, discount schemes, annual reviews on their salaries and options for hybrid or remote working.

As well as providing businesses with access to top talent hires in the financial recruitment sector, the team at Imperium approach recruitment in a unique way to meet clients and candidates in the middle ground to find the right cultural fit for all parties.

Contact our friendly professional team today for additional advice and support on your financial recruitment Manchester and retention strategies.

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