A business is only as good as its people, right?

In 2021, The Daily Telegraph reported that 1 million Australians quit their jobs, with some reasons being due to poor retention strategies. Even though companies can rehire, did you know just replacing a valued employee can cost your company almost one to two times the employee’s annual salary?

That’s why having great retention strategies in place is imperative to your business. At this rate, Friday afternoon beverages by the ping pong table aren’t cutting it anymore.

So, we’ve outlined some essential strategies to help you keep the best in your business:

1.    Offer flexibility

There are more and more job seekers prioritising flexibility than you’d think. To prevent your employees from burnout, implement a hybrid working model and allow work-from-home days or the flexibility to work their own hours.

Flexibility works for employees who:

• Are short for time. Flexible working means skipping the commute to work and instead staying home, getting the housework done, and being available for school pick-ups and drop-offs. A win-win situation they’ll appreciate.
• Find themselves more focused working from their own space.
• Can’t find the creativity they need during the traditional 9-5 hours, and want to split their day up with the hours they want to work.

2.    Reward your employees for their hard work

If your employees know you care about them and value their work, they’ll be more inclined to be productive during the week and do right by your company. Making your employees feel valued and appreciated by saying thank you can go a long way.

Building on the existing relationships within the office and having regular well-being catch-ups and not just performance reviews will also make them feel like a valued member of the team.

While rewards such as gift cards, bonuses, salary increases, or a free lunch or drinks can never lead you astray. Reluctant to give monetary rewards? Consider offering non-monetary benefits such as a day off and early marks. There’s nothing like wrapping up early on a Friday afternoon.

3.    Create great company culture

Retain your employees with a fantastic company culture that makes your team feel comfortable and proud working for your business.

When employees are happy at work, they’re more likely to come into the office on a regular basis, collaborate with the team, and achieve excellent results within their role.

An all-inclusive company culture inspires employees to work harmoniously, share values, and strive to improve the business. To get the ball rolling, think back to when you were an employee and what you valued most working for a company.