In a competitive market place, motivating employees is becoming increasingly important when it comes to staff retention for SMEs. Ensuring that you have a satisfied, inspired and motivated workforce is the key to a good bottom line and not losing your best people to your competitors.
Why do people resign?
Staff leave their jobs for a wide variety of reasons. It might be because they have found a more attractive job elsewhere, they want to change industry, or perhaps their domestic circumstances have changed. But it also could be because they have felt forced to look for an alternative job as they are unhappy with their current employment. This could be for a number of reasons such as, lack of promotion opportunities, poor morale, or perhaps they just don’t feel motivated in their role.
The benefits of staff turnover
Employees leaving is often considered as a negative. It can reflect badly on the company and the recruitment process for finding a suitable replacement can be expensive. However, for a company to grow and develop, some natural staff turnover is essential to keep the organisation motivated and to bring in fresh new talent. Also, if a poorly performing employee chooses to leave, then this can save the organisation substantial time, effort and the expense of a potential dismissal.
Understand your staff turnover rate
Your business needs to understand its staff turnover rate. Looking at the turnover figures will give you a sense of how the staff turnover varies across the year. It is worth comparing these figures with previous years to get an insight into any trends. Look at your competitors to understand what is normal for your industry and to understand the bigger picture. Then you will be able to decide what your organisation’s acceptable staff turnover rate is.
Retain by motivating
It may sound obvious, but a happy and motivated employee is one who is more likely to stay working for your organisation. But motivating your team isn’t just about financial incentives or staff perks. Making your employees feel valued and an integral part of the business, creates a positive and motivated environment for your workforce.
After spending so much time and money investing in shaping your core values and vision, your staff need to feel motivated to perform their part in the overall business plan to ensure its success. When individuals understand the most important objectives of your organisation and their team, they can be so much more productive.
Key motivators for staff
• Understanding the bigger picture
• Having the tools they need to achieve
• Being involved at different planning stages
• Effective performance management process
• Celebrating team and individual successes
• Competitive salaries and bonuses
• Flexible working
• Attractive staff benefits
Your staff are your most important asset. For the long-term success of your business it is not enough just to focus on recruiting the best people to your organisation. Once they are working for you, your focus should then be on keeping them with you by training and investing in them.
