Business Advice · 15 July 2022

How to Keep Your Staff When People Keep Leaving

 

Today’s job market is very competitive, not just for employees and candidates looking for work, but for managers trying to keep and incentivize talented staff.

Whilst working in the same company for 20, 30, or 40 years was the status quo for our parent’s generations, today’s workers are often seen moving jobs every 2 to 3 years and this makes it very hard for a business to maintain consistency and growth.

There are a lot of costs involved with staff leaving since there is the loss of training and the cost of recruiting a replacement and time to upskill them.

We speak to two startup founders to get an insight into today’s hiring process and how to keep people in an economy when leaving is so common.

 

Pay is important, but will only go so far

“The obvious incentive for staff is to increase their page,” explains Justine Gray, founder of fintech startup, Dollar Hand.

“More often than not, people are incentivised by wages and bonuses, but if keeping people is the challenge, then you can always guarantee bonuses at the end of the year or after 6 or 12 months, which should encourage people to stay that little bit longer.”

 

No job has it all 

“Even if you keep upping people’s pay and give them new and exciting promotions, your staff can still leave you,” Gray continues.

“People are also very motivated by their environment, with some preferring to work from home and others preferring to be in offices. Some want to be on-site or in the field more, or they want to challenge themselves in new industries – and these are things that you cannot always offer, so despite good pay and promotions, they can still leave you.”

“The best you can do is try to create lots of variety and avoid things getting stale at work. Encourage people to go out and explore new concepts, give them a project they can run with and own and let them have meetings with clients in different locations, not just the usual office.”

 

The role of training

“Giving your staff training can be a good way to make them stay,” explains Richard Allan, founder of funding startup, Capital Bean.

“If people are constantly upskilling, they will feel that they are progressing and it will increase loyalty because they appreciate what you have invested in them.”

“Of course, this can sometimes only go so far, because it might cause them to move and set themselves on bigger sights. Accountancy degrees are a common example since thousands of graduates use companies like KPMG and PWC to get their accounting degrees subsidized and then they leave once qualified. But for the majority, they are likely to stay and progress.”


 
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