In London, there are many businesses that are all in competition with each other. Of course, the competition isn’t just about getting all of the customers, these businesses are also competing for the staff. While there is no shortage of people looking for jobs in London, those who are most qualified for particular roles are the most desirable. Attractive new roles tend to catch the attention of these people and this can lead to their previous employer having to deal with replacing them.
In this article, we are going to look at how London business owners are tackling low staff retention rates in various ways. Keep reading to find out more.
Offering Rewards
One of the most important ways that London business owners are retaining their staff is by rewarding their team. It is really important that your team feel appreciated for the work that they do, otherwise, they might end up looking for another company that will do this for them. There are various ways to reward your team and this doesn’t have to involve giving them a pay rise or a promotion.
Some of the ways that your team can be rewarded include hosting team days out, giving them praise in front of others and hosting parties in the office. Try to find something that works for your team and this should show them that you appreciate them.
Changing Benefits
Employee benefits are a very important aspect of an employment package that is often overlooked. Many businesses set up their package when they first get started and then don’t think about it again. Of course, many staff members will end up moving on to a new role in a different company if they are not happy with the benefits that are on offer. This is why business owners in London are taking a closer look at their benefits and making some real changes.
This flexible benefits platform for your employees is great for giving them options when it comes to the benefits that you offer. If you want to keep your staff around for longer then you need to start thinking about this more carefully.
Creating Promotions
Finally, many London business owners are improving their staff retention rates by creating promotions, even when the position wasn’t there before. Many staff members end up moving on to a new position because of a lack of progression and often, it is clear that they have progressed as high as they can in a business. This is why creating new promotions and job roles within a business can work well and can help keep your staff around for longer.
Many people will appreciate a smaller pay rise if it also comes with a new job title. The job title and some extra responsibility show them that you trust them to do this job and it can keep them around for longer. This is a viable solution and one that you should consider.
Final Verdict
As you can see, London businesses are doing what they can to make sure that they are not losing their staff to competitors. It is important that you are looking after your own staff and encouraging them to stick around for longer.
If you are struggling with your own staff retention rates then you should make sure to consider everything that we have discussed in this article. Think about the benefits that you are currently offering and make some real changes. When you do, you’ll see an improvement in your staff retention rates in no time.
