Demystifying the Business Challenge of Retaining Staff Article Image

Demystifying the Business Challenge of Retaining Staff

Once you’ve found the right people, it’s essential to do everything you can to retain them.

It’s not always about salary – job satisfaction plays a huge part in overall morale. Creating a flexible working culture means that staff will feel appreciated, valued and more likely to remain motivated.

With the UK’s average job tenure sitting at around five years, replacing key staff can be disruptive and expensive to your operations. Aspen Waite looks at ways you can encourage staff retainment with training, empowerment and tax-efficient benefits.

Invest in Education and Training

Training staff can provide significant advantages to both the individual and the business. Employees benefit from their own personal and professional development, while the company gains from an increased pool of knowledge available. This may translate to a higher quality of work or create new avenues and customers. Training can be provided tax-free when certain conditions are met.

As someone who has spent much of his career training, I know first-hand the value of passing on knowledge, particularly to the next generation of workers.

Encourage Empowerment

There’s no doubt that staff who feel empowered and supported to make their own decisions have increased job satisfaction, taking ownership of their roles. Every person in any position should feel that they can make a difference, from the business development team to the customer services desk. Instil company values in your workforces’ day-to-day tasks, give them the opportunity to make decisions, and support them throughout.

Tax Efficient Employee Benefits

A great way to reward staff and boost morale, as well as save money is through the offer of a range of tax-efficient benefits. Salary sacrifice schemes can be attractive – employees give up pay to receive a benefit instead, which can be exempt from tax and NI.

Examples include the cycle to work scheme, childcare vouchers and technology. This saves the employer’s NI contributions as well as gives staff a range of perks to choose from. There are also several companies offering ‘perks’ to employees and taking some of the administrative burdens off you.

Communicate Vision and Expectations Clearly

Everyone should be working towards the same goal and understand why. When the workforce knows what is expected of them, and have goals to work towards, they are more likely to feel valued and appreciated.

Communicate directly and clearly what you require of them and listen to their feedback and concerns. Great employees naturally want to do the best job they can, but they also need to know what good looks like.

The workplace environment should also make staff feel secure in their jobs, and able to speak freely knowing they will be listened to and recognised for their contributions.

As part of the Complete Business Growth Service, Aspen Waite have the tools to help you take your business to the next level - contact us to see how we can help today.

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