Published on 31/03/2008

It has been estimated that the financial cost of losing a productive employee is comparable to more than one year's salary.Is it any wonder then, that employer's are realising the importance of not only attracting suitable candidates, but implementing strategies to retain them.In today's candidate short market, it is more important now than ever, to look at your employee's needs and expectations.This will assist you in devising a definitive plan that helps ensure they feel valued and consider you an Employer of Choice.

cont.1

I'm sure by now you have seen the trend in salary increases and read articles on some of the demands employees are making. If your first thoughts on reading this, are the costs involved in keeping your staff and the lengths you may have to go to; stop for a moment to consider this: What is the cost of not being able to operate due to a lack of suitable staff?

Retention is not just a money matter. When staff spend approximately 50% of their waking hours at work, is it any wonder that they want to be in a fun, positive environment where they are valued for the contributions they make? Now is the time to think creatively about both the monetary and non-monetary ways you can reward your staff for their loyalty, performance and ability.

The question on everyone's lips seems to be: "How do I minimise staff turnover?" This question is particularly pertinent to the Employment Services and VET sectors where attrition rates are so high.The first step we need to take is to identify reasons why people leave.

Managers – "people don't leave a job, they leave their Manager" has often been said.Whilst this is certainly not always the case, an employee's direct Manager also has an impact on some or all of the following additional reasons people leave.

Lack of Career Progression / Development
Culture
Unrealistic Targets
Lack of Training or Personal Development
Inflexible regarding Work Hours, Environment and Structure
Feeling Underappreciated

cont.2

Employers of Choice are not only aware of these areas, but are proactive in their approach to retaining staff from the beginning of the process through to completion. They understand the importance of attracting and recruiting the right staff. Here at Marker Consulting, all staff have previously worked in Employment Services or the VET sector and understand the complex requirements of this industry and the importance of finding the right cultural and environmental fit. As such we are happy to work closely with you to identify talented and experienced staff that will assist you in reaching your business goals.

The Exit Interview can also be a valuable tool to identify any areas for improvement to retain quality staff. It is about making your internal customers i.e. your staff, feel just as valued as you make your external customers feel. A great way you can do this, is by listening to their feedback and implementing positive change.

With terms like "Work/Life balance" and "cultural fit" seemingly becoming part of our vernacular, what can you do to stand out from every other employer that is looking to gain staff buy in?

The main aim of staff retention is to create an environment that engages high performing, quality staff for the long term and making them feel valued. Listed on the next page are some ideas you may like to consider when developing your staff retention strategy:

cont.3

Monetary

Non-Monetary

Competitive salaries and/or salary packaging options
Additional paid Annual Leave
Paid Parental Leave
Bonuses and uncapped incentives
Holidays or vouchers
Additional Superannuation contributions
Health and fitness schemes – gym memberships, personal trainers
Team meals
Rewards for longevity
Investing time and money in to staff training that matches both their personal and professional goals
Identifying and rewarding high achieving staff

Career Progression
Professional Development plans that are actually implemented
Delivering on promises
Implementation of staff ideas
Job sharing
Flexible working hours
Casual dress days
Treating staff as Associates
Recognising specific examples rather than providing generic feedback that staff are "doing well"
Clearly identify succession planning in consultation with staff
Employee Assistance Program (EAP)

This is a chance for you to establish a positive, fun culture where your staff will thrive, resulting in increased productivity and profits. It is paramount that your retention strategy is something you truly can carryout. With your competitors fighting to gain great staff, here is your chance to set yourself ahead of the pack and clearly outline how you plan on recognising and rewarding great staff and celebrating their success!