Many of us know that a company is only as good as its people, which is why we work hard to retain the talent that we’ve worked so hard to attract. For lots of businesses, this means providing our employees with perks – team outings, fancy lunches, after-work drinks etc.
And those tactics do work…for a time. But after the glitz fades and employees are no longer ‘wowed’ by the freebies and treats, companies are still faced with less-than-ideal retention rates – and a hefty bill.
That’s why it’s so crucial for employers, managers and HR teams to invest in the right talent retention strategies. Not only does it boost that all-important ROI, it creates a workforce that is passionately committed to the business they work for.
Here are the key strategies that you need to employ in order to retain top talent, sustainably.
Remember that retention starts with recruitment
In order to retain the top talent, your first need to ensure that you attract the best people for the job. Of course, a huge part of this involves looking at your hiring processes and making sure that you advertise your jobs correctly, taking time to interview candidates thoroughly in order to make the best decision possible.
However, there’s another crucial strategy which has wider-reaching and longer-lasting benefits: creating an inclusive workplace. The importance of scrutinising our own employee support frameworks can’t be overstated – equal opportunities are vital to talent acquisition and retention.
Providing childcare benefits and flexible working solutions is essential if employers are to hire the people who are best for the job. Women in particular need to feel confident that if they were to decide to have children, their employer would support them with their caring responsibilities and enable their productivity.
If employers fail to do so, they’re likely to miss out on a huge swath of potential talent as women will be less likely to apply there in the first place.
Reduce Employee Pain
It’s certainly not the most glamorous of approaches, but it is the most effective. We all know that what our employees want most is to work in an environment where they feel supported, productive and valued. Free beer and table tennis are great, but there’s nothing quite like some help with childcare so that you’re not stressing about pickups or bathtimes the moment the clock strikes 4.
As businesses, we need to identify our employees’ pain points and then proactively offer them tailored solutions that address their specific needs. Whether it’s an employee wellness initiative or some annual childcare credit, it’s important to tackle the issues that matter most to them, rather than providing them with perks that sound great but have limited impact.
Be a brand that people can be proud of
As well as offering solutions to the practical difficulties that your employees face, it’s also important to create a wider company culture that engenders their loyalty. D&I and CSR initiatives are one great way of doing this – not only are they measures upon which your company will be judged externally, but they also signal to your employees the kinds of values that your brand represents.
There are several pragmatic steps that employers can take to engender a more supportive and inclusive company culture. Signalling to employees that they will not be penalised for taking maternity or paternity leave, or other breaks in their career, is hugely important in creating a stress-free environment for female employees in particular.
As well as removing the stigma of career breaks, it’s also vital to offer practical childcare solutions that will be taken up by staff. This looks like flexible, on-demand childcare that is available for parents whenever they need it – recognising that childcare is an intensely personal decision and that parents need to feel totally comfortable with the person taking care of their children.
Bubble boosts talent retention
Unlike many corporate childcare solutions, Bubble gives your employees total control over what childcare they book and when. Parents can book the nanny or babysitter that fits their family’s needs, and can get one-off emergency care or more regular help. The app provides parents with flexible, trusted childcare to ensure their peace of mind while they work, either in the office or at home. If you’re interested in making the most of your workforce and incentivising them to stay, get in touch with us here and we’ll be in contact shortly.