{"id":42107,"date":"2021-07-30T14:29:45","date_gmt":"2021-07-30T18:29:45","guid":{"rendered":"https:\/\/www.andysowards.com\/blog\/?p=42107"},"modified":"2024-09-23T12:49:04","modified_gmt":"2024-09-23T16:49:04","slug":"5-employee-retention-strategies-that-really-work","status":"publish","type":"post","link":"https:\/\/www.andysowards.com\/blog\/2021\/5-employee-retention-strategies-that-really-work\/","title":{"rendered":"5 Employee Retention Strategies that Really Work"},"content":{"rendered":"\n<p><strong>A business model that prioritises employee retention rates can\u2019t be beaten, so how can you ensure your staff stick around? Here are some ideas\u2026<\/strong><\/p>\n\n\n\n<p>In today\u2019s world, profits and domineering bosses are a thing of the past. Now, people are looking to work for companies where they feel valued as part of a team, and are rewarded for their hard work.<\/p>\n\n\n\n<p>That said, not every company gets it right. Little do they know that there are five very simple ways you, as a company owner, could boost your employee retention rates.<\/p>\n\n\n\n<p>From seeking <a href=\"https:\/\/www.rm2.co.uk\/employee-ownership\/\" target=\"_blank\" rel=\"noreferrer noopener\">employee ownership advice<\/a> to make your company employee owned, to investing in your employees through training, there are plenty of ways to retain your staff. In this article, we\u2019re going to take you through five of the best methods any business owner can use to keep their employees around for the long-haul. Take a look\u2026<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Consider Employee Ownership<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.entrepreneur.com\/article\/293893\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" width=\"700\" height=\"350\" data-src=\"https:\/\/www.andysowards.com\/blog\/assets\/How-to-Transition-to-Employee-Ownership.jpeg\" alt=\"\" class=\"wp-image-42109 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 700px; --smush-placeholder-aspect-ratio: 700\/350;\" \/><\/a><figcaption class=\"wp-element-caption\">How to Transition to Employee Ownership<\/figcaption><\/figure>\n\n\n\n<p>Employee share ownership (ESOP) is a business model wherein some, or all, of the company is owned by employees. This can be achieved through a number of different methods and types, including:<\/p>\n\n\n\n<ul>\n<li><strong>Individual Share Ownership:<\/strong> where employees individually own company shares through buying them, being gifted them, or an alternative means. They\u2019re usually subject to income tax and National Insurance.<\/li>\n\n\n\n<li><strong>Trust Ownership:<\/strong> the company owner sets up an Employee Ownership Trust (EOT), and shareholders must sell between 51 and 100 percent of the company to the EOT. Employees are then allowed to get involved.<\/li>\n\n\n\n<li><strong>A mixture of the two: <\/strong>alternatively, a company may choose to provide employee ownership through a mixture of both options. In this case, the EOT should obtain over 50 percent of the business to maintain major control.<\/li>\n<\/ul>\n\n\n\n<p>In a model like this, employees have a direct stake in the company finances and successes. But why is this such a successful strategy?<\/p>\n\n\n\n<p>Well, for starters, employees having a stake in the company means they\u2019re much more likely to do the best job they possibly can. What\u2019s more, it can really build the company culture, as it encourages staff to get stuck in with company decisions and ideas.<\/p>\n\n\n\n<p>In fact, numerous companies have tried this out, and have received marvellous results. For example, <a href=\"https:\/\/www.johnlewispartnership.co.uk\/work\/employee-ownership.html\" target=\"_blank\" rel=\"noreferrer noopener\">John Lewis<\/a> is employee-owned by over 200,000 staff members. On the matter, the company has said that the team are \u201cunited by an ethos that puts people first, involving the workforce in key decision-making and realising the potential and commitment of their employees.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. An Open and Honest Company Culture<\/h3>\n\n\n\n<p>As a company owner, you might be a little cautious to expose all your company secrets, and this might be detrimental to the business in some ways. However, striving to be as open and honest with your team as possible could really work in your favour.<\/p>\n\n\n\n<p>For example, many companies keep staff unaware about company finances. That said, involving your staff in this aspect of the business, and giving them the chance to have their say, could benefit the company greatly.<\/p>\n\n\n\n<p>For starters, your team may have ideas and thoughts that you might not have come up with yourself. It\u2019s never a bad thing to get the wider team perspective in terms of company decisions. More importantly, though, it creates a sense of unity between employees, and makes them feel like a trusted and valued member of something bigger then themselves.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Invest in Your Employees<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.andysowards.com\/blog\/2018\/best-version-employee-best-ways-invest-employees-knowledge\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" data-src=\"https:\/\/www.andysowards.com\/blog\/assets\/5-tips-for-successful-small-business-employee-training.jpg\" alt=\"\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" style=\"--smush-placeholder-width: 960px; --smush-placeholder-aspect-ratio: 960\/640;\" \/><\/a><figcaption class=\"wp-element-caption\">The Best Version Of An Employee: What Are The Best Ways To Invest In Your Employees\u2019 Knowledge?<\/figcaption><\/figure>\n\n\n\n<p>Investing in your employees is a fool proof method of retaining staff, keeping them around for the long-haul. This can be done in a great number of ways.<\/p>\n\n\n\n<p>One of the main methods of investment is staff training. Paying for your staff to attend events and webinars to upskill has many benefits, the first being improving staff expertise and skill level, and hopefully their work efficiency. That said, it also has the added benefit of making staff feel valued and wanted, which creates a loyal and hardworking team.<\/p>\n\n\n\n<p>Some other great <a href=\"https:\/\/wheniwork.com\/blog\/reduce-employee-turnover\" target=\"_blank\" rel=\"noreferrer noopener\">ideas for investing in your employees<\/a> include:<\/p>\n\n\n\n<ul>\n<li>Prioritising work\/life balance<\/li>\n\n\n\n<li>Providing commission<\/li>\n\n\n\n<li>Investing in functional equipment, like laptops and supportive office chairs<\/li>\n\n\n\n<li>Purchasing all the tools and systems required to complete jobs effectively<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">4. Treating Your Staff Once in a While<\/h3>\n\n\n\n<p>Investing in your employees in the workplace is one thing, but investing in the team outside of the work environment also has many benefits. To do this, you could treat your employees to food, drink, and team parties every so often. Moods and productivity are definitely improved after say, a <a href=\"https:\/\/paradisoburger.com\/bottomless-brunch\/\" target=\"_blank\" rel=\"noreferrer noopener\">bottomless brunch in London<\/a>.<\/p>\n\n\n\n<p>Again, this demonstrates to your employees that they\u2019re valued. It also provides them with the opportunity to enjoy one another\u2019s company, helping to build a supportive and connected team that can work together seamlessly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Having Great Company Benefits<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.entrepreneur.com\/article\/344591\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" width=\"700\" height=\"350\" data-src=\"https:\/\/www.andysowards.com\/blog\/assets\/5-Benefits-All-Startups-Should-Offer-in-2020.jpeg\" alt=\"\" class=\"wp-image-42110 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 700px; --smush-placeholder-aspect-ratio: 700\/350;\" \/><\/a><figcaption class=\"wp-element-caption\">5 Benefits All Startups Should Offer in 2020<\/figcaption><\/figure>\n\n\n\n<p>These days, so many companies tout their \u201cexcellent staff benefits\u201d yet, on looking at these benefits, they are pretty basic. 25 days holiday and a pension is not unique, and should not be deemed a company selling point.<\/p>\n\n\n\n<p>Instead, you should work to make your company benefits unique, and actually something that go above and beyond for their employees. Some examples of ways you could really treat your team could include:<\/p>\n\n\n\n<ul>\n<li>Bonuses at the end of the year for hard work<\/li>\n\n\n\n<li>A pension contribution that exceeds the norm<\/li>\n\n\n\n<li>Charity days to take off work for volunteering<\/li>\n\n\n\n<li>Health insurance<\/li>\n\n\n\n<li>Dental insurance<\/li>\n\n\n\n<li>Extended sick leave<\/li>\n\n\n\n<li>Team events<\/li>\n<\/ul>\n\n\n\n<p>These are just some of the ideas you could look into. You could even consider asking your staff what they\u2019d like as part of the staff benefits to make it more personal to them.<\/p>\n\n\n\n<p>In doing so, you\u2019re making it clear that your employees are truly valued. This way, you should be able to retain those you already have, and entice more top talent through your doors too.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Ready to Boost Your Employee Retention Rates?<\/h2>\n\n\n\n<p>As you can see, these are five very simple yet very effective methods to keep your valued staff members around for longer. All it takes is some investment in time and money to create a long-lasting team that are loyal and care about your business.<\/p>\n\n\n\n<p>Do you have any more ideas for ways businesses can improve employee retention? Be sure to leave them in the comments down below.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A business model that prioritises employee retention rates can\u2019t be beaten, so how can you ensure your staff stick around? Here are some ideas\u2026 In today\u2019s world, profits and domineering<\/p>\n","protected":false},"author":1,"featured_media":42110,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[109,5695,7232],"tags":[5891,7400,9510,664,14554,6000,5974,988,1067,14553,11661,7804,11687,13635,14556,12441,11454],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Employee Retention Strategies that Really Work<\/title>\n<meta name=\"description\" content=\"A business model that prioritises employee retention rates can\u2019t be beaten, so how can you ensure your staff stick around? 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