At HJS Accountants we can advise businesses in the Southampton area on many aspects of business life. Here are some ideas for reducing staff turnover...

Finding and training new employees can be a disruptive, costly and risky process, so reducing staff-turnover is a priority for many businesses. But how can you encourage your current staff to stay with the company without causing too much damage to your bottom line?

Here are some strategies to help you keep your staff, and your profit:

1. Offer non-financial rewards
There are ways to reward staff other than just pay rises and bonuses. You might publicly reward achievements with presentations and prizes such as a meal at a good restaurant, or offer other 'perks' like a bonus day off for a special occasion or even healthcare 'freebies'. Free flu jabs for everyone in the company, for example, might save you more than their cost in reduced absenteeism.
2. Know your staff
Ensure that your employees understand their role and are capable of fulfilling it, and that they are given the opportunity to use their individual talents to full advantage. Find out what their ambitions are, and seek to help them achieve these with your company.
3. Take training seriously
Devise a detailed staff development plan. As well as providing employees with up-to-date skills, this also has the benefit of maintaining interest levels, thereby increasing productivity. Applying for status as an Investor in People could help you to achieve your business goals and improve your company's image, internally and externally.
4. Actively encourage communication
This is a key factor in creating a positive and productive working environment. Research shows that employees who feel that their input is valued are more likely to demonstrate loyalty. Be open about the company's goals and welcome ideas from staff. Regular staff meetings and appraisals will provide you with useful feedback on your policies and training programmes. This is free, easy to implement and will help your profitability.
5. Promote from within
Promoting staff internally is cost-effective, and will encourage your best performers to remain loyal, knowing that there are opportunities to progress within your company.
6. Create a comfortable environment
Comfort in the workplace should not be an optional extra. If you want people to enjoy coming into work, make sure that the office or workplace is at an appropriate temperature and that comfortable seating and good lighting and other facilities are provided.
7. Be flexible
Try to accommodate the needs of your workers. Show that you have a positive approach to diversity in your workforce, including issues of age, race, gender, and parental obligations. A flexible attitude to working hours will also discourage absenteeism and discourage staff from looking around for an alternative employer who will better meet their work-life balance requirements.

Links

Investors in People
www.investorsinpeople.co.uk

The national Standard which sets a level of good practice for training and development of employees.

WorldSkills UK
www.worldskillsuk.org

Independent charitable organisation promoting occupational skills at all levels through various competitions.

If you are in the Southampton area and are looking for support and advice from a team of professional accountants and business advisers, contact HJS Accountants.

Southampton Office

12-14 Carlton Place
Southampton
Hampshire
SO15 2EA

Tel: 02380 234 222

Winchester Office

6 Charlecote Mews
Staple Gardens
Winchester
SO23 8SR

Tel: 01962 842000

Reading Office

3 Richfield Place
Richfield Avenue
Reading, Berkshire
RG1 8EQ

Tel: 0118 9511 115

London Office

90 Long Acre
Covent Garden
London
WC2E 9RZ

Tel: 0203 470 0777