A high rate of staff turnover is a serious issue for many businesses. There are many disadvantages to regularly losing staff members. It can disrupt the continuity of your customer service, wastes time and resources on retraining, and often brings about significant recruitment costs to your business.
There is no question that it is in your best interests to retain talented people. So what can you do to make continuing employment with your business a more attractive option?
Offering staff the possibility of career progression is important, because in general the more talented the employee, the more ambitious they will be. Getting remuneration packages right is also key to retaining staff. You should always try to be aware of what constitutes a competitive salary package, and reimburse staff accordingly.
If a staff member asks you for a pay rise, it is normal to be hesitant. However, you should seriously consider what additional costs you may incur if you lose this employee, as it may actually be in your best financial interests to give them that little bit extra.