Pay rises aren’t everything. How to improve retention and morale in other ways

Apr 13, 2021 12:14:08 PM

Staff retention is a vital part of running a successful business. So why is it rarely a top priority?

Possibly because your focus is on boosting sales, launching new products, and constantly meeting customer expectations. But let’s take a moment to remember that a business’s most valuable asset is its people.

That’s right. Not its products, investors or customers. Its people.

The effort you put into staff retention is certainly worth it. According to research, the average cost to replace an employee is up to £12,000 – a cost well worth avoiding. 

Most business leaders recognise that the key to staff retention is ensuring employees feel valued and happy in their roles. And the truth is, you can’t afford not to focus on workplace engagement and morale.

Pay rises are good. But they’re not everything

We’re not going to tell you that pay rises don’t work. In plenty of cases they are an effective way to keep bums on seats.

But look a little deeper and you realise pay rises aren’t everything. They rarely get to the heart of an issue, only offer a short-term fix, and we all know money can’t buy happiness. Plus, a salary is probably not the only reason why people want to work for you.

There are other ways to improve retention and morale. Being totally transparent, checking in with employees on a regular basis and taking the time to listen are all good places to start.

5 tips on how to boost retention

When staff feel positive, morale is high – and so is productivity, collaboration and retention. But keeping morale high among your team isn’t always clear cut.

Here are five tips on how to boost employee morale and keep staff motivated.

  1. Communicate openly

Make sure you keep staff in the loop at all times. This requires continuous communication about everything from performance updates to customer feedback. Talk about issues that are important to your employees and give them opportunities to talk about their goals and any roadblocks they might be facing. Remember, your staff are humans with hopes, fears and feelings. Listen to what they have to say, gather their feedback, and keep the conversation going.

  1. Give employees recognition

When employees feel appreciated, the world really is your oyster. Focus on the positives and celebrate their successes. Taking the time to recognise employee achievements will bring joy to the workplace and boost employee morale. Knowing that hard work is acknowledged can help raise productivity and create a happier work environment.

  1. Allow employee growth and development

Everyone wants to grow and be challenged – no one wants to feel like they're drifting aimlessly. But employee growth doesn’t just have to be a job promotion. It could be giving staff a new goal to work towards, encouraging them to enrol on a course, or allowing them to focus on a project they feel passionate about. Whatever the development opportunity, it will allow them to expand their skill set and give them a new lease of life.

  1. Inject some fun into the workplace

There’s a lot to be said for a workplace full of laughter, so why not make the workplace more fun? Surprise your staff by giving them the occasional Friday afternoon off, organise an away day they will enjoy, or provide lunch one day a week. It’s amazing what a few employee incentives can do.

  1. Provide the right resources

Take the stress out of making morale a key priority by investing in an employee wellbeing app. Skye Connect is an all-in-one wellbeing package for employee engagement that gives your staff access to a range of benefits and keeps morale high.

Employees can enjoy 24/7 access to an online doctor, a range of perks and retail discounts, and wellbeing support and advice. The result? Higher staff engagement, productivity and retention.

To find out more or request a free demo, get in touch with the team today. 

 

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If you’d like to talk to us or find out more about Skye Wellbeing, we’d be delighted to help. To arrange a chat, just send us your details and we’ll be back in touch.

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