People rarely begin their jobs feeling unhappy. It is a slow and steady decline that is preventable with the right measures. What would be the difference if employers made it their mission to keep their employees as happy and engaged as they were in their first week on the job? Retention obviously – and profitability.

Successful companies consistently track profitability and productivity, but they often forget one of the most important aspects of their organisation: their people. Attrition of employees can have crippling financial implications for a business. Research reveals the cost of losi

ng an employee is a staggering 33% of their annual salary, when placement fees, training and lost productivity are taken into account.

Here is a 6 Step Action Plan to Developing and launching a successful employee retention strategy for your business:-

1. Identify the Pain

You know there’s good pain and bad pain? Some pain is good as it puts us in discomfort and moves us to action. But where there is consistent pain that you do not have control of, that just wears you down. For a retention strategy to be truly effective, an employer must tailor their culture and initiatives to their unique workforce, and identify the key pain points in each department, and across departments, to discover what issues matter most to your employees, and what are the primary attrition drivers, so you can develop and launch targeted initiatives. Undertaking exit interviews, reviewing and sharing them to the wider team is also a valuable resource.

2. Develop

A retention strategy does not need to involve costly expenditures. It can be smart, small and yet have big impact. Once you’ve identified the primary attrition drivers, assemble a team across different departments and levels of the organisation and collaborate on solutions. This is not a blame - fest, it is solution oriented and requires managers with a high level of emotional intelligence to find solutions, including those that have the decision - making capabilities to ensure that the solutions proposed are realistic. It will require time and commitment.

3. Resource

Develop resources that will support the initiatives. This will include a communication plan, producing materials in support of them and a budget. Ensure initiatives, conditions, terms and conditions are clearly defined and easy to understand.

4. Align

Any change requires a plan, but first, you need the leadership team to understand why the changes are being made in light of the research, and be willing to adjust their attitudes and processes accordingly. The benefits are employee forcused (for the purpose of retention) and will offer perks and benefits, however it is equally important, that they understand the benefits to the business. When they know why, how it impacts the bottom line, and what facts are involved, it is more likely that they will understand, adopt and promote what support, guidance and opportunities are being offered to employees to build loyalty and commitment.

5. Communicate

Your employees not only need to know and understand what is being offered: career pathways, employee awards, employee performance rewards, opportunities for ideas or influence; paid study, employee lifestyle, health or recreational or mental health support; coaching or mentoring, feedback opportunities. What is being offered to employees or extended family. They also need easy access to what is being offered. Change the company culture to include ongoing exposure, promotion and genuine engagement in the offerings. With open two - way communication, continuous feedback, review and exposure, these changes will become ingrained in our culture and eventually employees will market them on your behalf.

6. Refine, Rinse and Repeat

It is not enough to say the benefits are available, you are after engagement, with the intention to provide employees with the environment they need to grow and thrive and improve retention.

Develop a process to seek regular feedback and repeat. Check in regularly with your employees to find out how

they are feeling and responding to your retention initiatives. What’s working and what’s not? Which Managers

are supporting and enrolling their teams. Address issues and non - compliance with the objectives. What small tweaks could be made that will improve happiness and retention.

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