Don’t leak staff – here’s how to retain staff

A tight job market means higher wages and relative ease for any qualified employee who wants to find a new position. Good news for workers, but not so good for employers. Losing staff costs time, money, and knowledge, it’s far better to invest in retaining staff, which is why the employment law experts at Citation HR have prepared this guide to maintain or increase the retention of your staff. 

According to the Australian Bureau of Statistics, 1.3 million people changed jobs during the year ending February 2022. That’s nearly one in 10 Australians. This was the highest rate of job mobility in ten years. 

Working for the same employer in the same role for many years isn’t the de facto career story it once was. The current Australian employment landscape sees staff retention rates dropping, with employees moving around different roles to suit their lifestyles and career aspirations. In recent years, some industries reported staff turnover rates as high as 40 per cent. 

Consider the costs of losing an existing employee and then onboarding someone new: 

• Recruitment costs (advertising the role and recruitment consultant fees); 
• Other staff members’ time spent in training new employees (this is usually done by a manager with a higher pay rate); 
• Reduced productivity of new employees as they settle in; 
• Cost of errors – unfortunately this is inevitable with new and inexperienced employees; and 
• The gap in business during the period between an employee’s resignation and the onboarding of a replacement. 

Because losing workers costs time, money, and knowledge and affects morale, it’s far better to invest in retaining staff, which is why the employment law experts at Citation HR have prepared this guide to maintain or increase the retention of your staff. 

Five practical tips to help your business retain staff

1. Ensure employee recognition

Recognising and rewarding employees for specific achievements and hard, consistent work is so important for not only retaining talented staff but also for increasing productivity in the workplace. It’s a fact that employees who feel their efforts are noticed and appreciated will remain motivated to continue their employment relationship with the business.

2. Loyalty and engagement go together

Building employee engagement is one thing, maintaining it is another. Disengaged employees are more likely to participate in quiet quitting and start the search for alternative employment than those who feel like they have a voice, and that their feedback is heard, appreciated, and actioned by the employer. One way to do this is via short, targeted surveys that aim to measure employee engagement on a regular basis.

3. Invest in career pathways and growth opportunities

As mentioned, most employees will start to look elsewhere for career advancement opportunities if they aren’t provided with any growth avenues at their current place of employment. Providing upskilling, training, and development, and having promotion opportunities in place will help to retain valuable employees.

4. Flexibility is the future

The last couple of years has shown us the importance of flexibility in the workplace and pushed us to explore alternative options for how we work. Being able to offer flexibility to employees, even something as simple as offering working from home or hybrid roles, can go a long way towards improving employee satisfaction.

5. Reduce burnout

Finally, burnout is a real problem not just in workplaces across Australia but around the globe. Putting strategies in place to prevent burnout, and being able to recognise warning signs and address them when it arises.  

If the issues in your workplace spill outside of staff retention and into problematic disputes, it’s a great idea to consult Citation HR before an FWO fine or grievance costs your company. 

The best part is your first consultation with Citation HR won’t cost anything. Schedule a complimentary advice and support chat in to see how we can best help your business here. 

If any information in this article has raised any questions about workplace culture and staff retention or you have another matter you need advice on, please reach out to our experts via our 24/7 Advice Line.