Ensuring your business has good staff retention and the ability to attract the right staff in the first place, requires effective measures and careful management.
In the absence of such measures your business will miss opportunities to optimise its productivity and performance.
Statistics and anecdotal evidence both point to a significant cost incurred each time a business loses a member of staff.
When analysing staff resignation from a ‘bottom-line’ perspective, the costs include:
Looking at the indirect costs, your business is also faced with:
JP Smith will assist your business to be an employer that:
Our consultants start with a brief analysis of your current actions to retain staff and work to identify further effective options suitable to your business and which will truly work for your staff.
The best way to know if your staff are happy is to ask them. Find out what you are doing right and what you can do better or differently – these questions provide the basis for strategies to ensure staff retention is a reality in your business.
Staff will not always offer frank opinions when dealing directly with you or your management team. This is where JP Smith comes in. We conduct objective and confidential staff surveys with your entire team. Your team can provide feedback secure in the knowledge their answers will not have a negative impact on them personally – it is not that you would use a survey against a staff member, but there is an unfortunate stigma attached to giving direct feedback when it could be seen as critical or negative of the business. For that reason it can be beneficial to offer the safety of a third party conducting the surveys and ensure accurate information is obtained.
The outcome for your business is direct knowledge on where to focus your efforts and costs and the ability to maintain high morale within your staff.
JP Smith surveys focus on a range of topics including:
This information gained can be further supported through exit interviews (see below).
Depending on the results of the survey, you may wish to revise your induction process, performance management, remuneration structure or benefits.
The best way to conduct these surveys depends on the geography, logistics and number of employees in your business. We will work with you to use a system that maximises the outcome for you.
According to recent research, benefits are a popular way for organisations to improve their staff retention.
There is no limit to the benefits you might offer – it could be as simple as rostered days off, facilitating novated leases, flexible hours, work from home arrangements, additional superannuation payments and so on. Sometimes, some outside-of-the-norm benefits might suit your staff. Businesses have offered benefits such as gym memberships and training that helps both the business and the person receiving it (such as flight training), in some cases.
Looking at staff benefits at the same time as a staff perception survey means that you can direct the research and spending into areas your staff will truly value.
After the initial survey, JP Smith can help you work to evaluate potential employee benefit offerings to ensure a cost effective balance is achieved.
This service involves analysing costs vs. benefits to your business, recommending providers (if needed), and creating employee awareness packages to ensure your staff know and appreciate how generous you are being.
An often undervalued tool is the Exit Interview. Many businesses underestimate the value to be gained from asking the right questions of an employee as they prepare to move on.
Essential qualities of exit data include:
JP Smith’s Exit Interviews can be utilised as an ongoing service or alternatively, from the approach of a trouble-shooting project to evaluate a sudden decline in staff retention.
If you would like any additional information regarding any of our services mentioned above, please contact us on 07 4659 7400 as soon as possible.