7 Ways to Invest in Employees and Reduce Turnover

As every business owner knows, people are their most valuable asset. Talented, hardworking employees can drive businesses forward, even when the economic picture is gloomy. But according to some analysts, there’s a change afoot in the UK workforce. One that threatens to take valued workers away from businesses if they don’t act fast.

The “Great Resignation 2.0”, as it’s being called, is predicted for Q4 of 2023. A time when up to 20% of the UK workforce will look to move on to pastures new. The good news is that this is not inevitable. Here are seven ways you can invest in your employees and reduce staff turnover.

1. Listen to Them

Your management team can brainstorm ways to invest in employees til they’re blue in the face, but if they don’t listen to the workers, they’re unlikely to hit the mark. We may assume that everyone wants more pay–and no one will ever turn that down. But if you talk to them or survey your employees, you may discover small changes that would mean everything to them.

2. Support Work/Life Balance

Helping your team members achieve a great work/life balance isn’t just good for them; it’s good for business. Some countries, like France, have enshrined this in legislation, but in reality, it’s something that all good employers naturally want to do.

Out of respect for their workers, they give them the space to enjoy their personal lives. They also realise they’re more likely to come back into work bright-eyed and bushy-tailed on Monday morning if they do.

Every business will achieve this in different ways, but flexible working arrangements are a popular solution. Allowing employees the flexibility to start early, work late, or move hours around can make modern life and work much more compatible. Hybrid working is another option that could keep your employees happy and motivated.

3. Train Them

Training may be one of the most obvious ways to invest in your employees, but it’s still often overlooked. It’s important to realise that training isn’t just about job progression. Some people are happy to stay in the same roles long-term and are not looking to take on more responsibility. Training is about helping them to do their jobs better, which not only benefits the company but also gives them greater job satisfaction.

Training also helps you to be more agile. When you face the inevitable employee sickness or holiday cover, more of your staff can fill the breach because they have the skills to do it. Training can come in many forms and is not just limited to external courses. Mentoring and coaching are great ways to share the skills employees have with each other.

4. Encourage Growth

While some people are happy to stay put, others need to grow and fulfil career goals to be truly satisfied. The way to reduce employee turnover is to ensure that they can grow in their roles. As they progress, delegate more responsibility and reward them accordingly.

You can achieve this by creating a growth plan for each employee. This could include:

• Training needs analysis
• Identify key skills to develop
• Create a realistic action plan together
• Provide the training and support to achieve the agreed goals

Ensure that the goals you set are measurable so there’s a sense of achievement when they are met.

Having a growth plan is a great start, but monitoring it is essential. Schedule regular catch-ups to review progress. If growth begins to falter, don’t quickly give up on your employee. It may take a few courageous conversations, but it’s worth it to identify and address the difficulty.

5. Provide Fair Compensation

In most surveys, getting a better salary is the number one reason people are looking for a new employer. If you fail to keep pace with your competitors, your best talent may get poached.

It’s not all about take-home pay. Depending on the makeup of your workforce, childcare services, free meals, discounted gym memberships, and other perks may be enough to sweeten the deal.

6. Prioritise Mental Health

The discussion around mental health is more open and productive than it has ever been before. There are a number of things that employers can do to support good mental health in the workplace.

A few simple tips include:

• Engender a culture of openness and inclusivity at work
• Provide training for all employees, including managers, in navigating mental health issues
• Implement a robust mental health policy and ensure everyone understands their obligations
• Talk to each individual employee about sustainable ways of working for them

It takes a team approach to create a great environment where everyone can enjoy the best mental health possible. The design of your office space can also support this goal.

7. Create a Great Working Environment

Offices can be uplifting or downright depressing. If your office is still stuck in a nineties rhapsody of beige, it’s time to make a change. The right colours can lift the mood and breathe life into tired workspaces.

Another consideration is places for employees to rest. Somewhere comfortable to take a break, have a bite to eat, or catch up with a colleague. If you can fit one in, a kitchen area is also often appreciated–as long as it’s kept clean.

Soundproof office pods are another welcome addition to any office. These small but perfectly formed acoustic oases are the perfect place to get your head down away from the sounds of the office.

Invest in Your Employees with Office Pods

Most British employees turn up each day wanting to give their best and help their company succeed. Reward your employees for their hard work and dedication by giving them quiet places to head for. Little sanctuaries of calm where they can take a deep dive into concentrated work.

Soundbox Store’s range of office pods is just the ticket. Why not invest in a few office phone pod - solos? These plug-and-play units are perfect when your employees need a period of solitude and silence. Throw in a couple of meeting pods, and small teams can get together in peace. They provide comfortable seating, ventilation, and complete confidentiality, with no sound coming in or going out.