When an employee leaves, estimates suggest it can cost you up to double their annual salary to replace them. So making an effort to keep the good people you have before they get restless is time and money well-spent.

Here are the components of a comprehensive employee retention strategy:

1 Share the organisation’s goals with all employees

When you share your organisation’s goals, values and vision with your people, they feel more connected. Nobody likes to be kept in the dark or ignored. Sharing is caring.

2 Connect their work to the organisational goals

Let employees know how their work assists the achievement of the organisation’s objectives. This will help them to understand how they can make a positive difference to the future.

3 Recognise and reward your employees

Employees feel more confident and valued when their best work is recognised and rewarded. Offering access to employee benefits, such as the Boost programme, is one way to do this.

4 Help your people to grow

Learning and development opportunities should be part of your employee retention strategy. They’re also great for business, because they increase your knowledge and skill base.

5 Keep remuneration up with the times

It’s important to pay your people in line with the current job market, especially during times of high inflation. Money is obviously an important part of remuneration, but extra benefits also play a part. For example, membership to Boost can be part of the package.

6 Always conduct an exit interview

An effective workforce retention strategy should include finding out why employees are leaving. Knowing what drove them away, or what attracted them to another position, helps you to adjust your work environment to retain good employees. Exit interviews are best done by a third-party contractor, or you might not get honest answers.