The 4 Key Strategies to Improve Staff Retention in Your Business
What do all successful payment tech companies have in common?
The answer is high staff retention rates.
At Flow Financial & Technology, our job is finding the best payment tech candidates their ideal roles with you, our clients.
Because of this, we get to know what it is about specific positions and organisations that make talented employees want to look elsewhere.
We understand just how critical to every business’s growth plan employee retention is; especially now as we are in one of the most business-critical times in a generation. The Covid-19 pandemic has meant that having a talented and cohesive team is vital for banking and payment tech companies. Recruiting for a lost team member during a pandemic is something any hiring manager wants to avoid.
Moving forward, it is essential that you introduce strategies to keep staff retention high during the next year and beyond.
Today, we share four successful ways to do this.
1. Provide Clear Career Paths and Ongoing Training
It’s time to re-think your training and development plans for our post-Covid world.
What ‘post-Covid working’ will look like might take many more months to work out, but what you as an employer can do now is focus on providing your team with the training and development they want.
A survey by The Harris Poll found that a third of all employees who quit their jobs did so because of a lack of development.
The pandemic has caused huge shifts in the digital payments world. Many organisations have relied on their digital payment systems to get them through the virus outbreak. As this Raconteur article highlights, the companies that have invested heavily in digital and mobile technologies are thriving.
Digital payment employees need to be able to provide for clients in new ways, such as:
The ability to deal with increased volumes and changes in the way customers are using digital payments and apps.
Managing the risks and threats to security for both clients and customers.
Being aware of and driving resilience in digital payment operations.
Focus training your team on these skills that will be needed in the months and years to come. The better equipped they are to do their job, the happier they will be in their roles.
The companies who will struggle to retain employees are the ones that neglect training and development in this critical time.
2. Pinpoint Candidates Who Will Stay the Course
When an outstanding Restructuring Specialist approaches you about a job vacancy, it can be tempting to hire and onboard them right away.
But part of being a skilled hiring manager or recruiter is identifying the most valuable candidates, which means finding the ones who want to stay and grow with your company.
Without the help of an independent recruiter, it can be easy for hiring managers to be blindsided by candidates who seem keen, but then give their notice to move to a different company in a few months. Hiring a candidate who will leave within a few months pushes the ROI of your recruitment up; you spend more time and money, replacing them sooner than you had in mind.
Part of our job as recruiters is to get to know the candidates and understand what their short and long term career goals are. Consequently, we can make the most informed decision when it comes to presenting candidates to our clients.
During your recruitment process, take your time to get to know your candidates and build a meaningful relationship with them. The result of which is more informed recruiting decisions that will stop unwanted and surprise vacancies.
3. Unite Your Team
With Covid restrictions and remote working, many employees feel disconnected from their team, and their role; and is often the first step to becoming disengaged and eventually looking for a new position.
You must unite your team to avoid them feeling isolated, and there are a few ways you can do this.
Encourage social connections in your team. Besides the regular channels of communication, do you have a way for employees to get together socially? Maybe a weekly video call to talk about non-work related topics and to let off steam could work?
Additionally, while some of your employees may be working remotely, ensure that you engage your team in decision making. Give them autonomy over their roles, and this will encourage collaboration.
4. Be Prepared for Employee Turnover and Have a Contingency
While there are ways for all employers to look after their teams better to reduce employee turnover, part of being an excellent employer is understanding that some turnover is inevitable.
It’s about being smart and having a plan for when this happens, which means filling your talent pipeline.
What does your talent pipeline currently look like? If a key Credit Risk Manager was to leave, do you have a replacement in mind? Or would it be back to the drawing board with your recruitment?
Start working on your talent pipeline now to ensure you are prepared for any vacancies with the following strategies:
Work on your employer branding. An excellent employer brand is your no. 1 tool to attract top candidates interested in your vacancies. Be active on social media, share insightful and current industry blogs and reports, engage with your network.
Get stakeholders involved. When stakeholders understand the benefits of investing in your talent pipeline, it will gain more traction. Think about offering incentives for employee referrals, take more time in nurturing potential employees and take an audit of your recruitment process.
Think about every possible resource such as former employees, referred candidates, previous candidates and interns.
Retention Starts with Recruitment
Payment tech employers with high staff retention rates understand that it starts with recruitment.
Get your recruitment right, and you will reduce the risk of high turnover in the future.
To find out how we can help you get your recruitment strategy right, and reduce losing your ROI on recruitment, get in touch with us today.
Call us on +9714 442 0921 or email us here to start protecting your employee retention rates today.