8 Of The Best Employee Retention Strategies In 2023
According to recent reports it can cost on average 16-20% more to replace an employee over retaining one. Driven by recruitment fees, training costs and the time it takes to source the correct employee.
In 2023, the facility management (FM) industry faces fierce competition for top talent. As skilled professionals seek opportunities for growth and development, organisations must adopt effective employee retention strategies to keep their best employees on board. In this article, we will explore eight of the most impactful employee retention strategies that can help FM companies thrive in this competitive landscape.
- Show Them The Money
Let’s talk about compensation. Offering competitive salaries is a no-brainer. Show your employees some love with a competitive salary that makes them feel appreciated and valued. If they are thinking about leaving, the first thing they will do is jump onto a job site to see what’s available and compare salaries, so make sure you are competitive.
- It’s Not Just About The Money
Throw in some cool benefits like flexible work arrangements, health insurance, a day off for their birthday and performance-based bonuses. If you are working on a cost saving initiative for example, why not incentivise them by offering a percentage of the savings. It’s like a warm hug that says, “We care about you!”
- Growth Is The Name of the Game
Who doesn’t love a little career growth? Create a culture of development and growth within your FM company. Provide access to training programs, workshops, and industry relevant certifications. When employees see a clear path to climb the career ladder, they’ll be more motivated and stick around for the long haul.
- Give ‘Em a Shout-Out
Everyone likes to be recognised for their hard work. Implement an employee recognition program that celebrates achievements, big and small. A simple “great job” or a pat on the back goes a long way in making employees feel valued and appreciated.
- Happiness is Contagious
A positive work environment is the secret sauce for employee satisfaction. Encourage open communication, listen to employee feedback, and address concerns promptly. Carry out quarterly meetings with your teams asking for their input on any larger projects you are working on, or have them suggest some improvements and voice any challenges they are facing. Foster a culture of teamwork and camaraderie with team-building activities and social events. Happy employees make for a happy workplace!
- Balance is Key
Work-life balance is the holy grail of employee happiness. We all know the FM industry can be very stressful at times. Offer flexible work arrangements, remote options, and plenty of paid time off. A well-rested and balanced team is a productive team, after all.
- Engage Your Superstars
Engaged employees are like superstars for your FM company. Involve them in decision-making through regular meetings. Assign projects that ignite their passion and align with their skills. Engaged employees are loyal employees, and that’s a win-win!
- Feedback for Growth
Regular feedback is the magic ingredient for improvement. Offer constructive feedback to help your team grow and improve. But it’s not just about pointing out the flaws – don’t forget to celebrate their wins and successes. Make sure this is a two-way conversation and listen to what they have to say. The key is actioning any issues they have so they feel valued and listen to! Collaborate on development plans that map out their career journey within your FM company. When employees feel supported and invested in, they’ll be excited about their future with you.
In a nutshell, employee retention is all about showing your team some love and creating an environment where they can thrive and grow. With these fantastic strategies in your back pocket, you’ll be well on your way to building a dream team that’s ready to take on any challenge that comes your way in 2023 and beyond. So, let’s rock this year and keep the FM world shining bright!
Author
Charlie Bown
Ex Facility Manager, I feel your pain!
