How to retain staff without hurting your bottom line
Tools & Resources
Key learnings
- When considering retention strategies for your staff, you'll need to start with your figures and apply some scenarios to ensure you don't overstretch your finances.
- Balance the prospect of increasing your staff retention costs with the potential for losing valued team members and incurring £11,000 costs for each new hire.
- Consider raising prices to fund your rising costs - most customers are accepting of small increases in the current climate.
- Communicate with your staff, maintain their loyalty with non-financial incentives and manage their expectations around pay increases and bonuses so they don't become taken for granted.
Sign in to hear from Stuart Clark, Managing Director of Russell and Russell, as he explains how companies can help their employees with these cost saving tips.
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