6 ways to stop your employees leaving

A panel of leaders share their tips for lowering churn during the current tough labour market.

by Orianna Rosa Royle

1. Collect data, not anecdotes

“People are resigning because their underlying needs and motivations are not being understood and therefore met. It should be basic business practice to assess your workforce for what motivates them.  In order to do this properly, you need to create an objective assessment framework, not collect anecdotes. Right now you should be paying special attention to how motivation and collaboration are affected by a distributed workforce. I'd suggest finding out quickly because if they're not leaving now, they will at some point in the future.”

- Mick Lock, head of product, The Chemistry Group

2. Offer share schemes

"A properly structured share plan should have both no immediate cash flow implications and act as an effective pair of golden handcuffs – the employee has to stay the course to benefit from the plan. If you’re able to grant qualifying EMI (Enterprise Management Incentive) options or use one of the other statutory tax-advantaged share schemes (TASS), you can provide employees with valuable rewards cost-effectively. Factoring in income tax, national insurance and corporation tax reliefs it can cost an employer as little as 90p to put £1.00 in an employee’s pocket. A cash bonus, by comparison, costs an employer up to £1.77 to give an employee £1.00 of net benefit."

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