The Australian Human Resources Institute released a study which concluded that staff retention is at an all-time high. The survey, based on 561 respondents revealed that the average turnover rate of 13% for the past 12 months is a significant improvement compared to the 18.5% recorded five years ago. The research indicated that Australians are happier in their jobs and as a result, are staying longer in their roles.
How does a company cultivate a culture that retains their employees? Sydney-based IT systems provider Benchmark LMS, like many successful companies, have developed a unique set of strategies to help companies motivate and educate their staff, to ultimately retain them long-term.
Benchmark LMS’s unique recognition systemcan be summarised in the following three strategies that businesses of any size can implement to benefit their workplace culture:
- Encourage ownership. “You’ve got to get employees to feel that they own the place, not just work there,” Karsten Strauss wrote in his Forbes article ’7 Ways to Keep Your Employees Happy (And Working Really Hard)’. “One way to inspire that feeling is to have each member of a team become familiar with what other team members are doing, allowing them to bring their ideas for improvement to the table and have input in the whole process.” By encouraging staff to feel as though they ‘own’ their work, they are likely to take pride in the outcome and perform better.
- Keep employees informed. “Things that managers take for common knowledge about how things are going or what challenges are down the road or what new products are coming… they often don’t take the time to share that with their employees,” Prof. Leonard J. Glick from Boston’s Northeastern University told Forbes. When a company keeps their employees informed, they’re communicating that they are a part of the process, not just cogs in the wheel. In this, employees are more likely to stay loyal to their company because they feel valued and respected.
- Track and reward progress. Benchmark LMS provides customised software systems for businesses and education institutions to track their employees and students’ progress. Through collating this information, companies are able to recognise high achievers and earmark those who are improving. The ability to access tangible measures of success (such as figures) is integral to a company retaining their staff. Benchmark LMS’ unique recognition system allows users to accrue points which are redeemable for rewards, providing a solid incentive for employees and students to commit to performing well over the long-term.
Benchmark LSM offers a unique recognition system that engages staff and students to cultivate a productive environment. Contact Benchmark LMS on (02) 8214 8586 to discuss how their software can benefit your company.