Retention and reward strategies through a HR lens

Retention and reward strategies through a HR lens

November 24, 2022 Appreciation, Recognition & Benefits

According to the HR Australian Institute, HR mechanisms and having robust systems in place can have just as much of an impact on retention as leaders, team members and other factors we’ve been listing over the last few weeks.

If you are the business owner and HR Manager (we know you where many different hats as a manager or owner), here are some things you can do to tighten up your systems and policies to improve retention.

*The following table has been sourced from the HR Australian Institute.

Compensation and benefits	Although not a sole factor, an employee who feels adequately compensated is less likely to leave an organisation.
HR Policy	Provide a consistent process to follow. Inaccessible policies or policies that confuse can lead to disengagement and demotivation amongst employees.
Industrial Relations	Local/State/Federal legislation outline minimum requirements organisations must meet in regard to employment agreements/contracts and the working environment.
Job descriptions	Provide a clear document that details responsibilities and parameters that both employees and managers can refer to and adjust as required. Job descriptions that are linked to wider team and organisational goals show employees how their role contributes to wider strategic business objectives.
Performance Management	Offer an ongoing opportunity for employees and managers to plan, monitor and review work objectives and overall contribution to wider strategic business goals. Provide an open communication platform between employees and managers stating expectations and enabling conversations around learning and development, and career progression.
Learning and Development	Offer an opportunity for an individual’s personal and professional development needs and wants to be met.
Diversity	Provide an environment where individual needs are acknowledged, and employees feel safe and free from harassment.
Work Health and Safety	Employees who feel safe in their working environment are more likely to be motivated and engaged. A fear for personal safety will likely breed frustration and resentment, or a lack of caring which will likely lead to further health and safety issues. Organisations which take a more holistic approach to health and safety (e.g., psychological wellness) will likely benefit – demonstrates an extra level of caring for employees.

Want to learn more ways you can level up your HR systems within your business to improve retention, increase engagement and foster better productivity? Book a consultation with one of our experienced HR & Recruitment specialists today. Email us at admin@bespokehr.com.au