A workplace pension is the cornerstone of your staff retention (& other tips to hold onto your team)

We all know that our team are our biggest asset and in these competitive times and also at the start of a new year, employees are shopping around for the best employment packages and ethos in an employer, which goes beyond salary alone. Retaining the staff is critical for the success of your company. Here are some strategies to help retain the best staff:

1. Give great remuneration
   • competitive compensation and benefits packages help ensure that employees are fairly paid for their work and feel valued by you.
   • A pension is a crucial element of this. Knowing that they have a pension can help reduce employees’ stress levels and improve their overall well-being, which can lead to increased productivity and job satisfaction.
   • A good pension scheme can be a deciding factor for job seekers when choosing between potential employers, so make sure you stay ahead of competitors by offering the best package, which is properly managed, to safeguard your employee’s future.
   • A strong retirement package is a great way to incentivise and attract the best employees, saving you the cost of hiring and training new employees.

2. Let them grow
   • Providing employees with opportunities for career growth and development can help them feel engaged and motivated in their work.
   • This can include offering training, mentoring opportunities, and occasions to take on new challenges.
   • In Gibraltar, organisations such as the GFSB (Gibraltar Federation for Small Businesses gfsb.gi.) regularly run training and events you can get involved in.

3. Create a great workplace
   • Fostering a positive work environment that is safe and comfortable and promotes teamwork, open communication, and respect can help employees feel valued and motivated to stay with an organisation.
   • Are your core values and ethos communicated clearly to staff? Do you hold team building events?

4. Recognize and reward good performance
   • Recognising and rewarding good performance can help employees feel appreciated and motivated to continue doing their best work.
   • This can include bonuses, promotions, and public recognition.
   • Remember that meaningful recognition may not always be monetary; employees may also appreciate flexible work hours, or company-wide recognition.

5. Provide work-life balance
   • Providing employees with work-life balance can help them manage their personal and professional lives more effectively, which can lead to greater job satisfaction and a lower risk of burnout. Can you offer flexitime? Are there opportunities for working parents to work around childcare arrangements? Are deadlines given reasonable?

6. Be open to employee concerns
   • Listening to employee concerns and addressing them in a timely manner can help employees feel valued and supported by their employer.
   • Do you have a staff forum? Do you ever survey staff and ask for their feedback and suggestions?
   • Their insights could be invaluable and help you to keep your best talent, plus it feels great to be heard and asked for your opinion.

7. Provide a flexible and inclusive workplace
   • Accommodating different working styles, cultural backgrounds, and personal needs can help employees feel comfortable and included in the organization.
   • In Gibraltar, GibSams gi and other local organisations are a great resource to advise on wellbeing at work with their awards and podcasts.
   • Post pandemic, mental wellbeing is a much more widely talks about subject and showing you are an employer that has an awareness of these issues will set you apart.

Overall, retaining the best staff requires a proactive approach that prioritises employee engagement, satisfaction, and well-being. By offering competitive compensation and benefits, providing opportunities for career growth and development, fostering a positive work environment, recognising and rewarding good performance, providing work-life balance, listening to and addressing employee concerns, and offering a flexible and inclusive workplace, organisations can increase the likelihood of retaining their best staff.

THINK PENSIONS…THINK SOVEREIGN

Now more than ever, employees are seeking jobs with a decent all-round package, beyond only salary. Whether an employer provides a pension is a major factor in deciding whether to remain with an employer, or to move to one that does. Put simply, without a retirement plan, you’re missing out on a valuable retention strategy.

Retain your staff and protect their future by offering the best benefits package. At Sovereign, we offer tailor-made Occupational Pension schemes, whatever your industry or company size. The main advantages Sovereign offer are:

•  Simplicity – it’s quick to set up and easy for your payroll to use
•  The largest pension provider in Gibraltar
•  A paperless system so your staff can update their information/instructions immediately online • A simple range of regulated investments for a diverse workforce
•  Excellent customer support from a dedicated local team
•  GFSC registered and fully compliant