Talent retention is important. Oxford Economics found that due to the loss of productivity, staff turnover can cost around £25,000 a year. This isn’t limited to big companies either; SMEs face this whopping cost if they fail to implement retention strategies too. But what can businesses do to combat employee turnover?
Firstly, we must shift our paradigm beyond thinking a job is enough to retain talent. We must move from a reactive to a proactive approach by thinking about it strategies before hiring. Internal marketing can help.
What is Internal Marketing?
In a theoretical sense, internal marketing is a holistic approach to talent retention which aims to evoke employee satisfaction, involvement, and organisational commitment. More practically (and simply), it is the application of marketing-like activities used internally. It might sound a bit ‘floaty‘ but internal marketing has been proven to increase job satisfaction and minimise turnover intention.
How Can I Implement It?
The actual bits that make up internal marketing differ according to each company, but it typically covers training, incentives and bonuses, and communication of goals. The ethos of internal marketing is it combine multiple activities, so it may take a bit of time configuring what facet is best for you. The deciding factor should be your company culture; it’ll highlight whether incentives like bacon butties (like we do!) or a trip to the pub is more effective.
The elements of internal marketing should not be considered in isolation. Your training should communicate your goals. Your incentives should support your training. They all interlink. Basically, it’s about selling the company and the job to your employees. Don’t worry if this all sounds a bit loose. After all, it is a holistic concept. To help you nail it down, here are some suggestions of how internal marketing can help your business.
Making it Work for You
Whether you’re a big or small company, everyone can tap into the benefits of internal marketing.
On a budget? Print some posters with your company aim on. If you’ve got a bit more time and money try to revamp your training programme so that it is line with your visions. Start small if you’re worried the concept is not for you. No matter how you approach it, just make sure you are taking your company culture into account. There is not point have bacon Fridays if your staff are vegan!
It might sound like an abstract concept, but time and time again internal marketing has proven to improve satisfaction and loyalty. The first step is taking a proactive approach to retention.