Losing good employees is expensive. It affects productivity, puts pressure on your remaining staff and can reduce morale across your organisation. Replacing experienced team members also takes time, resources and money.
Employee retention should therefore be a core part of any business strategy. Understanding your staff – and what motivates them – will put you in a position to keep your top performers engaged and committed. Here are some practical steps you can take to build loyalty and reduce turnover.
Encourage open and honest communication
Inviting open communication is one of the most important places to begin when it comes to improving employee retention. When your employees feel able to share their views, ideas and concerns, they are more likely to feel valued and engaged. It can also help you understand what your employees value most, helping shape your approach to employee retention.
Open communication starts with making key company information more accessible, including sharing business successes, challenges, priorities and holding regular feedback or check-ins. Being transparent about your organisation’s direction – and acknowledging when things haven’t gone to plan – helps build trust and credibility.
Employees who understand where your business is heading and why certain decisions are made makes them more likely to feel connected to your organisation’s success.
Reward your high-performing employees
High-performing employees often leave when they feel underappreciated. While bonuses and pay rises can be effective, they are not the only ways to reward strong performance.
Flexible working arrangements, investment in training and clear opportunities for career development can be just as powerful. Non-monetary rewards, such as team celebrations or formal recognition schemes can also help employees feel valued.
When employees feel their efforts are recognised and appreciated, they are more likely to remain with your organisation, reducing the cost and disruption of replacing key talent.
Support a healthy work-life balance
A healthy work-life balance is essential if you want to retain your employees. Outside of work, employees may have family commitments, personal interests or other responsibilities that are important to them.
Actively supporting employees to balance their work and personal lives can help create a happier and more productive workforce. Alongside flexible working policies, senior leaders can play a key role here by leading by example. Taking regular breaks, leaving work on time when possible and avoiding emails sent outside of working hours can reduce pressure and the feeling of needing to be constantly switched on.
When you create a culture that respects boundaries, you can help reduce stress and burnout, which are both common reasons that employees choose to leave.
Offer training and development opportunities
Investing in learning and development is a strong driver of employee retention and benefits your organisation by developing a skilled workforce.
Providing access to training courses, qualifications, conferences or mentoring schemes helps your employees develop professionally while strengthening your organisation’s overall capability. As employees look to progress in their career, ensuring there are internal opportunities available can help you retain key organisational knowledge and talent.
When your employees can see a clear, long-term career path within your business, they are far less likely to look elsewhere.
Deliver a strong onboarding experience
A poor onboarding experience can lead to employees leaving within their first few months at your organisation. Without proper support, new starters may feel uncertain about their role, the organisation’s goals, or how they fit into the wider picture.
An effective onboarding process for newly-hired employees will ensure that they are motivated from the get-go. When employees feel welcomed, informed and supported early on, they are much more likely to stay and perform well in the long term.
Attract the best talent with ICAEW Training Vacancies
Retaining good employees is key to sustaining productivity and reducing unnecessary turnover. By investing in the right strategies, you can create an environment where employees are motivated to stay and grow with your organisation.
To help you attract the next generation of accountancy talent, ICAEW Authorised Training Employers can advertise training roles on ICAEW Training Vacancies — our exclusive platform designed to connect you with high calibre candidates.
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Last updated: June 2026