One of the biggest challenges facing Legal Risk & Compliance companies today is talent retention. In order to keep your people happy and invested in the business, there are four fundamental factors that leaders need to get right. Besides salary and remuneration, employers also need to provide flexibility, engaging work and personal support for their employees. Treating your team as individuals and supporting their wider needs is rapidly becoming an essential part of effective management.

Salary & Remuneration

The first factor to be addressed in your retention strategy is salary and remuneration. When it comes to money, a lot of companies will dance around the subject. Obviously, there are certain restrictions on smaller firms, meaning that they won’t be able to offer the highest rates of pay. Despite that, in order to be in the same game, these companies do need to be somewhat competitive.

Offering a clear structure for salary increases or bonuses will promote a healthy attitude towards money within the company. Having salary transparency when it comes to hiring is another important step towards improving retention. Whilst the other three elements are important, people will always need to put food on the table. A competitive salary is still arguably the most important factor in keeping your people.

Engaging Work

Exposure to interesting work is another important factor in attracting and retaining your people. In a firm’s day-to-day process there are certain tasks that are non-negotiable, but it’s important to divide these tasks to give your people opportunities for growth and keep them engaged. Taking an individualised approach to task distribution is essential to successful management. If you’re not offering your employees a progression plan or personal development goals, they’re not going to see a future within your company. Giving your people a personal growth strategy will foster a positive retention rate.

Flexibility

The next thing that candidates are looking for is flexibility. Law firms are typically able to offer a hybrid working environment, where their people can work from home for two or three days a week. In a candidate-short market, companies need to be conscious of the need for flexibility. Whether that means not having set working hours or taking advantage of hybrid models, it’s important to factor flexibility into your offer.

Personal Management

The final point may be obvious, but making your people feel valued will revolutionise your retention rates. Getting to know your staff on a personal level, and an outside of work perspective, will build a rapport that creates company loyalty. Find out what they enjoy, what drives them and what their family dynamic is like. Building real relationships is essential, because people won’t want to lose those deep relationships if they’re offered an alternative position.

To discuss a retention strategy for your company, get in touch with one of our consultants today.