Being able to engage staff members is an increasingly important requirement amid challenging market conditions and regulatory change, according to Macquarie Practice Consulting.
With market volatility continuing, maintaining open channels of communication and rewarding strong performers are essential to retain talent, the consulting firm said.
"Taking the time to recognise the contribution of staff and celebrate success is an important way to keep staff motivated and make them realise they are valuable members of the team - this is vital when it comes to retaining talent," Macquarie Practice Consulting associate director Fiona Mackenzie said.
Other tools for motivation include making staff feel valued and ensuring they understand the role they play in reaching the business's long-term goals.
One-on-one meetings with direct reports are just some of the ways to help staff feel more informed about their workplace.
Flexible working hours and informal social activities can also strengthen workplace relationships and can lead to greater productivity.
"Building a high calibre team can be a challenge, but once leaders have a strong team in place they need to work hard to retain them," Ms Mackenzie said.
"It is therefore important that leaders maintain a consistent focus on staff engagement as part of their retention strategy."
With the festive season on its way, Macquarie Practice Consulting has said that end of year celebrations can help provide a positive and motivated outlook for the year to come.
By recognising staff's contribution throughout the year, end of year celebrations can act as a reward for staff but it's important for businesses to focus on engaging their team throughout the year.
"While taking the opportunity to bring the team together at festive celebrations can help, employees also need to know this isn't just a 'once-a-year' occasion and is something their leaders are committed to throughout the year," Ms Mackenzie said.
