Did you know that, according to recent data, nearly one third of employees will look for a new job this year?
Why is this? More importantly, what can businesses do to prevent staff from leaving?
Following the COVID-19 pandemic, US professor Anthony Klotz predicted there would be a ‘Great Resignation’. Essentially, people would be quitting their jobs, due to an existing backlog of resignations, widespread burnout, people re-evaluating their priorities, and a reluctance to give up remote work.
It’s clear, in recent studies, that people want to see a change in their workplace and see their company adapting to the ‘new world’. The most valued factors appear to be increasing staff pay to meet industry standards; better work-life balance; progression opportunities; receiving regular positive and constructive feedback.
So, with this in mind, we thought it would be beneficial to share some of our top tips on how best to retain your staff.
Listen to your employees
A worldwide study conducted by the Workforce Institute at UKG found that 63% of employees feel their voice has been ignored at work, with one in three people saying they would rather quit or switch teams than voice their concerns to management. Shocking, isn’t it? If people don’t feel their voices are heard, they simply become disengaged. By handing out employee surveys and implementing staff reviews, you’ll receive regular feedback. Having a management team accessible to all your employees is also beneficial as they will feel they have a place where they can be heard! Any exit interviews should also be looked at internally and lessons should be learnt every time somebody leaves.
Reward and recognition
In our eyes, staff should always be rewarded for the work they put in. But, with the current difficulties to recruit and increased workloads, burnout is rife and it’s more important than ever to show your staff you appreciate them. The competition for talent means businesses are offering increased salaries to attract people; but, if employees can see they could do the same job down the road for more money, they could be tempted to move on. Reconsidering your benefits is vital, as offering only the standard entitlements will no longer make the cut! We’re seeing a heavy increase in recognition schemes such as extra holidays or even earning vouchers. But rewarding and recognising your staff doesn’t have to cost the earth, as offering ‘pizza Fridays’ or early finishes will always be appreciated!
Invest in your people
A key reason why people look to move on is that they feel they’ve become stagnant in their role. Try finding out what motivates your employees and support them with their goals. Offer learning and development opportunities, as development doesn’t always mean upwards promotion. To many people, it simply means furthering their skills and learning. Can you send them on training courses? Could you offer them opportunities to learn in other areas of the business? Not only will this help people feel engaged and motivated to stay, it will also be great for filling skills gaps in your workforce!
In the 2022 Annual Workplace Predictions, it was anticipated that there may be increasing employee apathy towards the workplace this year. We’ve all needed greater resilience over the last few years, and employees are now prioritising personal preservation and self-care over career ambitions. Offering flexibility –introducing flexitime, allowing staff to find their own work-life balance, letting someone leave earlier or reallocating their workload – all helps. Gym memberships and enforced lunch breaks are also great ways to encourage the health and wellbeing of your employees!
Great staff culture
This probably goes without saying – but it’s important to note that company culture should always be at the forefront of your mind. One of the main drivers of your culture is your management team. Staff can sometimes be promoted because they’ve worked in a business for a long period, but that doesn’t necessarily mean they have the skills to manage people. Try sending your managers on training courses to furnish them with the skills they need to do the job well. If you support your management team, and they support the rest of your staff, it should help to create a good culture and an environment that people are happy to be in (and stay in!).
By following our top tips on how to best retain your staff, your workforce should be happier and more stable. If you do need any help with recruitment, give us a call! We’d be more than happy to support you with your growth and retention goals.