Last year, around 50% of people had planned to move jobs by the end of it, resulting in many businesses having to redouble their efforts to look for new talent. New research actually shows that January 31st is the day that most people are likely to hand in their notice so knowing how to improve employee retention is actually critical for businesses.
As the departure of employees within the first quarter is imminent for many companies, Instant Offices has released a new research highlighting the essential factors helping companies retain talent during a year that is already poised to be challenging.
How to retain talent
Remind Staff Why Your Company is Great
Company loyalty is on the decline as many people look to change their jobs within the next five years, with only 6% admitting they plan on staying in their current place of employment.
Discuss Opportunities for Career Growth
The end/beginning of a year is usually when most people reflect on various aspects of their life, and it is not uncommon for employees to feel like they have stagnated or become disengaged at a company, which would make them more likely to quit. This is particularly true for HR employees, with a staggering 8 in 10 people saying they would leave a job where there was no development.
Encourage Learning and Development
Both learning and growth should be supported in a company to help employees improve and build their skills. A best practice approach to this is to provide 70% on the job learning, 20% learning from others, and 10% learning from structured training courses. Enabling employees to lead or participate in projects or initiatives or learn from mentors and colleagues is a key way to encourage engagement and learning.
Improve Work-Life Balance
This year, work-life balance remains a pivotal factor for many employees who have spent time with family over the festive period. Flexible working options have become one of the most popular benefits offered by businesses, with 63% of employees preferring it other benefits that may be offered.
Consider offering top performers a little flexibility to work around their schedules, or an earlier finish once a week during the summer months to help retain valuable team members who could be otherwise tempted to leave.
Although there are various methods to boost employee satisfaction without a pay rise, it does make up for a large proportion of contentment within a job. Take some time to review your pay structure and never fill
Recognition and appreciation can go a long way when it comes to reducing staff turnover. Research shows that employees who feel valued also perform better, and recognised efforts are more likely to make members of the team feel more valued and committed to a company.
Hire the Right People from the Get-Go
Taking time to perfect a recruitment strategy ensures that the right people are being hired to fill a position from the start, thus reducing employee turnover rate. People who can hit the ground running will also save on training in the long run as they can start working on tasks straight away.
Utilise Employees’ Full Potential
People can become despondent at work if they aren’t stimulated. Work should challenge employees to want to continue to learn and develop within their fields, achieving their full potential and excelling. Motivated people contribute to areas outside of their specific job role. Discover their potential and try to tap into it.
Share Your Vision
Employees who can see the bigger picture for a company and the impact of their work and where they fit in more likely to be more committed to an organisation.
Capitalising on new talent
If looking to recruit in the new year, there are a few trends that employers need to consider, that will shape recruitment going forward in 2020. Soft skills, pay transparency, anti-harassment policies, work flexibility and the fact that 90% of the job market is now candidate-driven, will all continue to shape recruitment going forward in 2020.