Searching for and finding
The next generation of top talent is a key challenge for many businesses. Once you’ve sourced talented staff, whether they are at executive, associate or graduate level, you need to make sure that they stick around so they can positively impact your business.
The Great Resignation
A Microsoft survey of more than 30,000 global workers showed that 41% of workers were considering quitting or changing professions this year.
Dubbed by economists as the ‘Great Resignation’, this new trend is part of the impact of the Covid-19 pandemic and how many of us are now evaluating our relationship with work. While making such changes is exciting for employees, it does pose challenges for employers who are already fighting to stay competitive in an unpredictable business climate.
Do you know how to calculate your staff turnover?
You can work out your staff turnover with a quick calculation:
- Divide the total number of leavers in a year by your average number of employees in the same year.
- Multiply the result by 100.
- The total is your annual staff turnover rate as a percentage.
You can then compare this to the national average to see how your company compares.
What to do if your staff turnover is above average
If your company is seeing a high turnover of staff then you need to set up an internal review to work out where any issues lie. Whether it be a problem with company culture, uncompetitive salary or a lack of benefits, there are many actions you can take as an organisation to ensure staff want to stay put.
Here are Seven ways you can improve staff retention for your company. Remember, if you get this right, then you can create a loyal, inspired and engaged workforce of superstars from the top down…
Hire the right people for the role
This sounds simple, but finding the most appropriate talent for a role can be an essential aspect of staff retention.
You need to source professionals who not only have the right skills to help your organisation but are also a good fit with your company’s culture.
ESSENTIAL TIP:
One surefire way to improve your chances of hiring the best talent is to work with a recruiter like Jam Management. With over 20 years of experience, our team can guide you through this process and ensure you find the best match for your business.
Offer learning and development opportunities
According to the LinkedIn 2018 Workplace Learning Report, 94% of employees said that they would stay at a company longer if it invested in their career development.
If a business offers learning and development opportunities via training or courses, this can help enhance employee motivation and show them how they can grow their career within one organisation.
ESSENTIAL TIP:
Make sure any learning and development opportunities are available for different career paths and at various stages in career journeys. You should also ensure any courses can appeal to a range of interests and learning styles.
Pair new staff with a workplace buddy
Pairing new employees with a workplace buddy is a great way to help them get settled in and learn the ropes. A buddy can provide support, answer questions, and help the new employee feel connected to the team. This can help to reduce turnover, as new employees are more likely to stay with a company if they feel supported and valued.
ESSENTIAL TIP:
Use the buddy system as a knowledge-sharing tool and encourage the new employee to share any insights, tips or knowledge they have learned from previous experiences or jobs.
Enhance staff loyalty by delivering on expectations
A report by Jobvite revealed that a third of employees leave companies within 90 days as the role is not what they expected.
With this in mind, it’s important for businesses and any recruiters they are working with to be as transparent as possible about an opportunity from the get-go.
ESSENTIAL TIP:
Whether it be the job description itself or the range of benefits on offer, companies should be as honest and open as they can with their potential recruits. If you do this from the very start of a relationship with a new staff member, this can go some way to instilling loyalty and motivating your team to ensure they deliver on your behalf.
Your salary choices and benefits
Ultimately, many of us go to work to get paid and enjoy the benefits, whether it be a good pension or healthcare.
If your company’s salary or compensation package as a whole is uncompetitive, then you will likely struggle to attract top talent in the first place.
ESSENTIAL TIP:
You should keep your wages and benefits under review and compare them to competitors and the wider market. Remember, expect to pay those with desirable skills more than other members of your organisation.
Offer flexibility
Nothing makes staff feel more valued than signs that they are trusted. During the Covid-19 pandemic, many of us became used to working remotely. Many professionals have now either returned to the office or adapted to a new hybrid working model.
Earlier in the year, a survey revealed how a third of staff would leave a role if not offered flexibility, demonstrating how important it is to a workforce who have become used to operating independently away from the office.
This means employers need to acknowledge and respond to the new normal created by the pandemic and be accommodating to staff needs. Those who don’t will be in danger of being left behind.
Define and enhance company culture
Increasingly, employees are attracted to work for organisations that are aligned with their values. It shows how recruits are looking for more than a decent salary (although that is attractive too). In fact, a recent LinkedIn survey found that people would rather have lower pay (65%) and a less powerful job title than work somewhere with a negative environment.
For some organisations, this is reflected in their attitude towards sustainability or perhaps in how staff can engage with senior management. Communication is essential to defining a company culture and it pays to invest in getting this right.
Conclusion | Why Recruitment Services are Important for staff retention
The world has changed a great deal over the past few years and those companies that don’t realise this could lose out.
Working with a top recruitment company such as ourselves can be a way for companies to stay on top of the shifting job market and take important steps forward in helping retain happy staff.
