Retaining good staff, thanks to Covid, has got even tougher. Estimates suggest that up to 75% of employers are finding it difficult to attract the right staff for specific roles in the last 12 months. Competition is rife with employees ‘actively looking’ for a new role and it is usually the most talented that are the first to go – taking with them all their business intelligence and undoubtedly knowledge of a number of your great projects, schemes, ideas and even your clients thereby weakening your business and often strengthening your competition.
To retain your team, first you need to understand why your employees are leaving. In order of most frequently stated reasons for leaving an organisation are:
- Limited opportunity for professional growth and career development
- Salary and benefits
- Lack of flexible working options
- Toxic work culture.
People stay with a business because they are offered:
- Meaningful, challenging work
- Opportunities to work on strategic / visible projects
- Career progression
- Opportunities to work with other talented people
- Inspirational team leaders
- Participation and involvement in decision making / projects
- Recognition for their ideas
- On-going development
- Work / life flexibility
- Control and influence – a clear line of sight between their day-to-day activities and the business goals.
What can you do to retain your employees?
Start by looking at what is happening in your business:
- Take a good hard look at your organisation. There are many reasons why employees leave. Whilst this may not be on the top of your to do list, not addressing culture issues can cost you dearly.
- Ask your staff –sometimes it might be as simple as asking your employees in order to gain some valuable insights. When was the last time you did a survey? Are you monitoring turnover risks, conducting exit interviews?
- Hybrid working – This is the current buzz word with most employees expecting the flexibility of working from home since the lockdowns. Whilst some industries can offer work from home options it may not be suitable for your business, perhaps look into other possible options such as flexible starting/finishing times. This can actually increase productivity and employee engagement.
- Salaries and benefits – in the current market ensuring salaries are competitive is key! It is an employee market at the moment. It might be an opportune time to look into your Employee Benefit offering.
- Employee Value Proposition (EVP) is the benefits you offer employees. Whilst you may not be able to increase salaries you could look into other benefits you could offer. EVP is more than just pay and benefits, it’s what makes you stand out from your competitors. It could include career development opportunities, financial wellness benefits, or what your current employees enjoy most about working for your company. EVPs help you attract great candidates and retain your current employees.
- Career progression /personal development – Identify your key people and ensure you know what motivates and engages them, it is important to uncover and discuss employee expectations. Clarify the priorities and accountabilities for each of your team members, people want to do a good job and be recognised and appreciated for doing so.
- Leadership – Ask yourself whether you genuinely believe that you (and/or your leaders) have the skills and capabilities to manage your team effectively. If not, consider what appropriate in-house or external coaching or training could be introduced to develop you and/or your managers.
- Mental health and Wellbeing – Do you have a Wellbeing initiative in place, in the wake of lockdowns, home schooling, digital fatigue and increased workloads. Staff are feeling overworked and stresses – the ‘Great Exhaustion’ is a new term that describes today’s burnout phenomenon. Show support and commitment to your employees by implementing relevant initiatives.
Don’t guess what your key people value – build your retention strategies using their ideas and input.
If you would like help in retaining and attracting employees please contact the team at POD by emailing firstname.lastname@example.org or call 0800 476 347.