Employee retention plays a huge part in the success of your business, so how can you make sure you are retaining your staff?
Read the full article below or read on page 20 in our December magazine
Employee retention offers a number of benefits for your business; it can help boost employee morale, increase productivity and attract new talent to your workforce, whilst also benefiting your bottom line because retaining employees reduces the amount of money your business spends on recruitment campaigns and processes which, according to The Undercover Recruiter, can cost up to £3,000.
As approximately 442,000 quit their jobs in the second quarter of 2022, as stated by Statista, this growing number indicates that employee retention is becoming more important than ever – the question is, where to start?
Flexible and hybrid working can’t be ignored
Post-COVID a lot of businesses are now offering flexible and hybrid working – which is a great way to retain employee talent in your business. The Office for National Statistics found that the proportion of hybrid workers grew from 13% to 24% between February and May this year, and the percentage of workers planning to spend most of their working hours at home is still rising.
Hybrid and flexible working give employees the freedom to decide when they will work at the office and when they will work from home. It can encourage productivity, and engagement, as well offering a work life balance that helps them manage their professional and personal lives – particularly attractive and beneficial to those with young families or caring responsibilities.
Building-in progression and support retains staff
Clear progression routes are another great way to retain staff. According to a McKinsey report, 40% of workers are leaving their jobs because they are unhappy with career advancement opportunities. Enabling staff to learn new skills and advance their careers means they are far more likely to stay with you. Providing the relevant support for your staff is also important because positive employee experiences help build a positive reputation which will attract young talent entering the job market. It is also key to celebrate your staff as they progress – rewarding hard work motivates employees to stay with your company and progress even further up the ladder you have carefully constructed for them.
Think about a benefits programme
Offering your employees a benefits programme can play a huge role in employee retention. Could you offer:
Life insurance.
Medical support – dental, optical, wellness.
Gym memberships/discounts.
Food vouchers.
Energy vouchers.
Support for transport costs and energy bills.
Social events.
Sports activities.
Clubs.
Volunteering opportunities.
Benefit programmes are particularly important this winter; as the UK faces rising energy prices and a cost-of-living crisis, employees will be very grateful for, and receptive to, benefits that support them in their everyday lives. Food vouchers, support for transport costs and help with their energy bills are excellent examples of how to support your employees through this challenging time.
Create a community
Employee retention can also be improved by providing benefits that create a sense of community in your workplace – programmes steered towards social engagement, such as work events sports clubs and volunteering opportunities, are a fantastic way to make your employees feel part of a larger community, boost team morale and encourage productivity.
Change with your workforce
The workforce is changing. According to Perkbox, the Gen Z generation now makes up almost a quarter of UK employees. If you don’t regularly update your business to keep up with, and appeal to, the young people you’re hoping to hire, you won’t be able to attract, let alone retain, new talent.
Nearly nine-in-10 (87%) Gen Z’s say it’s important that benefits are tailored to them as an individuals; you need to create options that enable each employee to follow their preferences – making sure you offer a wide range of options is a good way to meet as many of your employees’ needs as possible.
Supporting your staff
Promoting wellbeing is an increasingly important priority in the workplace, and especially important for Gen Z workforce newcomers to the jobs market. Perkbox reports that 75% of Gen Z UK employees think their employers could be doing more for their financial wellbeing, 70% think their employers could be doing more for their mental wellbeing and 56% think their employers could be doing more for their physical wellbeing – and even for those already in employment, this is something that needs to be improved.
You could introduce a number of measures to support staff wellbeing, such as:
Weekly wellbeing walk-ins.
Regular employee mental health checks.
Online access to wellbeing tools.
Access to an external employee counselling service.
Implementing these measures can improve staff wellbeing and create a more supportive and productive workplace.
Businesses can gain huge benefits by realising the needs of their workforce and putting measures in place to support them – avoiding high spending on recruitment campaigns is high on the list of gains. Employee retention is a sign of a good work environment which can help you to build a positive business reputation that will attract – and keep hold of – young talent as they enter the industry. Given the current labour market and financial situation, retaining your staff is no longer a ‘nice to have’ – it’s a business success necessity.
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