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It is well known that happy employees are long-term employees. But with the rates of people in the UK leaving their jobs for new ones at an all-time high, it seems that employers should be evaluating and re-evaluating their employee retention strategies! 40% of job leavers depart without even having a new job lined up, and 60% of those still employed would consider doing the same. Post-pandemic, it is clear that workers’ priorities have altered. Home-working, the cost of living crisis, and new perspectives have shifted expectations. Evidently, it is necessary for employers’ treatment of these workers to shift too. That’s why we have created this simple list of five effective retention strategies for businesses to follow. After all, retaining top talent will only help with your success as a business!
The biggest (and most obvious) reason for leaving that employees give in exit interviews is salary increases. It goes without saying that money is a driving force in any career. However, businesses can provide other perks and benefits alongside a competitive salary if raises are not viable. The ability for employers to be flexible is a huge priority at the moment - whether it be hybrid or fully remote working, workers are increasingly focusing on this when choosing jobs. Indeed, many workers say they would leave their current job if forced to return to the office full-time. Additionally, paid parental leave is a big draw when future parents are looking for a career move.
Furthermore, things that look after workers’ mental health are great benefits - gym memberships, schemes for managing stress, health insurance, subscriptions for meditation apps - all of these can create a great working environment. A good working culture can often mean more to employees than anything else. Associated Press reported that half of the surveyed employees would leave a higher-paying job for one with a happier working culture. In short, businesses can offer a vast range of benefits in order to keep their employees happy and healthy. This, in turn, can keep the company happy and healthy - and full of employees!
Onboarding is an essential part of securing new employees. When you hire someone new, it becomes vital to ensure they have the easiest transition into the company - this is onboarding. When done well, it is perfect for setting up a new hire for success within the company. It is also the chance to demonstrate your company’s values and all the benefits of working within it. New employees knowing exactly where their present and future in the company lies can result in real loyalty.
Also, many new starts can hugely benefit from a mentorship scheme. Setting them up with a current employee in their department can help greatly in the onboarding process. Mentorship gives them a friendly face within the company from the beginning, while guiding them through new processes and ideas. Furthermore, it lets existing employees gain fresh and new perspectives from the new start! It is truly a win-win situation for everyone involved. It doesn’t have to be solely for new employees either; pairing up existing employees with each other can streamline the exchange of ideas within the company too.
To be a great manager and colleague, you must be a good communicator. Many businesses are moving away from the typical invisible bosses and performance review model, and towards a more casual model. This tends to include regular one-on-one catch-ups and a level of openness and comfort. A huge part of this model is based in clear communication on every level and in both directions. Managers have a duty to communicate their thoughts and requirements, and should be giving their employees the space to feed back. Ensuring this is based on a mix of remaining approachable, but also setting up regular meetings with an emphasis on openness; allowing new employees to offer ideas and suggestions; feeding back praise on performance; and constantly analysing your processes and employee feedback.
All this results in highly engaged employees. These tend to stick around, and also tend to produce higher-quality work. Indeed, around 90% of workers are more likely to remain within a company that listens to and acts on its feedback. You can then retain this engagement by working towards clear goals together and investing in your employees’ futures. You can do this in a variety of ways, whether it be upskilling, investing in new technology to assist their progress, having them attend conferences and events, or investing in their education. All of these things show that a company cares about their workers’ development, which is infinitely valuable in relation to retention.
A significant issue in many workplaces is employees feeling that they are not recognised for their efforts. Indeed, the recent hot topic of ‘Quiet Quitting’ derives from just that - workers no longer feel any need to go above and beyond for their employers. While that should not be expected, when a worker does extend themselves, it is vital that they are appreciated. The last thing you want is a demotivated, discouraged company. This recognition could take the form of social recognition, but also of developing software to implement automated rewards systems. Some examples of social reward systems are:
Addressing employees’ mental health is an essential part of any workplace in the modern era. However, burnout is a specific problem that affects many office workers, and needs to be addressed individually. 79% of UK workers say they have experienced burnout, and 35% say it was extreme.
The biggest reason behind burnout, workers say, is being unable to manage workloads. Therefore, companies have a clear responsibility to try and prevent this. Supervisors and managers need to be on the lookout for the signs of burnout, and train employees and each other on the symptoms. Companies should offer flexible working hours and work-from-home opportunities where possible, and encourage holidays to be taken. Regular catch-ups can help employees to share their feelings and work through them. Consider stress management programmes. The most important thing is fully supporting your employees in their work - care can go a long way!
Employees’ needs are changing every day of the working week. It can sometimes feel difficult to keep up! However, with some forward thinking and planning, companies can easily implement these employee retention strategies. The cost of hiring and training new employees cannot be ignored, let alone the effect a high turnover rate has on your work culture. As more working opportunities crop up, it is essential that companies hold on to valuable workers - top talent will lead to top results.
At Fintech, we specialise in recruitment for the IT and Finance sectors. We work with both candidates looking for jobs in IT or accountancy and finance, as well as clients who need roles filled.
