How to retain top talent amid changing employee expectations
Businesses have had to face several changes in the workplace landscape in recent years; from the responsibilities around wellbeing to maintaining a strong work culture amid a remote and hybrid workforce. A new report from Reward Gateway highlights a key trend that has particularly stood out this year – shifting employee expectations.
With low unemployment rates, employees are now more open to seeking new opportunities if they aren’t getting what they are looking for. And in turn, it has kept employers on their toes when it comes to competing for and retaining talent.
More executives consider talent attraction and engagement to be the key to unlock improved productivity and growth, Reward Gateway’s report says.
“Leaders are increasingly looking at how to improve employee engagement so they can maximise the performance and productivity of their current teams and build a strong workforce over the long term,” Kylie Green, Reward Gateway managing director said.
So how can business leaders strengthen their total reward strategy to keep top talent?
Reasons why employees leave
Reward Gateway’s The Australian talent & engagement report: 7 strategies to turn the tide on attraction, retention and productivity in 2024 identifies a variety of reasons why employees decide to leave their employer. The top five are poor pay (61%), being overworked (51%), poor company culture (48%), a lack of financial, physical or mental wellbeing support (38%) and no flexible working opportunities (35%).
Alternatively, the top five things employees look out for in a new role is fair pay (66%), a manager who cares about their employees (47%), a culture of open and honest communication (43%), trusted leadership (42%) and being rewarded and recognised (39%).
“Companies who still think a strong company culture is a nice-to-have or who are unwilling to give employees autonomy or recognition are either seeing disengagement increase while productivity decreases (hello quiet quitters!) or watching as their star talent votes with their feet,” Joy Adan, senior manager thought leadership, Reward Gateway said.
Strategies to attract and retain talent
Reward Gateway’s report outlines seven strategies to attract and retain talent. One of them is to equip managers with tools and training to support the wellbeing of employees.
For business leaders, this could mean giving managers permission to put wellbeing on the agenda or taking time during meetings to check in with colleagues.
“While employers can’t control many external stressors, we can control how we help our employees respond,” Reward Gateway said in its report. “Enabling these conversations helps employees identify areas where they need additional support or services.”
Another key strategy for attracting and retaining workers is to offer flexibility in workplace location and allow employees to control their own schedule.
While you may not be able to give employees complete control over their work schedules, you can discuss with them about what is possible, the report said.
“Some organisations give employees more freedom around which public holidays or days of celebration they take off, aligning with their personal or religious beliefs,” the report said. “One small change could involve allowing employees to determine their own start times with the caveat that they’re available for clients when required.”
Read more strategies in Reward Gateway’s The Australian talent & engagement report: 7 strategies to turn the tide on attraction, retention and productivity in 2024.
