Employers who pushed retention to the sideline may soon need to revisit it because 56 per cent of employees said they know “quite a few” people who are now looking to change jobs, according to recruitment firm Hays.
Graeme Doyle, director at Hays Human Resources, said it was becoming critical for employers to focus on their retention strategies or risk losing their employees to an improving job market.
The recruitment firm provides five top retention tips for employers to consider as the economy improves:
Work/life balance: “Consider your employees’ work/life balance,” said Doyle. “If longer hours have become the norm in your workplace, cut them back if you can. If workloads are no longer manageable in the standard working day, it might be time to find extra help – consider using a temporary resource to boost resources short term. You only pay for the time worked and the team will definitely appreciate the extra support.”
Recognition: “For most companies, salary increases or bonuses were not an option this year, but recognition shouldn’t be solely focused on monetary rewards. Give staff positive feedback and praise. Internal recognition for a job well done can go a long way.”
Development: “Training and development doesn’t necessarily mean formal courses, although it can. One-on-one training and mentorships in the workplace can be just as effective. An employee could take on additional duties, such as chairing meetings. Investing in your employees’ skills development allows them to be the best they can be, which has obvious rewards for both them and you.”
Communication: “The communication of strategic action plans can boost confidence and morale amongst employees. But make sure communication flows both way and allow employees to communicate back to you. This can be as simple as a staff satisfaction survey.”
If they do go: “An employer brand is affected as much by the people who leave as the people who are still employed. Making leaving a positive experience can be a challenge, but it is very powerful for leavers to speak highly of an organisation even though they no longer work there. Even something as simple to implement as an exit interview can have a very positive impact,” said Doyle.