The UK labour market has been turbulent for the past couple of years.
We have seen The Great Resignation, our ageing population, Brexit, skills shortages, quiet quitting, act your wage and apply anyway movements disrupting our employment landscape and hiring managers’ stress levels, markedly.
Now more than ever, employee retention is paramount to your business's success.
So we have put together some simple yet effective strategies to help with you retain your top talent.
1: Competitive Salaries & Packages.
Yes, this one seems obvious but it’s what we go to work for.
Engineers and salespeople are some of the highest in demand meaning your competitors are willing to offer incredibly lucrative salaries and benefits packages.
It’s a well-known fact that moving roles is one of the quickest ways to make salary jumps… we urge you not to make this the case for your top talent and compensate them accordingly.
2: Flexibility & Remote Working
Remote working and flexibility rank as one of the highest priorities for candidates when applying for new roles.
Over 82% of employers offer hybrid & flexible working hours. Meaning, if you don’t, your employees will go and work for someone who can offer them a better work-life balance.
Despite the issues remote working can cause for employers, increased retention will have a much bigger impact on productivity and efficiency overall.
3: Recognition & Appraisals
A study showed that employees who receive adequate and frequent recognition from their line managers feel 5x more connected to their work culture.
Giving meaningful feedback and regular appraisals allows your workforce to feel as though they’re having a positive impact on overall business performance and that they’re a part of something larger than themselves.
This sense of recognition and belonging creates a sense of loyalty and comradery like no other.
4: Training & Development
94% of employees said that they would stay longer at companies if they invested in their professional growth. In addition to that, organisations that offer employee development programs have 34% higher retention rates (Clear Company).
Growth & development keeps employees engaged and adds real value to their personal lives as well as their careers. If you can give this to your existing employees they won't have a sense of urgency to gain it from another company.
5: Create a positive culture
A Glassdoor study found that a company’s culture matters significantly not only to employees who are considering a job (77% said they would consider a company’s culture) but also to employees staying in their jobs. In fact, nearly two-thirds of employees cited a good company culture as one of the main reasons they elect not to leave.
Creating a positive culture is tricky when people work from home however, it’s not impossible. Investing time into more social events inside and outside of the office can go a long way in helping people feel connected to their teammates. Team building days are a great way of keeping your employees engaged whilst also encouraging them to form bonds that will benefit the workplace.
Employee retention isn’t complicated but it does take time and effort. Albeit, not as much time and effort as it would to replace them! At Primaire, we have a 97% retention rate on our placements (which we’re very proud of) so, if you’d like any personalised advice or strategies on employee retention, please feel free to give us a call on 0161 509 7672 or drop us an email: jobs@primaireconsulting.com.
