STAFF RUNNING FOR THE DOOR? CUT HIRING COSTS WITH OUR LATEST RETENTION TIPS
Posted on 15th November 2023
‘The Great Resignation’ is a trend closely associated with the pandemic as huge numbers of employees quit their jobs. However, vast volumes of research show this trend is still very much with us. For many businesses, this poses a major financial liability through frequent hiring expenses. We want to highlight just a few of the common reasons we see as to why people are leaving their roles and the steps you can take to buck the trend.
1. SALARIES
In a cost of living crisis with high inflation, salaries inevitably carry a lot of weight and people are seeking to boost their finances. “Of those who are looking to quit their job, 35% are moving for better pay and benefits elsewhere” (cipd.org).
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Employers should be benchmarking salaries where possible to ensure they remain competitive. However, it’s also important to look at other ways to save employees money. This can include reducing commuting costs through increased remote working policies or creating staff benefit packages that can lower specific expenses such as medical costs.
2. BURNOUT
Interestingly, younger employees (those aged 18-24) have been shown to feel the most ‘overwhelmed’ and ‘exhausted’ in today’s workforce (peoplemanagement.co.uk).
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As one source states, “when well-being is a priority, managing burnout is an imperative” (gallup.com). In other words, a commitment to employee well-being has to be genuine, prioritised highly and be far-reaching across the organisation. For today’s top employers, the term ‘well-being’ covers everything from workload management to employee mental health support.
3. CULTURE
In discussing the role of culture on staff turnover, we’re really looking at two similar but distinct considerations. Firstly, the compatibility between employees and the type of business culture they find themselves within, and secondly, trends that have emerged as to which types of corporate cultures are more sought after overall by today’s best talent.
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One source provides real clarity here, stating “culture fit is the most important aspect of retaining employees” (breathehr.com). In order to ensure the best possible fit for new staff, businesses first have to understand their own working culture and what makes them unique in the way they operate. Employees are also showing an ever-strengthening preference for businesses with robust CSR initiatives and forward-thinking practices.
4. FLEXIBILITY
Flexible working hours, fully remote working and hybrid working have remained hugely important for employees. In fact, “an estimated 4 million people have changed careers due to a lack of flexibility at work” (cipd.org).
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Getting up-to-speed with a robust and clear flexible / hybrid / remote working policy is one of the most effective ways for employers to dramatically boost their staff retention levels (as well as being hugely beneficial in attracting new talent to their teams from further afield).
5. PROGRESSION
“63% of workers who quit a job in 2021 say no opportunities for advancement were reasons why they quit” (pewresearch.org).
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Where possible, indicate potential routes of progression from the onset of each appointment and create discussions around progressions at performance appraisals. Lastly, progression doesn’t always have carry drastic title changes and large salary increases. More frequent, incremental steps forward can be very effective.
WE’RE HERE TO HELP!
At Netbox Recruitment, we have the experience and expertise to advise on so many areas of your hiring strategy that can make a huge difference to your employee retention rates. After all, when you make the decision to invest in growing your team, each new hire needs to be as long-lasting and beneficial to your organisation as possible! By meeting with all our candidates in-person and assessing the likelihood of a cohesive fit for our clients, we’ve become renowned for creating the ideal match between employer and employee. For our clients, this represents real value and cost-savings over the long-term.
