In 2019, 51 per cent of people had planned to move jobs by the end of the year, resulting in many businesses having to redouble their efforts to look for new talent going into 2020.
Research shows that January 31st is the day that most people are likely to hand in their notice. As the departure of employees within the first quarter is imminent for many companies, Instant Offices explores the essential factors helping companies retain talent during a year that is already poised to be challenging.
Remind staff why your company is great
Company loyalty is on the decline as many people look to change their jobs within the next five years, with only 6 per cent admitting they plan on staying in their current place of employment
Discuss opportunities for career growth
The end/beginning of a year is usually when most people reflect on various aspects of their life, and it is not uncommon for employees to feel like they have stagnated or become disengaged at a company, which would make them more likely to quit
Encourage learning and development
Both learning and growth should be supported in a company to help employees improve and build their skills. A best practice approach to this is to provide 70 per cent on the job learning, 20 per cent learning from others, and 10 per cent learning from structured training courses
Improve work-life balance
This year, work-life balance remains a pivotal factor for many employees who have spent time with family over the festive period. Flexible working options have become one of the most popular benefits offered by businesses, with 63 per cent of employees preferring it other benefits that may be offered.
Consider offering top performers a little flexibility to work around their schedules, or an earlier finish once a week during the summer months to help retain valuable team members who could be otherwise tempted to leave
Although there are various methods to boost employee satisfaction without a pay rise, it does make up for a large proportion of contentment within a job. Take some time to review your pay structure
Recognition and appreciation can go a long way when it comes to reducing staff turnover. Research shows that employees who feel valued also perform better, and recognised efforts are more likely to make members of the team feel more valued and committed to a company
Hire the right people from the get-go
Taking time to perfect a recruitment strategy ensures that the right people are being hired to fill a position from the start, thus reducing employee turnover rate. People who can hit the ground running will also save on training in the long run as they can start working on tasks straight away
Utilise employees’ full potential
People can become despondent at work if they aren’t stimulated. Work should challenge employees to want to continue to learn and develop within their fields, achieving their full potential and excelling
Share your vision
Employees who can see the bigger picture for a company and the impact of their work and where they fit in more likely to be more committed to an organisation