Retention is one of the primary focuses for HR and high staff turnover can be a significant challenge for any organisation. Not only does it lead to increased recruitment costs and a loss of productivity, but it can really disrupt team dynamics – and that is never good for business. A recent study from Work Buzz stated that 89% of respondents believe that the retention conundrum was either getting more difficult, or not changing. That said, addressing it requires proactive measures and a focus on employee satisfaction and retention strategies.
One effective approach to combatting high staff turnover is to find out what your people think and feel about the organisation. Regularly undertaking employee satisfaction surveys can unearth the reasons behind an increased employee turnover. This can then help HR to tailor its strategies to improve the employee experience and, hopefully, encourage people to stay in the organisation. For example, a recent study by Gallup found that organisations with engaged employees experience 59% less turnover. So what can HR do to move the needle and improve those all-important retention rates?
Schedule one-to-one check-ins
Regular one-to-one check-ins with employees are critical to keep on top of any concerns they might have, and identify issues before they fester and escalate. This fosters a general sense of open communication in the workplace and helps to nurture a sense of trust and belonging – critical factors in a positive workplace culture.
Refresh (or introduce!) employee benefits
It goes without saying that if a person feels valued then they are more likely to stay in their job, especially if they receive employee perks and benefits. A report from HR Executive found that over half (54%) of companies have not expanded their employee benefits offering in the last 12 months or more. Another study by Glassdoor found that 60% of job seekers listed benefits and perks among their top considerations before accepting a job offer.
Offering a revamped package to include things like discounts and savings is a simple way to provide financial support that doesn’t require offering huge bonuses or pay rises. Being able to provide things like a curated wellbeing package to support their health, or offer health insurance should they end up unwell and unable to work are affordable, easy to implement options that will help improve the company’s Employee Value Proposition (EVP) and bolster retention efforts.
Be more flexible
Flexibility in work arrangements, such as hybrid or remote working options, is a great way to cater to employees’ need to strike a better work/life balance. A Buffer study found that 99% of employees would like to work remotely at least some of the time so by offering flexible work arrangements, employers are able to respond to the diverse demands of a modern workforce – thus enhancing job satisfaction, and reducing attrition.
Provide learning opportunities
The same Buffer study also revealed that 74% of remote workers define career growth as opportunities to learn a new skill, which means putting opportunities in place for employees to boost skills, will help retain them too. This doesn’t have to be complicated either. Mentoring and reverse mentoring, skill-sharing and other L&D opportunities can be timetabled into the working day, supported by managers. This type of learning culture is something cited by employees time and again as being important.
While the reasons for poor retention can be nuanced, these measures can help to create a more attractive work environment for potential employees while showing your existing workforce that they are valued. Prioritising employee satisfaction, being flexible in your approach to working hours and geographical locations, providing space and time for learning, and fine-tuning your benefits package will only help to make your organisation a happier, more engaged, thriving and sustainable workplace.
If it is time to re-examine your employee benefits solution, simply fill in the contact form and one of our team will be in touch to discuss how we can help you improve your own EVP.