20th October 2021
Making Sure, Once You’ve Hired Them, You Retain the Best Talent
Jonathan Boys, a labour market economist at the CIPD, said some employers might raise pay scales if recruitment challenges continue, but that companies would also look at alternative ways to attract new staff. “Retention strategies should be built with boosting job quality in mind, as employers have a huge role to play in improving working lives.”
So, what does a good retention strategy look like and how can you boost job quality?
Improve and hone your onboarding process
An effective onboarding program, as well as making a positive first experience, can mean the difference between a great new hire struggling then leaving for pastures new and a great new hire becoming a long standing member of your team and delivering value to the company. We believe it’s such a crucial factor, that we’re going to write a separate blog next time on the subject. In the meantime, key components of the onboarding process to consider are your use of technology and automation, how you can personalise your process, ways in which you can fine tune orientation and how you plan to communicate along the way.
Professional development opportunities
It is incredibly important to understand and manage employees career expectations. According to the 2021 LinkedIn Workplace Learning Report, 59% of L&D professionals said that upskilling and reskilling are a top priority in 2021 – a 15% increase since June of 2020. The scale of your learning is up to you, 91% of L&D professionals said, as part of the same report, that teams that learn new skills together are more successful. Who is to say development can’t happen more regularly on a team or divisional level?
Appreciation and recognition
According to the Deloitte Global Millennial Survey 2020, employees’ intentions to remain with their employer increase when businesses address employee needs from inclusion and diversity to sustainability and reskilling.
Appreciation and recognition covers a vast array of examples, including but not limited to, employee of the month, feedback at an appraisal, bonus, salary increase, promotion, team activities etc. It is also very important to note that recognising the opinion and experience of your employees can be invaluable in the ongoing improvement of your retention strategy.
Flexible working arrangements
According to a major new study by Virgin Media O2 Business and the Centre for Economics and Business Research (CEBR), hybrid working across the UK could bring 3.8 million people back into the workforce. As well as providing a great, unprecedented hiring opportunity, flexible working can increase wellbeing through readdressing the work-life balance within your team or the opportunity for employees to increase the hours or days they are available to work.
Flexible working is a hot topic of 2021 and will be in years to come. We’ll follow up with a separate blog about the subject, to help you strategise and incorporate into your hiring process.
From regular business updates with your team to surveys asking how to improve your processes, communication has a very active part to play in retaining your employees and creates both a sense of belonging and ownership.
In creating a culture where communication is encouraged and resources are easily accessible, you not only decrease your employee turnover, you also provide the necessary tools that your employees need to carry out their work and reduce the time taken to do so.
Remuneration and benefits
There no getting away from it, pay is often a factor in an employee leaving, particularly if pay isn’t reviewed over time, where additional responsibilities have been taken on or roles have been merged.
Take time to carefully and systematically assess your benefits package, and you will reduce your employee turnover and retain those linchpins within your organisation.
Mike, MD of Linea Resourcing, said…
Staff retention strategies can be complex and take time to develop and deliver results. However the impact of not having an effective retention strategy is brought into focus when you consider the financial impact of replacing a staff member, which can run to many times their salary once the cost of the hiring process, recruitment fees, lower morale, added pressure on existing staff members etc. is factored in. With demand for staff at an all-time high across most sectors, employers who dedicate time to retention strategy alongside their hiring strategy will be better placed to take advantage of our economic recovery.
Underpinning a successful retention strategy is a dynamic and effective management team as well as clear communication and consistent execution. If you would like to discuss your retention strategy or reduce your employee turnover, get in touch!