What does increased employee confidence mean for HRs?
Research shows that 61% of employees are ready to look elsewhere for employment in 2015. What can you do to keep them at your company?
Recent research indicates that candidate confidence is on the rise, with 61% of employees planning to find a new job in 2015. The figures, which came from Hays latest UK Salary and Recruiting Trends report, show that 27% of these employees are looking for a bigger salary and 26% are frustrated by a lack of future opportunities at their current workplace.
Employee retention is key to a successful business. So how can you keep your staff satisfied?
The answer: keep them rewarded, recognised and appreciated. Heres how to keep that two-thirds of your workforce from looking for employment elsewhere...
1. Create an agreeable work/life balance
Absolute insistence on your employees being at their desks Mon-Fri from 9-5 can be harmful to your business.
A recent Millennial Branding report found 45% of Millennials will choose workplace flexibility over pay and WorldatWork found that 65% of organisations say flexibility has had a hugely positive impact on employee motivation and satisfaction
Your employees are working to live, not living to work. Heres how you can factor that into their workload and make your business feel like an attractive long-term proposition:
- Flexible working Allow your employees to balance work and life (yes, their daughters orchestral recital is important). You could consider flex vacations Virgin, Netflix and Zynga are all operating profitably under such schemes.
- Remote work Allow employees to work from home. This means they can deal with life events without having to take weeks off or quit their job entirely.
- Allow mourning employees the time they need to recuperate and recover.
2. Develop and promote your staff
Make sure you provide a framework within which employees feel they can advance and succeed, especially those individuals who really stand out. (You cant afford to lose them.)
Training and education, challenging assignments and opportunities for cross-training provide your employees with the opportunity for both professional and personal growth.
If your employees feel like they cant grow, then theyll do the opposite: retreat into a daily grind. Theres nothing that gets people looking for opportunities elsewhere faster.
3. Engage your employees
Dont let your employees grow bored. How?
If someone wants to get involved with something, let them. Allow your employees to work outside of their conventional roles, and provide opportunities for them to share their knowledge via training sessions and presentations. You could also have experienced employees mentor newer members of staff.
The worst thing you can do is allow your employees to get stuck in a 9-5 grind. New opportunities and challenges are the best way to keep your employees from checking the job ads.
If an employee doesnt know what their future holds, theyre likely to start trying to sketch one out for themselves. To prevent this you must be incredibly clear about each individuals expectations, earning potential and performance feedback.
Make sure you include employees in any discussions regarding their career, where possible. Tell them how the company is performing and any major changes coming up down the road employees dont want to be blindsided by bad news, after all.
Also, remember that communication is a two-way street. Allow your employees the opportunity to speak their mind freely, and solicit feedback whenever possible. Ask whats frustrating about their role, what they want to be doing but arent, and what their hopes are for the future. This shouldnt be a one-time meeting, but an ongoing process.
5. Make sure youre hiring the right people
Retention isnt just about what you can offer the employee its about getting the right people in the first place.
Make sure youre seeking people who have a long-term and invested interest in your business. Any candidates who are viewing your company as a stepping stone in their career should be avoided.
Also, bear in mind that the best CV doesnt always translate to the best employee. A bad team player can cause friction and demotivate your staff, even if theyre a sales hotshot. That can be more damaging to your business than any short-term sales lost.
The right employees will create a positive working environment, which will in turn increase their co-workers desire to stay at the business after all, the company they keep can play a big part in the decision of whether or not to move on.