How to Increase Employee Retention.Back to Articles
Based on PwC’s most recent survey “Global Workforce Hopes and Fears Survey 2022” of 52,195 workers in 44 countries and territories, “The Great Resignation” is said to continue apace in the year ahead with as many as 1 in 5 workers saying they are likely to move to a new company in the next 12 months.
The survey finds that 35% of workers are planning to seek more money from their current employers over the coming year. 44% of people plan to ask for a raise, with pressure on pay coming up highest in the tech sector. While “increase in pay” is the main motivator of workers wanting to make a job change sitting at 71%, there are 3 other main motivators which individuals are considering; “wanting a fulfilling job” which comes in at 69%, wanting to “truly be themselves at work” at 66% and 47% of workers prioritised being able to “choose where they work”.
So, whilst we’re still in the midst of “The Great Resignation” it’s more crucial than ever for companies to keep top talent.
What can you do to increase retention within your company?
1. Pay your employees fairly
This is by far the most important factor, with PwC’s recent findings of 71% of employees wanting to move jobs due to their earnings, it’s imperative for employers to pay their workers fairly. Regular pay audits and fair compensation has shown that it can inspire employees to give their best, keeping your employees engaged, improving general happiness and job satisfaction, which leads to higher retention rates of staff.
2. Offer flexible working arrangements
The Global Hopes and Fears study shows that 63% of workers who are able to do their jobs remotely would prefer a mix of in person and remote working and 26% saying they would prefer full-time remote work. Employees who work for companies which offer flexible working have said they feel more productive, experience less stress and burnout, and have higher levels of job satisfaction. So, offering the option for flexible working strengthens employee loyalty and encourages long term commitment.
3. Improve the skills of your team
More than ever workers want to have the opportunity for training and development and to improve on their current skill sets in order to remain current and advance their careers. Employers who are rated highly for employee training have as high as 53% lower attrition rates than those who don’t. Research conducted by LinkedIn shows that an astounding 94% of employees would stay at company for longer if they were offered more learning opportunities.
4. Listen to what your employees have to say
One of the most important reasons employees make the decision to leave rather than stay in a company is whether they feel heard and respected by their employer. Employees who know they are listened to feel more engaged and productive. One study found that while companies are looking for new ways to improve, 82% of their workforce have ideas that could help achieve their goals.
5. Develop career development plans
In a research study by SHRM on job satisfaction, one of the top 5 unique conditions that must be present in a workplace for employees to experience engagement was to have a career development plan. Workers said it demonstrates that the company wants to help them grow both personally and professionally, in turn creating motivation to perform and allowing them to see a longer-term future with the business.
6. Create a diverse and inclusive work environment
A diverse and inclusive environment establishes a sense of belonging among employees. Research shows when employees trust that they and their colleagues will be fairly treated regardless of race, gender, sexual orientation, or age, they are 9.8 times more likely to look forward to going to work every day and are 5.4 times more likely to stay at that company for a long time. According to research done by Deloitte and Gartner, the benefits of creating a more diverse and inclusive workplace include higher revenue growth, greater readiness to innovate, and increased ability to recruit.
7. Create a strong first impression with your onboarding programme
The way you welcome a new hire and lead them into the company has an enormous impact on how they feel about your organisation, it acclimates employees to their roles, the company’s philosophies and what the company has to offer. A successful onboarding strategy will reduce attrition rates and increase overall engagement. This creates workers who are committed to the company’s success, which in turn has a huge impact on the company’s customer satisfaction and bottom line.
8. Communicate with your employees
Following a period of complete uncertainty, it’s more important than ever to be transparent with your employees about what is happening in the business and where things are headed. An effective communication strategy can affect the overall success of your business. This is because effective techniques can lead to higher engagement, performance, satisfaction, retention, and well-being among employees. It can help you reduce misunderstandings, develop strong relationships with your team and reduce turnover.
9. Provide generous benefits
A good benefits package can make employees feel rewarded and appreciated for their hard work. It can increase loyalty, and productivity, as well as optimise your recruiting efforts. Following the pandemic, a key benefit being added to companies' benefit schemes are ones centered around mental health. A Forrester study conducted in 2021, showed that a huge 86% of employees aged 18-29 said they’d be more likely to stay at a company that provides high quality mental health resources.
10. Strengthen your wellness programmes
By helping your employees develop healthy habits, you help them avoid health complications that can lead to chronic disease. Research shows that employees who are healthier tend to be more productive in the workplace because they are more rested, energised, and motivated to complete their work. Having a wellness programme and encouraging wellness-based challenges and activities has been proven to increase engagement, as employees feel more connected to the company and their co-workers. These activities help strengthen the relationships employees have with one another as well as their managers which can increase the likelihood of the longevity of an employee’s tenure.
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