Updated: Aug 1, 2022
First we had the Great Resignation, where people were on the move in search of better jobs - and now there’s the Great Retention.
Companies are battling to keep hold of staff. In Australia, the unemployment rate is the lowest it’s been since August 1974 - 3.5 per cent in June.
It’s a job-hunter’s market and with reports of bumper sign-on bonuses of up to $10,000, the pressure is on for companies to keep their current staff happy.
Employers need to act to stop their top performers walking out the door.
We’ve put together these tips to help to keep your employees happy and retain your staff.
1. Get to the bottom of why people might be leaving
Don't wait until the exit interviews. When coaching clients, we discuss having regular one-to-one contact with staff.
The rule of thumb is, make these more frequent and less formal.
These catch-ups are a great source of insight. Find out what is troubling employees. What do they think of your company? Are your benefits up to scratch with the modern market? Is staff development adequate? You may not like the feedback you’re going to hear, but you should factor in a process to put this honest feedback into action.
2. Staff training
Are you helping your employees achieve professional growth? Learning new skills and upskilling is especially important today as the modern workplace evolves - especially through digital transformation.
Staff with new skills come with renewed abilities, energy and acumen to evolve with your business. Professional development should be made a priority, especially in this market. Allow staff to attend a conference to keep up with the latest trends, provide tuition or on-going education. Today’s employees in your business will evolve into leaders of tomorrow. Contact us to find out about new ways of working and our virtual and face-to-face training.
Our High Performance Agility Survey found 75% of employees cite disengagement due to overwork and lack of personal development. The second directly links to the first as employees are not given the time to develop.
We’ve been seeing a self-perpetuating problem with some employers as they have no capacity to develop staff as they are too busy recruiting.
We believe in building capability over buying capability. Only 22% of organisations we’ve surveyed recognize personal development as the one key to retaining great talent.
Contact us to find out about new ways of working and our virtual and face-to-face Training.
Mentor programs are a fantastic way to welcome newcomers, especially in a remote working environment. Your employees get to learn the ropes from current employees who are part of the fabric of your company already.
Consider having a program whereby existing employees have access to mentors too. It’s not surprising that current staff need a leader to confide in regularly to reach the next level in their careers.
4. Employee salaries
You need to pay your employees competitive rates. Remember the comment about bumper bonuses above. It’s a competitive jobs market. Now more than ever, employers need to evaluate and amend salaries regularly.
If increased salaries can’t be offered right now, consider bonuses or other benefits. Get the Salary Guide by Hays.
5. Are your company perks appealing?
Attractive perks can make your business appealing and re-engage current staff. Remote working arrangements are the norm now, but how are these being reviewed now with people returning to the office for more regular face-to-face contact? Are your office-based requirements fun and engaging and delivered with a sense of purpose?
Seek found when it comes to stay or go, 24% of Australians said that in addition to salary, employee benefits play a significant role. The top perk for Australians is flexible working arrangements and the ability to choose their working hours. Time in lieu was number two and working from home, number three.
Other perks to consider to help keep employee morale high include dining perks, parental leave, health insurance and fitness memberships.