According to PwC, almost 20% of UK workers are expected to quit their jobs in the next six months. That’s one in five employees currently eyeing up the jobs market, ready to walk out at an offer letter’s notice. It’s a statistic that is impossible for Human Resources professionals to ignore, a problem they need to tackle head and hands-on. So, what can employers, and specifically HR and Learning & Development teams, do to increase retention and maintain and increase employee performance? Here are five steps to get businesses started.
Motivate employees with hybrid work:
Our research shows lack of flexibility and work-life balance are the two top drivers for employees to say goodbye. It’s clear that employees love the flexibility and the increased work-life balance that hybrid work models can provide as hybrid work allows employees freedom, signalling that their employers trust them. Feeling trusted supercharges employees’ motivation, feeling a part of the team working with the business, not just for the business.
Check in with employees:
The best way to find out how someone is feeling is to ask them. Introducing regular surveys will give companies a pulse of the team and help HR teams to manage employee engagement. Through the beats in the surveys, employers will stay on top of change sentiment, nip problems in the bud, and stop overworking and burnout. Having regular 1:1 meetings are also vital tools for line managers to know how employees feel about the workplace and their workload. Prevention is better than a cure, particularly when it comes to keeping employees happy. The key is to listen and address problems, not just gather insights for the sake of letting employees feel ‘heard’.
Reimagine the office space:
Gone are the days when physical offices were simply a dull row of desks where employees came to work. Now, we’re seeing forward-thinking employees value them as places to socialise, onboard new starters and conduct team meetings. To bring employees back to the office, the space needs to be somewhere that they want to be – not have to be.
So, when looking at the office, think about facilitating collaboration. In this new age of remote working, it is vital to implement video-conferencing software and private meeting rooms, so cooperation can go worldwide, not just meeting room-wide.
Manage compensation and recognition the right way:
Money is a huge driver when motivating and retaining employees. By having a regular compensation management cycle and compensation benchmarketing, employers can build trust with employees and make informed decisions on pay structure and individual rates of pay. For example, particularly with the cost-of-living crisis, money is top of mind and better pay decisions enable companies to attract and retain top talent. In addition to monetary recognition, it is also crucial to ensure people feel valued for the hard work they have put into the company by giving them positive feedback. Companies need to recognise employees for going above and beyond, and giving continuous feedback can help employees feel valued and appreciated.
Provide opportunities for growth:
Employees invest time in organisations that they feel invest time in them. Talking to team members about their career progression will make them feel valued. To thrive, people need to feel as though they can advance in the company and work their way up the ladder – if not, employees will find opportunities elsewhere.
To stop the wandering eye, bring attention to pathways for career development, and if the company doesn’t have one, it’s time to invest in one. Make sure staff have a clear route to growth and development, which leads to increased employee engagement and retention.
Employees are setting more and more expectations for their employers, and it is up to HR leaders to live up to them and charter new ways to manage employee satisfaction and retention. Keeping up to date with what team members want and implementing measures to engage staff in the new world of work, is the key to increasing retention and holding on to top talent.
