There has been a mass exodus from the workplace in the past few years and post COVID-19 pandemic and trends have highlighted that the key reasons are:
- Inadequate salaries
- Poor work-life balances and feeling burnt out
- Limited career advancement
- General unhappiness with management or company culture
This has turned employment into a ‘candidate-driven’ market, as employees have stood up to companies where they don’t feel properly valued or appreciated in their workplaces. Companies are now having to consider what makes their businesses worth working for and are exploring various employee retention strategies.
While candidates decide what’s right for them, here are some ideas for employers to consider when thinking about what candidates need to feel job satisfaction and to help you retain your top talent.
Offer Competitive Salaries:
We all know it’s the most obvious factor, but businesses need to offer a wage worthy of the sacrifices and hard work of their employees to make them feel valued. It’s at the top of the list, as everyone knows that employees won’t stick around unless they're paid what their time is worth. Wages should be regularly adjusted for inflation and increased responsibilities. The living wage has recently changed, so ensure that your salaries reflect this current adjustment and consider the ever-increasing cost of living. Research the competition regarding salaries and wage trends and observe the kind of pay increases competitors have been implementing. Remember, hiring and training a new employee is significantly more expensive than increasing the wages of an existing employee.
Recognise and Reward Employees at Work:
Not only will you retain your top talent long term by recognising and rewarding them in the workplace, but employees will also be more engaged, work harder, and be more productive. It’s good to ask employees open-ended questions about what they would like in terms of rewards and recognition. And it’s not hard to figure out that the number one reward for all employees is financial compensation or paid time off. But staff also appreciate social recognition and enjoy being publicly acknowledged, as this helps everyone know when others are appreciated too. Make sure to recognise your employees' efforts and not just their results. Even if goals aren’t reached, it doesn’t mean that staff haven’t put a huge amount of effort into a project. This can help employees to try harder next time and make them feel less defeated and deflated when things don’t work out.
Offer working from Home and Hybrid:
People have now had a taste of what it’s like to work remotely and how it’s been proven to make employees happier and more productive. With advances in technology, it is now possible to work remotely in a wide range of industries. The positive effects of working from home include eliminating commutes, reducing distractions, providing greater autonomy, and increasing schedule flexibility. Employees value not feeling stressed during a busy and time-consuming commute, as well as not having to worry about childcare as much. Offering flexible work-from-home options can be an incentive to retain the best employees with your company for the long run.
Provide Flexibility Scheduling and Reduced Workdays:
Another key trend for keeping the workforce happy is offering more flexible work options. Working from home can offer fewer interruptions and distractions, as well as less commuting time. Offering your employees flexible hours can encourage them to find the times in their schedule when they will be the most productive to focus on their work. Additionally, reducing the number of hours in your working week can increase employee productivity. When staff work 50 hours or more in a week, productivity declines and signs of burnout and exhaustion set in.
Encourage Work-Life Balance, Reduce Employee Burnout, and Provide Wellness Offerings:
It is incredibly important for companies to prioritise the wellbeing of their staff and to encourage and promote a healthy work-life balance. The pandemic has greatly emphasised how much employees value a work-life balance, making it a crucial factor for all candidates when considering reasons to stay or leave employment. Therefore, encouraging remote work, flexible scheduling, or increased holiday time off is essential. Additionally, ensuring that your staff do not check emails or answer work-related questions via their phones outside of work hours is crucial. It is vital to respect your employees’ time away from work, as this is key to establishing and maintaining a healthy working relationship with them.
Unmanageable workloads, unreasonable time pressures, and a lack of support will be significant factors in losing talented employees. There is increasing emphasis on promoting health and well-being within our society, with a greater focus on mental health and promoting ways to improve and enhance our lives.
Create a Culture that Appeals to People:
One of the main reasons employees choose to stay with a company is when the company culture is positive, characterised by respect from management and the creation of a meaningful mission that involves employees in the decision-making process. It's also important to ensure that the workplace is diverse, inclusive, and fosters a sense of safety and belonging for all employees. A workplace that values individuals from all walks of life, including various races, backgrounds, genders, and sexual orientations, will attract and retain a wider, more diverse, and more talented community.