Are you in denial that your employees are leaving, and they seem to not care about the ''fancy benefits package'' you are offering? Client Server Director Nick Boulton gives advice on the 5 changes a business can make to help with staff retention, which won't involve a lot of budget changes.
With candidates getting on average a 20%+ pay rise when changing jobs, you wonder if they are leaving for the wrong reasons?
The market is hot at the moment. Massive pay rises, single-stage interview processes, vicious competition, and extraordinary counteroffers are commonplace. Candidates that were discarded without a second glance this time last year are now getting two, three, even four offers.
I can’t help but think this frenzy is causing angst for even the happiest of employees. You love where you work, but hearing that your colleagues, who are no better than you, get job offers at exorbitantly high salaries, you have to wonder.
As a recruiter, it is difficult to talk to a candidate who, you know, does not want to leave their current job but is tired of hearing how their colleagues are getting paid much more than them. You can immediately sense that they are fishing for a pay rise. They can’t explain what is wrong with their current job and the new role they want sounds exactly the same as what they are doing right now…
Yes, we all know the general sales pattern of asking if they have spoken to their manager about performance reviews, pay reviews, blah, blah, blah. But honestly, in this market, you have half a dozen clients to send them to and a strong chance they will get a massive pay hike. So what have you got to lose? The answer is nothing. They are getting sent out the door every day, with or without your help.
Staff retention is an issue for every business, whether they believe it or not. So what can you do to help retain staff, increase productivity and create a better company environment without breaking the bank? Here are five changes you can make today to help:
1. Prioritise Work-Life Balance
In order to engage modern workers and remain competitive, it is no longer sufficient to focus exclusively on benefits. Flexibility around WFH is a given now. If you are thinking of changing this aspect, DON’T! The top employers create an environment where employees feel connected to the organisation, in and out of the office, giving a positive work experience. The ability to juggle work, family, and downtime without feeling judged or held back in your career or progression is vital.
2. Create a Happy Environment
Happiness spreads and affects the energy of the entire team. Positive company culture maximises the impact throughout your business and can boost employee morale. Most importantly, they are less likely to quit because they feel more creative and productive.
3. Trust Your Employees
Delegate without micromanaging. Once you instil more trust, employees flourish. Empower them with their future within the business, do not put up barriers. Allow them to navigate their way to the top and be the best version of themselves. Get them involved in decision-making and listen to their feedback, no matter how hard it is to hear.
4. Recognise Their Progress
We are all too ready to pounce on an underperforming employee, but it is necessary to point out the positive things they do. Acknowledge them individually and verbally, show them that you know where they started and where they can go next. While constructive criticism helps guide people in the right direction, it can also make them feel undermined.
5. Be Transparent and Honest
Feedback and the ability to understand the concerns of your employees are necessary, but it is what you do after that is critical. Share your findings, and implement proposed improvements where possible. If your employees feel they have a voice, loyalty and retention will undoubtedly follow. Transparent communication and a simple acknowledgement that they are understood can go a long way.