Are you in the best place to retain your top talent in 2023?

Summary:

Why retaining top talent is vital for successful businesses

Reasons your employees could be on the hunt for a new role

How to build a robust & sustainable retention strategy

Create flexibility & a positive culture

Boost employee engagement

Implement an end-to-end wellbeing strategy

Maximise your Employee Value Proposition with Sodexo Engage


 

Are you in the best place to retain your top talent in 2023?

 

According to research by Glassdoor20% more job applications are started in January than in any other month of the year. 

Online recruiter, Reed, also reported a 51% increase in job applications between December 2020 and January 2021. Whether it’s due to spending more time with family, being away from the office, or wanting a fresh start, the New Year creates the desire for employees to move on to greener pastures.

Furthermore, statistics for 2022 state that 65% of currently employed individuals are looking for new jobs.

This could include your top talent. 

 

Why retaining top talent is vital for successful businesses

What do retaining your organisation’s top performers and company profits have in common? It turns out that happy employees and business success go hand-in-hand.

Payroll can account for up to 70% of business costs, but according to research from Randstad UK, the price of losing and replacing employees is what eats into profits. This 2021 study revealed that replacing each candidate could cost employers as much as £25,000. However, it’s not just resignations that can increase expenditure.

 

Enhance Your Sustainable Wellbeing Strategy

 

Reasons Your Employees Could be on the Hunt for a New Role

There are many reasons your top talent could be looking for a new role that go beyond a salary increase. These include:

 

Culture & Flexibility

Employers are starting to demand more work-life balance, hybrid working and flexibility. 65% of job seekers would reject a role that didn’t allow for an element of remote working.

Forbes supports this position, suggesting that 51% of employees want their employers to offer more flexible working options.

 

Employee Disengagement

Employee disengagement can occur for several reasons, including limited development opportunities, lack of recognition and poor workplace culture, to list a few. A positive workplace culture is advantageous for talent acquisition and retention, and engaged employees have been shown to increase revenue growth by up to 400%.

Poor communication and bad management or leadership are also why two in five employees quit their roles.

 

Insufficient Employee Wellbeing Initiatives

“Employees desire managerial support for their physical and emotional well-being.” Forbes

There’s a solid financial case for businesses to prioritise their employees’ mental health, but whilst Forbes focuses on physical and mental wellbeing, here at Sodexo, we encourage employers to factor in financial wellbeing and adopt a holistic view. 

 

19323_CASESTUDY_MONTANA BAKERY_Web-CTA_700x250

 

How to build a robust & sustainable retention strategy

It’s essential for businesses of all sizes to create an employee retention strategy. We'll show you how to implement crucial changes by focusing on the three reasons we've highlighted as part of an employee's decision to quit.

 

Create Flexibility & a Positive Culture

When we speak of flexibility in contractual terms, it relates to working location and hours. This will already be on the radar of any HR professional since employees have a legal right to request it. Hybrid working is on the rise, with figures shared by Statista showing a 5.6 million increase (30%) in the number of people mainly working from home between 2019 and 2020.

There’s no doubt that Covid has been the instigator of change, with businesses understanding that hybrid working can be just as effective as office based. When employees have the option to work remotely, they travel less, giving them more time to focus on their personal lives.

“45% of adults would like to use the skills or knowledge they have developed at work to help out charities, good causes or community groups on a voluntary basis.” 

This quote is taken from a recent Pilotlight study on the importance of workplace culture. As this study shows, there’s a lot to be said about incorporating paid volunteering days into your business:

  • 77% believe that employers should be supportive of their staff taking time to volunteer
  • 79% believe that businesses themselves benefit from employee volunteering

Employees and consumers are paying attention to social value, and paid volunteering days support the community and boost employee morale.

 

MicrosoftTeams-image (47)

 

Boost Employee Engagement

There is no one solution for boosting engagement since every business is unique. For example, a company that implements reward and recognition strategies will be on their way to boosting employee performance. Unfortunately, if employee stress levels remain too high or managers and team leaders aren’t effective communicators, you could still reach a point of disengagement.

Employee satisfaction surveys are essential for capturing data about workplace culture and employee engagement. From there, you can see the areas that require improvement, assess what matters most to your people, and thus determine how to reengage them. 

 

Implement an End-to-End Wellbeing Strategy

Here at Sodexo, we talk about the three pillars of wellbeing: financial, physical, and mental, focusing on end-to-end wellbeing, and an inclusive and holistic wellbeing strategy. 

To make the most impact, each pillar needs attention. For example, offering a corporate gym membership and a cycle to work salary sacrifice scheme will support physical wellbeing and make exercise more affordable. Exercise may boost physical health, but to support employee health in its entirety, mental wellbeing initiatives must also be incorporated. 

Your employees’ mental wellbeing requires dedicated support, and an Employee Assistance Programme, giving employees access to BACP-accredited counsellors 24 hours a day, 365 days a year, will provide it.

During the cost-of-living crisis, it’s more important than ever to help your employees stretch their salaries further. Increasing wages and giving one-off payments can be difficult for businesses to sustain. An alternative is to allow employees to save on everyday essentials via an Employee Benefits Platform or by incorporating an Employee Cashback Card that earns employees up to 15% cashback at a vast range of participating retailers.

 

Maximise your Employee Value Proposition with Sodexo Engage

 

It can be overwhelming, but the aim is to help you create an employee value proposition that your people won’t want to give up. Additionally, these wellbeing products and services will help boost employee performance and reduce absenteeism.

Are you ready to boost retention rates, bolster employee engagement and reduce recruitment costs

Sodexo Engage’s award-winning services provide benefits that go beyond the workplace. Speak to an engagement expert today to find out more.

 

 

 

 

FROM THE ARCHIVE