Looking forward: Talent Retention in the New Year

THE WAR FOR TALENT CONTINUES...

Here's how you can ensure you're on top of your staff turnover 

We all know that businesses are only as good as the people who work for them, and when you find top talent the last thing you want to do is lose them.

According to ‘The State of Employee Engagement Report’ by WorkBuzz, improving talent retention is one of the top five priorities for HR and business leaders right now, and it’s easy to see why! A survey of more than 30,000 global workers found that 41% were considering quitting or changing professions this year (Microsoft Trend Index), with 1 in 4 employees ready to quit right now (Morning Consult).

The New Year is fast approaching, and as an employer it’s more important than ever to make sure you can retain your top talent. Here’s why your employees might be looking to leave, and what you can do about it…

Why are your employees looking to leave, particularly in the New Year

There are many things that can factor into your employees looking for new opportunities, and for many it will be a combination of things. Here’s just a few reasons to look out for.

Their managers:
It’s a common saying that employees don’t quit jobs, they quit managers. This is particularly problematic if it’s a large team, as it’s likely not just one member of that team will be looking to leave. Managing can be tricky, and often people aren't given the right training before being promoted into positions where they are in charge of someone else.

No room for development:
If your employees feel like they can’t reach their career goals with you, then they will leave no matter how great the rest of the job is. This can be a challenge in the New Year when people are taking time out to reflect on what they want in life and their careers. But there are things you can do to address this, according to LinkedIn’s Workplace Learning Report 94% of employees said they would stay at a company longer if it invested in their professional development.

What you can do about talent retention:

The good news is there’s plenty of things you can do as an employer to help improve your talent retention.

Work on your HR retention strategy
The first step in reducing your employee turnover is having a good retention strategy. It can help you address the problems it can cause like losing your top talent, putting extra responsibilities on other team members, and lowering productivity.

Don’t forget about exit interviews:
There’s one way to find out why your employees are leaving, and that’s simply by asking them. A good exit interview can highlight what’s causing your employees to leave, whether that’s a management problem, your compensation packages aren’t adequate, or a lack of recognition. Once you understand the factors that are key, you can put in place strategies to address them.

Make sure your benefits package is competitive
According to Glassdoor, 60% of people report that benefits are a major factor in considering whether to accept a job offer, and 80% of employees would choose additional benefits over a pay rise.

If your people are considering other offers, one of the things they will be comparing is employee benefits. To address this you need to review your benefits to make sure your teams find them valuable and they help you stand out from the competition. Here’s the four major types of employee benefits that you should be offering if you want to keep your top talent.

Make sure to recognise achievements and milestones:
With 65% of employees saying they would leave their job if they felt unappreciated (Gallup), it’s important that you take the time to celebrate your teams’ achievements and work milestones. You could do it through a personalised thank you note from a senior leader or a tangible reward like an eVoucher or Gift Card.

Make sure to listen to your employees
One annual engagement survey isn’t enough to truly get feedback from your teams as they only provide insights into a brief moment in time. Instead, you should gather employee feedback frequently throughout the year, and in many different ways. Whether you use quick and easy pulse surveys, on demand polls or one-to-ones with leaders, whatever you do the important thing is you act on that feedback.

Invest in employee wellbeing:
According to Uprise Health, 56% of workers have considered leaving their careers, with one in four citing mental health needs as their reason. So it’s important that you’re supporting your teams with their wellbeing through benefits like Employee Assistance Programmes, Gym Memberships and Cycle to Work schemes as well as preventing stress and burnout before they happen.

Be prepared for some level of turnover:
As an employer, there is a certain level of employee turnover you should expect, after all most of your teams aren’t going to stay with you through their whole career journey. This doesn’t make it easier when you lose your top talent, but it can be healthy for you and your teams. Replacing someone means you get the opportunity to bring in new ideas and expertise. But, you do need to have a good succession plan in place, and make sure you stand out as an employer of choice.


How Sodexo's employee experience solutions can help:

Whether you want to provide wellbeing benefits, help your employee’s salaries stretch further or implement a reward and recognition platform to support your employee retention, we can help! Get in touch with our experts today.

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Sources:
WorkBuzz
Microsoft Trend Index
Morning Consult
LinkedIn
Glassdoor
Gallup
Uprise Health