Recruiters understand that hiring the right employees is only half the battle. The other half involves retaining them in a competitive environment. So why do employees generally leave their jobs? Historically it’s factors such as not liking their Manager, not seeing opportunities for promotion and growth or finding another role with a higher salary.
A study by Facebook recently found that many employees leave their jobs in search of finding more fulfilling work. Data shows that workers who use their strengths more often and feel they are gaining valuable career experience are less likely to leave for another job, according to a recent article from HRD Magazine.
In fact, research conducted by workplace research firm Reventure, as part of its national a future that works campaign, found that 72% of Australian workers were looking for purpose and meaning in work.
So how can you increase retention rates for valued employees?
Recruiterbox.com suggests that hiring selectively is one of the most important considerations in ensuring that your employees are in it for the long haul. This means that aside from skill competency and academic qualifications, you must also hire for qualities such as integrity and diligence (which is much more difficult to ascertain).
Not being paid to industry standards can be a major factor why many people leave their jobs. You should keep an eye on industry compensation standards and pay in line with them. Having a flexible work schedule can increase retention rates. This may involve having employees working from home or have flexibility of days or start/finish times. Employees that are required to juggle family commitments will find flexible working an appealing offer.
Providing a comfortable work environment with a strong workplace culture are other factors that will encourage employees. From a career growth perspective, providing a clear career road map for your employees is another important factor in helping your employees understand what they need to achieve to reach the next level of seniority in the organisation. When career growth is clearly defined, employees are quite often more motivated to achieve and to remain in their roles.
Should you require support developing employee retention strategies, speak to the HR Consulting team at Flexi Personnel.