An effective talent strategy spans the entire talent lifecycle, from attraction to retention. An organisation that loses staff at a high rate will find itself continually trying to plug gaps through attraction and increased cost, and the business impact doesn’t end there. The delays in hiring and onboarding and through to speed to competency can delay critical projects and hold the business back from achieving its goals. So, how can HR leaders help reverse this trend and improve retention across an organisation? Here are seven areas where you can make an impact.
Investing in employees learning beyond basic competency in their role has multiple benefits. Employees are likely to feel a greater sense of trust and engagement from this investment in their capabilities and development, whilst employers benefit from the enhanced skillset this investment provides.
Progression is a great motivator, and it doesn’t have to mean a step up. Sideways moves help individuals learn and explore new areas of the business, picking up new skills and helping maintain their engagement. Transparency in the roles available across an organisation helps show that these opportunities are open to all and that there is room for growth and development without the need to move companies.
Line managers have the most significant influence on an employee's work experience, so improving their skills and ability to communicate effectively will have a considerable impact. The Chartered Institute of Managers warns of the effects of ‘accidental managers’, meaning those who have been promoted to a line management role due to their performance but have not had any formal line management training. This lack of training and experience can place managers and their teams at a significant disadvantage.
Engagement comes in many forms. We’re looking specifically at areas where we can elicit employee feedback and show how the business listens to and implements changes based on this feedback. Anonymous employee surveys and town hall forums with Q&As are great ways to do this.
The experience of remote and hybrid working during the pandemic has shifted employee expectations of flexibility. 98% of employees want to work remotely at least some of the time, and 77% of employees would actively look for a new job or be willing to consider one if their company’s flexible work policies were to be reversed. Research shows the importance of a flexible approach to work in retaining top talent. A shift towards output and value over presenteeism is vital for companies looking to retain their top-performing staff.
It’s no surprise that salary and total reward are significant factors when considering moving to a new role. However, many organisations neglect to benchmark reward over time. This can lead to a situation where existing employees feel underpaid and underappreciated, leading them to review their options outside the business. Benchmarking roles on total reward can help ensure fair pay and improve retention. Although it may seem counterintuitive to increase pay to save money, the cost of recruiting and training a new employee can make increasing pay for existing employees the most cost-effective solution.
One of the easiest ways to improve the employee experience is to encourage a culture of appreciation. A simple thank you can go a long way, especially when sharing this acknowledgement with peers and leaders.
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