Invest in Your Workforce and Retain Your Greatest Asset

It’s commonly acknowledged that employees are a company’s greatest asset, and need to be treated as such. The loss of top talent comes at high cost, and organisations must ensure that employee retention remains a priority. 

Concern right now

In today’s post pandemic world, labour shortages are at an all-time high, and companies are struggling to retain their existing staff and attract new people. Recent figures indicate that more than 40% of workers are considering resigning from their current jobs, a trend fuelled by a surge in available positions, and opportunities delivered by flexible work models.

The impact of employee turnover

Staff turnover can strike hard. Impacts include:

• High costs of recruiting, hiring and training new personnel
• Knowledge gaps, created by loss of valuable staff, causing inefficiencies and affecting the bottom line
• Degradation of services provided to clients, which in turn damages company brand
• Fraying of company culture and a decline in staff morale, due to increases in workload and responsibilities

Promoting employee retention

It’s essential for HR leaders to develop strategies to stem the flow of talent from their organisations.

Employee retention relies on a combination of factors, including:

• Flexible work arrangements
• Benefits
• Professional development opportunities
• Company culture

To improve employee retention:

• Provide your managers with the right leadership skills

It’s often said that ‘people don’t quit jobs, they quit managers’. It’s vital to provide all levels of management with the right training, mentorship and opportunities to improve their leadership and people management skills.

A microlearning solution like HSI Blue Ocean Brain is a great option for time-poor managers keen to gain new skills, as they provide short, engaging content that managers can digest at their own convenience. Get in touch with us if you would like to explore this option. 

• Improve the onboarding process

You’ve spent time, resources and money attracting and hiring personnel. Don’t let it all be for naught. A bad onboarding process can leave a new employee frustrated, uncertain and disconnected, which could ultimately lead to low levels of productivity, or losing them altogether.

It’s essential to create a strategic onboarding experience that includes:

• Connecting with co-workers
• Setting clear expectations
• Offering mentorship opportunities
• Providing resources and information to exceed in the role

• Provide clear career pathway opportunities and continued professional development

The setting of clear career pathway goals and professional development opportunities for employees to continue to upskill, leads to improved engagement and retention. 

• Create a safe and healthy workplace
  
  Research conducted by the Australian Human Rights Commission indicates that the most effective way to attract and support competent, productive workers is to provide a safe and healthy work environment for all.
  
  It’s an employer’s duty to conduct the necessary risk assessments to ensure a safe and healthy workplace. An effective safety management system, such as HSI Donesafe, provides for the easy logging of safety incidents, risks or hazards, encouraging employee participation in workplace safety and improving safety culture. And should an injury occur, then a top-tier platform such as Solv can handle all aspects of injury and claims management.
  
• Offer flexible and remote working arrangements

Remote and hybrid working models have become the norm in today’s climate. These, of course, may not be feasible across some industries, but where possible, companies should allow such arrangements if employees prefer them. Working from home delivers the same productivity as doing so from the office, and can lead to greater employee loyalty.

• Ensure your employees are appreciated and recognised

People need be valued, and this is especially true in the workplace.  recent Society for Human Resource Management and Globoforce survey revealed that 68% of HR professionals agreed that employee recognition has a positive impact on retention. It’s important for organisations to establish, not just any recognition system, but one that is sincere and organic.

• Focus on company culture

Company culture is a key factor in attracting and retaining staff. According to Glassdoor, 77% of workers consider a company’s culture before applying for a new job. 

Emeritus explains that while cultural building blocks vary between organisations with strong corporate cultures, these strong cultures share key traits, such as:  

• Clearly articulated and implemented values
• Understanding of the worth of employee voices, and a keenness to seek them out
•  Strong commitment to diversity, equity and inclusion
• Supportive leadership

It’s essential to include employees in the process of developing a company’s culture. You’ll gain far better traction when they’ve helped create meaningful and relatable company values.

A note on multi-generational workforces

The workplace today comprises distinct generational groups, each with different wants and needs. It’s important, therefore, to remember that methods used to retain a valued employee of one generational group, may need to be adjusted in order to retain that of another.