Does it pay to focus on employee retention?

As the number of job vacancies reach an all-time high and unemployment rates fall back towards pre-pandemic levels, we explore whether it pays to focus on employee retention.

As more businesses look to recruit, whilst more individuals look to change jobs, it’s becoming increasingly challenging to attract and retain staff. And with the average cost to recruit in the UK being £3,000 per-hire, we believe it’s more important than ever to focus on developing and retaining your existing workforce.

The CIPD has confirmed that employers have increased wages to help fill hard-to-fill vacancies, and whilst we agree that it’s important to benchmark the salary levels on offer to ensure this is competitive, there are also other areas of focus to help you retain your top talent. Here are our top three ways to help you improve employee retention:

Develop line management skills

By focusing your efforts on developing your people managers, you are equipping them with the skills they need to support their team. Key questions to consider: Are your line manager’s having regular one to one and team meetings to develop rapport and trust so that any underlying concerns are addressed? Are they communicating effectively with their team, providing feedback and creating a focus on team and overall business goals?

Line managers have a critical role to play in ensuring the retention of staff, it is therefore wise to focus on their own development to ensure they are equipped to support and develop their teams.

Be as open as possible to flexible and remote working

Since the pandemic, there has been a clear shift in employee’s expectations when it comes to working flexibly and remotely. We are finding that this is one of the first questions that candidates are asking when considering a new role. Whilst we know that for some businesses and job roles, this isn’t always possible, our advice is to be as open minded and flexible as possible when it comes to flexible working requests from your current team.

Business values and culture

Remember that your existing team members are ambassadors of your business. A simple thank you in recognition for hard work or for going over and above may make all the difference. Similarly, organising social events can help to develop bonds within your team as well as creating an inclusive working environment where people want to stay and be part of your business growth success story.

When it comes to attracting new talent, your existing team will want to share the positive company culture, values and vision to your potential future employees. But, how do you know that your team are happy? We recommend getting ahead of the exit interview to find out how engaged your existing team are to help your business stay on top of retaining your top talent.

Are you concerned about retaining your team or not sure where to start? Get in touch if you would like to find out more about how we can help.

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2021-11-22T15:10:33+00:00November 22nd, 2021|HR Strategy|
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