With ‘job hopping’ more common a practice than ever before, the challenge employers are increasingly facing is not attracting talent in the first place but retaining them in the long term.
Recruiting and training a new employee is an expensive process.
But what’s more, when you find somebody who is great at their job and is driving success in the business, you’ll want to do everything you can to make sure they’re not going anywhere.
Unfortunately, in a day and age where recruiters are pinging out dozens of LinkedIn messages a day to prospective candidates, individuals don’t even need to be in the market for a new job to find themselves faced with an attractive offer.
New research on attitudes toward commitment by Currys PC World revealed that Gen Z are the hardest to retain of any age-group, with 88% of employees under 24 likely to leave a job after two years.
Furthermore, 1 in 10 men would leave their job if they weren’t promoted after a year at the business.
So, what can employers do to keep hold of their top talent?
The modern workforce want flexibility
One of the most sought-after employment perks among today’s workforce is flexibility, and with technology making it possible to work more-or-less anywhere at any time, there is a reduced need for employees to be confined to the office for regimented hours.
Work/life balance is a huge consideration when accepting a new job, especially among the younger generations and those with children.
This means that more and more people are actively seeking opportunities to work flexible hours or work remotely.
So much so, the commitment study found that 1 in 10 people switched to working on a freelance or contracting basis because of the flexibility and freedom it offers them.
By offering flexitime and the option to work from home businesses can put themselves in an improved position to retain staff.
There needs to be scope for personal development
Referring back to the earlier point about 1 in 10 men leaving a company if they were not promoted in the first year, it’s evident that employers need to offer personal development opportunities to retain employees in the long term.
The most motivated and driven staff will want to grow and learn within their role, knowing there is room for progression within the business.
By offering continuous training and learning opportunities, it will ensure that employees remain challenged and stimulated in their roles.
Implementing key performance reviews and sitting down with individuals to create career development plans will give them something to strive towards, knowing they’ll be rewarded for it.
Recognition for good work will also go a long way in nurturing job satisfaction and loyalty. Make employees feel appreciated by offering monetary bonuses or awards for good performance.
You need to be in tune with what competitors can offer
Ultimately, competitors are always going to be just that – competition. If a candidate is faced with two roles at similar businesses – or a current employee is approached by a competitor – it’s likely they’ll be tempted by the company that can present them with the best offer in terms of salary and perks.
For example, the research unearthed that approximately 1 in 5 people would love to go travelling long-term if they had the reassurance that they would have a job to return to, signifying that sabbaticals would be a desirable benefit.
By staying in the loop with what competing businesses are offering their employees, employers can prevent losing their staff to a better offer elsewhere.
Asking the workforce for regular feedback on what they like and dislike about working at the business and what they’d like to be offered can help shed some light on what can be done to keep staff happy.
It’s important to remember that employees are an ongoing commitment and while employers expect them to perform at their best, businesses must also be doing what they can to keep staff happy and motivated.
By providing good opportunities for progression and development, as well as competitive benefits, retention needn’t be a difficult task.
Currys PC World is an online retailer of electronic in the UK that range from TVs and washing machines to computers and gaming consoles.