Reducing employee turnover in economic uncertainty
Published Feb 23, 2021
In the current climate most employees will be relieved to still have a job. But there will be a significant group monitoring alternative employment opportunities. There are a number of steps employers can take to ensure that this group of workers remains motivated and fully applying themselves.
Research by Gallup shows that 37% of “currently engaged and motivated employees” would move to a new employer for a 20% pay increase.
Beyond increasing pay there are other points to include in a plan for retaining key talent.
Offer flexible working
Employees value the option of working when it best suits them. 20% of employees surveyed in the UK chose work-life balance as the principle reason for remaining with their current employer. Employers need to be aware that employees in tightly scheduled roles may leave for more flexibility elsewhere. Employers need to react to the needs of employees and consider offering flexibility within jobs where practical.
Recognise outstanding performance
The highest performers in an organisation will be driven by professional pride and desire for recognition and reward from leadership for their efforts. Recognition can be offered through companywide emails, regular newsletters, discretionary bonuses or performance-related bonus schemes.
Organisations can implement external recognition platforms to offer rewards or a locally managed employee of the month scheme. Whichever approach you implement it is vital to use it and frequently recognise these key staff.
Provide career development
Research by Gallup showed 93% of millennials have switched employers in order to meet their personal development objectives highlighting how workers today are motivated by opportunities for career development.
Employers need to work with key talent to produce a development plan covering training and opportunities for on-the-job learning to meet employee’s career ambitions.
Invite employee feedback
Employers need to gauge the views of workers to understand levels of engagement and the risk of employee turnover. Asking employees for their feedback and views is a method for this. When employees see managers are listening to their suggestions and acting on them, they feel valued. Requesting and acting on feedback should be an ongoing process. It will improve how you operate and resolve issues that could otherwise trigger an employee to leave.
Feedback can be obtained through online polls or surveys, questionnaires, team meetings and round-table meetings which focus on specific areas of the organisation.
Each of these actions will help you to show employees they are valued and help reduce the risk of your talent taking advantage of an unstable job market and moving to opportunities elsewhere.
Source: Gavin Parrott