|And how to keep the people you’ve got……!
|‘Where have all the actuaries gone’ is a common refrain in my conversations with clients! Post-Covid the market has changed and that, coupled with the growth in certain sectors, is driving the scarcity.
Which makes employee retention and engagement absolutely pivotal in making sure that you have a strong workforce behind you and, more importantly, that you know how to keep them.
For example, do you know what the pain points are of the workforce and how to fix them? Simply put, firms may not be aware of what employees require from them to be able to build a retention plan.
With this in mind, Orange Malone has put together some tips on how to keep the talent you have in a competitive market.
What do employees want from their employers? It’s no secret that the world of work is changing, and job seekers are reprioritising which company benefits matter the most. The LinkedIn Global Talent Trends Report in May 2023 found that for the second year running, employees have continued to highlight the following three benefits as the most important when considering a job role: 1. Compensation and benefits 2. Work-life balance 3. Flexibility of location and working hours
So, why are these things so important? As we have moved on to a more remote working model, with hybrid and home-based roles becoming more prominent thanks to a need to keep businesses running through the pandemic, employees have changed their outlook on the typical 9-5 in the office. Through this change, the way in which to keep employees engaged has evolved. Research by Gallup has shown that “companies with engaged workforces have higher earnings per share (EPS), and they seem to have recovered from the 2008 recession at a faster rate.” Similarly, another study found that businesses with a critical mass of engaged employees regularly outperform their competition. What does employee engagement mean for business? Disengaged employees are not an option in the current workforce and many firms can’t afford to have a high staff turnover due to the economic outlook. Recently, many companies with notable turnovers have been found to suffer from a downturn in company culture. Research by Wiley Edge found that 63% of UK businesses and their work culture were negatively impacted by high staff turnovers. The report also revealed that the turnover had led to 21% of businesses noticing a decrease in employee engagement and long-standing employees leaving their role as a direct result of the culture shift. Further to this, the findings showed that “poor retention rates can turn into a vicious cycle where culture gets destabilised and results in even more employees choosing to leave.” What are ways to bring teams together and keep employees engaged? By taking into account what jobseekers are prioritising in a role, it’s easy to see where efforts should be focused when looking to retain and engage existing staff.
Here are our tips on keeping your existing staff engaged and eager to stay with your firm: Provide training and development opportunities Have a clear progression roadmap Get to know employee strengths and areas for improvement Effectively manage remote workers by ensuring that communication is maintained Utilise ‘team-building’ exercises, whether they be virtual or in-person Offer flexible working options
Are you interested in learning more about what we offer? Take a look at Orange Malone’s website for your recruitment needs and to keep up to date on insights and business updates, visit Sophie Peterson’s LinkedIn page.