Retaining and attracting talent
If, as many recent reports indicate, employee turnover is set to rise to 50% during 2022, this could be a disaster for many businesses, as the cost of replacing staff can be as much as 150% of salary.
When you add those who are undecided about whether they will look for a new job the figures quoted grow to a staggering 65%!
Recruiting and retaining top talent is therefore critical for businesses to survive.
While compensation and benefits remain among the top reasons for moving on, work life balance is the second highest motivator for looking to move on.
Work life balance (including culture and appreciation) is the number one reason for employees staying in their role, so this should be a high priority for employers, to improve employee retention and attract top talent.
While compensation matters, assuming that the employer is paying a competitive wage, it is not the main factor when it comes to retention. Work life balance and Recognition both rate higher than compensation for retaining top talent. Salaries need to be competitive, but other factors matter more for those looking to stay with their current employer.
With many people still working from home, or operating in a hybrid environment, employers could be forgiven for assuming that work life balance has improved. Unfortunately, this is not the case, as reports highlight that 51% of people currently working from home are worried that their manager doubts their productivity, and does not trust them, and more than 40% of employees are working longer hours to try to negate this concern.
This highlights the importance of implementing a Culture of Appreciation, where positive feedback based on pre-determined behaviours can be given and received in a timely manner and broadcast to all employees.
Embracing the corporate values and vision is necessary to ignite the passion and improve employee engagement.
If you are not looking after your employees brace yourself for an expensive 2022 with you looking for and recruiting staff in a market that is likely to be short of many skills and experiences.
The global pandemic has triggered a shift from 1st Stream Change to 2nd Stream Change where people are at the centre and the reason for the change. The Great Resignation is requiring companies to rethink how they engage their people in change and take them with them on the change journey as co change-makers.
People want more from organisational change projects. They expect their work experience and contribution to be augmented by change. This is being called The Great Awakening. At Brownie Points we call this the New World of Work.
Thought leading organisations around the world understand the value of passionate employees and what they bring to their business.
They appreciate the correlation between passionate and engaged employees, and brand value and corporate performance.
Engaged employees are proven to take fewer sick days, stay longer, are more productive and deliver greater customer/guest experience.
Global consulting organisations such as Gallup are predicting that post Covid we will see the years of “talent wars” as many employees (up to 50%) look to move on from their current role, having waited during the pandemic as a form of security.
Implementing a strategy around a Culture of Appreciation to aid talent retention and attraction is critical to businesses to survive or to become an employer of choice and compete in the war for talent.
If staff turnover is an issue for you, please take a minute to complete the form on the link below to see what it is costing you to replace your lost talent.
https://browniepoints.com.au/employee-retention-calculator/
The time to act is now. Build your Culture of Appreciation to protect your investment in your people, because if you don’t value your staff your competitors will.
