Retaining Talent
In the challenge to train and attract talent, competition has never been so fierce. As companies look to get comfortable with the new normal it’s fair to say that the way we work has changed.
While staying late at the office might once have been seen as a badge of honour, the pandemic has made many employees rethink their relationship with work. Various global consulting companies such as Gallup report that up to 50% of employees are considering quitting their job in the next twelve months.
Some want to find a workplace more aligned with their new found values, while others are looking for a better working environment with work life balance and flexibility. Whatever the reasons for people moving on, the market to recruit talent will be tough, especially for industries such as aged care and hospitality, where churn is traditionally higher due to lower pay scales.
As we navigate towards this new way of working, companies need to think about how they stand out from the crowd and meet the new challenges to attract and retain talent.
With 75% of SME’s reporting a sharp rise in resignations this year, understanding what really drives employees needs to be a top priority.
People want more from organisational change projects. They expect their work experience and contribution to be augmented by change.
Losing and recruiting staff is very expensive and a high turnover of staff can be devastating for any business. Loss of expertise, pressure and strain on remaining staff to step up, loss of client relationship and finding suitable candidates in a sensible time frame are all costs the business has to bear.
Gallup estimates the cost of recruiting a new employee is as much as 150% of salary. If staff turnover is an issue for your business take a minute to complete the form on the link below to see what it is costing you to replace your lost talent. The results might shock you.
https://browniepoints.com.au/employee-retention-calculator/
Building a Culture of Appreciation to aid talent retention and attraction and tap into the passion in your team is critical to businesses looking to become an employer of choice and compete in the war for talent.
Staff want to feel valued, appreciated and respected for what they do, and in most cases will give discretionary effort in return for feeling part of the corporate vision.
Building employee centric cultures that are focused on engaging and motivating employees will be the key in the battle for talent. Companies that understand what makes their people tick and looks to unlock their passion and are willing to go that extra step will be the winners.
If you don’t value your employees your competitors will, so now is the time to get your retention strategy in place.
Tony Delaney, CEO Brownie Points
