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At ConsensusHR, we believe that employee retention is a key tool for business success. It relies upon:
- Correct management
- Regular performance reviews and development
- The opportunity for employees to give their opinion or advice
Employees should be listened to and not treated as just a number or ignored.
Is this enough to keep staff? This isn’t the employers’ decision. More than a third of employees plan to change jobs in 2015.
Research carried out by Institute of Leadership and Management (ILM) found that:
- 37% of UK workers plan to leave their current job in 2015
- 25% of those are planning to leave because they feel under-appreciated in their current role.
- One fifth (19%) of employees plan to move jobs with a further 31 per cent unsure whether to look for a new job.
- More than 1,000 UK workers and managers, this year employees want more from their job than better pay.
- 59% want more development opportunities, compared to 56% of employees hoping for an increase in salary. Half of those surveyed said a more interesting role would tempt them to change jobs.
Charles Elvin, ILM chief executive explains that January is a popular time for workers to consider the future of their employment.
“With an improving economy and more fruitful job market, it is important that employers realise that it’s likely they will have to work harder to keep their talented employees,” he says. “This means prioritising managing the talent pipeline within the organisation to make sure staff have opportunities to develop and progress.”
Nearly a third (30%) of employees looking for a new job this year said that better management would tempt them to take a new role. 27% of respondents are looking for more training and development.
“All staff want to feel that they are appreciated by their organisation so it’s crucial that companies actively recognise the efforts and talents of their employees,” Charles adds. “Companies may want to adapt to this new improved climate, by acknowledging where staff have excelled and moulding opportunities for them to advance.”
According to survey results last year, 31% of employees said they wanted to spend more time doing things they enjoy away from the workplace.
Just 18% of respondents to the 2015 survey said more opportunity for flexible working was a priority for them when looking for a new role, and 3% were looking for better options for parental leave.
“We believe that a small change in workforce can be good for a business as it allows new creativity and ideas to be circulated, which can create fresh business success,” says Matthew from ConsensusHR.
“This change should be kept to a minimum however, as a good employer should be continually talking and working with their teams. Performance management and succession planning should be in place so that talent is maintained within the business and employees wish to stay and grow their careers.”
Achieving this ideal balance requires employers to have the correct systems in place that allow the business to continually grow. These policies will include Competency Based Performance Review Procedures, for example.
The biggest questions for employers…
- Do we know why people are leaving?
- Do we carry out an exit questionnaire prior to them leaving?
- If yes, do we use the information gained to amend our systems going forward?
- How do you ask the leaving employee to complete the questionnaire?
These are all areas that need to be addressed by a company if they wish to maintain a healthy productive team. It requires strong management and is not always easy. But – there will be important feedback to learn from, helping the business grow stronger in the future.
If you would like to know how you can optimise employee retention within your organisation, contact Matthew from ConsensusHR via firstname.lastname@example.org or 01462 621 243, 0774 7789279.
Remember – keeping your employees is a joint decision!