For Australian businesses, it's only getting more difficult to retain employees. What creative strategies can executives try to combat this problem?
At the heart of most successful businesses is a framework for keeping employees satisfied and getting them to stick around for a long time. Employee retention is definitely a positive in your company's quest to achieve long-term success - if you keep people on your staff, it's easier to maintain high levels of productivity without interruption. Hiring new employees is a drag. It costs money to recruit them and takes a lot of time to put them through training.
"The job market is friendly to candidates in 2017, and a lot of people are quick to jump ship if they're not happy."
Unfortunately, though, it's getting tougher and tougher for Australian businesses to retain their prized people. The job market is friendly to candidates in 2017, and a lot of people are quick to jump ship if they're not happy at their current jobs. And why not? There's a wide range of new opportunities for them to explore.
For employers, the challenge is to find strategies to retain their people and keep the business as productive as ever.
What's happening to employee turnover?
The question of how to motivate employees has always been a perplexing one for business leaders in Australia, and it's only getting tougher over time. According to research from Hays Specialist Recruitment, 29 per cent have seen voluntary turnover rise in the past year, and almost no companies have seen it decrease.
"The increasing number of resignations suggests that people are far more confident in the job market," said Nick Deligiannis, Hays' managing director for Australia and New Zealand. "They are aware that more permanent and contract roles are now on offer, and they know that demand is rising for highly skilled professionals."
It's imperative that if companies care about keeping their people, they take action to show their staff that they care about them. Employees are keen to notice a lack of action on their employers' part, and in today's job market, just a little bit of dissatisfaction could be all it takes to lose someone forever.
Finding creative strategies for retention
Once you know that retaining your people should be a key organisational goal, the next question is how to do it. It's obvious that throwing more money at your employees is one way to make them feel more valued, but that's not always as effective as you might think. The emotional impact of making more money tends to wear off after a while. According to Robert Half, more creative solutions are often better for improving staff retention.
One example is doing more to provide people with a clear career path. If you give your employees new opportunities to improve their skills and climb the corporate ladder, they'll have more incentive to stay. Another possible course of action is to introduce new programs for employee rewards and recognition. People are more motivated to stick with a job if they know there's a little something extra in it for them.
How can our programs help your business?
If you really want to reach the next level with your company's ability to keep people around, you may want to consider a new initiative that recognises employees when they stay for the long haul. At Power2Motivate, we have a way to do that. We offer programs for years of service rewards that honour employees for their loyalty to your business.
By implementing these programs, you'll immediately discover a new way to strengthen relationships with your employees and generally improve morale in your workplace. Not only will you celebrate annual milestones, but you'll be strengthening your company's culture of recognition on a daily basis. Talk to us today to find out more.