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Do you know who your star performers are and do you have a policy for holding on to them? You may be skilful at executive recruiter search but how capable are you at retaining good employees? Profitability is reliant on both aspects.
DO YOUR STAFF HAVE CLEAR CAREER PATHS?
A recent survey has shown career progression to be the ultimate factor for staff changing jobs. This shows that a higher salary is not the main reason, only a supporting justification. The cost of replacing a staff member has been estimated as high as a year’s salary; this, added to the problem of limited skilled staff means that employers should act decisively to obtain and keep the best employees. A head hunter who understands their specific market dynamics is required.
WHAT MEASURES CAN YOU TAKE?
One modern issue that most workers share is the imbalance between work and home life. Research has revealed that ninety percent of employees consider this as a key factor in determining their level of commitment to their employer. Here are points to consider:
Presenteeism: Regard your employees' output over the time they spend at the work place.
Stress: Employees who achieve a balanced lifestyle generally have a higher morale and lower absenteeism. They will be more motivated and provide better customer satisfaction, perform better and are less likely to leave.
Competition - A survey of business students revealed their number one goal to be achieving this healthy balance of work and home life. Companies responding to this desire have a big advantage in the struggle for the best qualified graduates.
Demographic changes – Due to the fall in birth rate, less male school leavers are available as were previously. Women and their particular family needs in the workplace must also be valued.
Organisational changes – Employees are expected to be more independent and responsible through flatter management structures. These staff need to be committed and unstressed in order to balance the commitments of work and life.
Stakeholder commitment - Research has shown that employees will go out of their way to support employers who try to accommodate their personal needs.
Intelligent employees now have a clear idea of what they are looking for in terms of career progression, salary, benefits and flexibility because job pages are spilling with opportunities.
Good communication = Employers who appeal to their employees’ needs regarding the pressures of family and work throughout their career are likely to gain commitment from them. The fundamental way to achieve this is communication; open discussion needs to be encouraged concerning possible problems facing the balance and recognition of demands on the staff.
If you have not done so recently, it is important to carry out an extensive examination of your employment and remuneration policies.
WORKING STATISTICS
When asked to pick the five main reasons for leaving an organisation respondents chose:
59% - career progression
48% - salary increase
37% - a change in personal circumstances
30% - to seek a new challenge
11% - to gain more recognition
58% of employers feel that staff retention is a chief concern.
The average rate of staff turnover is currently running at 13%, a figure that rises to 14% in services and as high as 26% in the retail sector.
9% of all employees are affected by bad relationships with other staff or bosses
Nearly 50% of the British workforce report feeling totally exhausted at the end of the day
When asked about flexible working practices in one recent survey, 70% of managers said there was a mismatch between the proclaimed values of their company and its realistic practice. |
