First published: January 21st, 2022
According to a recent study, three out of four workers want to hand in their notice this year.
That’s the majority of your workforce.
So if you’d rather avoid the hassle and cost of replacing them, now’s the time to act. By taking proactive steps now, you can boost retention and encourage your employees to stay.
Read on to discover what’s behind the urge to quit – and what you can do to prevent it.
Why are workers looking to leave?
The job website CV Library surveyed 2,000 random participants. The results revealed that most workers – three out of four – want to quit their job this year.
The most common reasons were:
- Wanting a better salary.
- Wanting a role that offers flexible working.
- Wanting to make a career change and try something new.
- Suffering from burnout or work-related stress.
But there is good news: you can put measures in place to prevent these common triggers. Keep reading to see how you can prevent a high turnover this year…
Prevent staff burnout
With burnout behind many resignations, it’s never been more important to tackle employee wellbeing.
Burnout often arises when staff feel under pressure or undervalued. It’s not a case of one or two bad days – it’s usually the result of a long-term problem. Here’s how you can make sure your workplace is burnout-free:
- Monitor workload – track how much your employees work each week and prevent it from rising above a certain level.
- Check in with staff – set up regular one-to-ones to see if your employee needs any extra support or guidance.
- Provide on-the-job training or make sure staff only take on work which meets their level of experience.
- Praise staff – if your employee has done well, go out of your way to recognise it or reward them.
- Give staff access to third-party counselling, like an Employee Assistance Programme.
Freshen up your employee’s role
Employees often look for a new challenge if they become bored at work.
So, don’t let staff grow tired of their day-to-day duties. Set objectives that encourage employees to push themselves beyond their comfort zone and current skillset.
Have a chat with your employees and see if they have any skills they’d like to gain or grow.
You may need to invest in training or tools to help them learn. But it’s a price worth paying – because not only does it help keep staff onboard, it’s also a great way to boost the talent in your workforce.
Check staff pay is competitive
Do a little research to check the average going rate for your employee’s role. If you’re in a position to do so, match it or offer a little more.
This means staff are less likely to jump ship for a higher wage.
It’s also good to create a policy that covers:
- Any salary brackets.
- How staff can achieve a pay rise.
- The process for discussing wages.
- How often you review staff wages.
With this information to hand, employees will be more likely to speak out if they have concerns about pay – instead of simply quitting straight away.
Create a progression path
Without the promise of promotion or progression, employees often apply elsewhere to develop their career.
That’s why you should map out a clear path for your staff.
Arrange a meeting with your employee and ask how they’d like their career to develop. Would they like to become a manager soon? Or would they prefer to hone their creative skills instead?
Depending on what your employee wants to achieve, set a realistic goal that you’re both happy with. Then, put measures in place to help your employee progress – like weekly training. To track your employee’s progress, schedule regular catch-ups.
Invest in your culture
Beyond pay and progression, staff should feel happy where they work. In fact, studies show that almost three-quarters of professionals have left a job due to company culture.
So, without fixing a faulty culture, you could see staff leave – regardless of how attractive their salary or job title is. Here are a few ideas to get you started:
- Offer flexible working – like remote work or flexitime – to improve work-life balance.
- Provide employee perks – like subsided food, gym membership, or healthcare benefits.
- Boost staff morale and improve workplace relationships with regular social events.
- Do more with entitlement, like a generous holiday allowance or enhanced sick pay.
- Clamp down and tackle any toxic behaviour in the workplace.
Craft a retention scheme
Once you’ve done all you can to boost retention, put a scheme in place that rewards staff for their loyalty.
This typically involves rewarding staff for working past certain milestones or work anniversaries. Common incentives include:
- An additional day(s) of annual leave on top of normal entitlement.
- A financial bonus.
- Annual pay reviews or rises.
- A gift, like a voucher for a set amount.
Whatever you settle on, remember to add this to your employee handbook.
Discover retention made easy with Peninsula
If it’s time to offer retention-boosting perks and pay rises, we’re here to help. From updating staff contracts to providing 24/7 advice, our consultants help you keep staff onboard – while keeping you on the right side of employment law.
Call your consultant today on 0800 917 0771.
