Quitters are on the rise, so what’s your retention strategy?
Despite economic uncertainty, many people are quitting their jobs. PwC’s Global Workforce Hopes and Fears Survey 2023 has revealed that 26% of respondents plan to leave their job in the next year, up from 19% last year. This number is higher for younger employees, with 35% of Gen Z (aged 11 to 26) and 31% of millennials (aged 27 to 42) planning to change jobs.
These statistics paint a worrying picture for employers, highlighting the need to address the root causes of the upward trend.
Why are people quitting?
A recent report from the University of Melbourne and YouGov found that burnout was a factor in the quitting trend, with 50% of ‘prime-aged’ workers aged between 18 and 54 saying they are feeling exhausted. Another reason is that people want opportunities where they can learn new skills and challenge themselves.
This trend demands a proactive approach from employers to develop robust retention strategies that can help them retain their valuable workforce. If you have a strategy in place, maintaining and boosting retention rates shouldn’t be a problem.
The ABS has reported that the number of people who left their jobs for a better job, or simply a change in job increased by about 14,200 to 343,200 people. It has been previously suggested that Australia may be at the start of its own great resignation.
How to retain your talent
Retention is about playing the long game. You need a strategy that will serve its purpose now and in the future. It must be reviewed and updated regularly. Here are a few ways to help your organisation keep hold of talent.
Prioritise employee engagement
Actively engaging your employees is crucial to fostering loyalty and commitment. People are more likely to feel valued and motivated to stay with the company when they are engaged. Organisations can achieve this by:
using open communication
involving others in decision-making
recognising people’s contributions
providing regular feedback.
Invest in professional development
Offering professional development programs demonstrates a commitment to employee growth. You can provide training, mentorship programs and opportunities for internal progression to help your people develop new skills and expand their knowledge. By investing in development, you can help increase job satisfaction and retain valuable talent.
Review your benefits offering
Regularly assessing company benefits is important in ensuring they are competitive in the market and meet employee expectations. Conducting salary reviews, offering performance-based incentives and providing better benefits can contribute to improving the employee experience and boosting retention.
Nurture a positive company culture
A positive work environment is key to retaining talent. You can establish this by encouraging teamwork and recognising people’s individual achievements. Promote a healthy work environment by adopting a personalised approach. Offer flexible work conditions that allow people to make work work for their own unique needs. It’s also important to make sure your core values align with your people. Working towards achieving the same business goals fosters a sense of belonging and purpose.
Understand your employer brand
Do you know how your organisation makes your people feel? You can measure customer feedback and experience, but how do you measure the happiness of your employees? To understand your employer brand, you need to know how your people experience your organisation. Find out what they value and how they feel about working for you.
This is your employer brand.
It’s an authentic, evidence-based approach to understanding and communicating your EVP. It goes beyond feedback surveys, performance reviews and your benefits package. Understanding your employer brand starts with gathering real insights from your people.
A great employer brand is the most powerful way to retain and attract the best talent.
The recipe for a successful retention strategy
Maintaining healthy retention rates requires an ongoing effort. If you have a strategy in place that covers the following areas, you are on your way to improving retention in your organisation.
Invest in your workforce.
Listen to your people.
Create an environment where people feel valued, motivated and committed to the long-term success of the organisation.
Wrapping up
By understanding the reasons behind increasing employee turnover and taking proactive measures, you can improve employee engagement, provide growth opportunities, enhance work-life balance initiatives and foster a positive company culture. Combined, these things will help create a great employee experience and shape a successful employer brand.
For more insights, visit the Heart Talent blog.