employee engagement

Less Turnover, More Talent

During the recruitment process we are all careful to hire only the best workers, so once we hire them, we hope to keep them long-term. With this in mind, managers must entice their employees to by giving them good reasons to stay. Today, it is known that managers are finding it much harder to retain talent. Employees lack the compassion to hold tenure with their companies, and instead seek a job that best suits their lifestyle or future aspirations. As a manager, an easy solution is as simple as trust building and having conversations around career goals. This is to ensure you are able to assist their career climb. If you don’t know how your employees wish to grow professionally, it’s very difficult to nurture and support their goals, and this is where retention can be an issue.

Effective employee retention is crucial for the long-term health and success of any business. It is believed some of the benefits for maintaining your best employees include:

  • Constant customer satisfaction when dealing with the same person each time;
  • Fulfilled co-workers;
  • Effective succession planning;
  • Heightened organisational knowledge and learning; and
  • Minimal time spent hiring and training new staff.

On the other side, failing to retain key employees creates greater turnover of talent. The impacts for not implementing retention strategies include:

  • Increased training time and investment;
  • Lost knowledge and experience;
  • The loss of loyal clients and customers;
  • Insecurity among workers; and

Managers must implement staff retention strategies to ensure talent isn’t lost and even more so, lost to your competitors. Sometimes it’s the most effective retention initiatives that involve minimal cost, which means they are easy to apply and at no harm to your business. Here are some quick tips and tricks managers can implement to retain their talent and minimise their turnover:

  1. Responsibility: Show your employees trust by giving them new responsibilities that allow them to grow.
  2. Respect: Employees appreciate when they are respected and appreciated, which creates an enduring work culture with positive memories they will never forget.
  3. Recognition and Reward: Having a rewards program should go beyond monetary compensation, and can simply be a public thank you to acknowledge hard work and efforts.  
  4. Flexibility: Flexible work arrangements allow staff to effectively maintain and balance their work and home lives.
  5. Relaxation: Be generous with time off and ensure sufficient rest time during busy periods.
     

About the Author – Rachel Stefanovski 

Rachel Stefanovski is the General Manager of PKL Recruitment, leading the NSW and VIC state offices. Rachel takes great satisfaction in setting a strong and motivated team culture through engaging with intelligent and driven recruitment consultants. Contact Rachel directly via LinkedIn or rachel.stefanovski@pkl.com.au.

Employee Engagement

A Winning Approach In The War For Talent

Attracting and retaining talent is a key requirement for any successful business. Now, more than ever, it makes financial sense too as the true cost of turnover is calculated with lost productivity, training and recruitment costs.

A 2014 survey found that a well-crafted and authentic Employee Value Proposition (EVP) delivered the following benefits:

  • 24-47% increase in employees recommending their workplace to family and friends
  • 28% reduction in annual employee turnover
  • 29% boost in commitment from new employees
  • Up to 50% reduction in payment of premiums to new hires

Source: CEB Corporate Leadership Council; CEB employee insights 2014

An EVP states what the organisation offers an employee in return for the skills, capabilities and experiences the employee brings to the organisation. From an employee’s perspective, an effective EVP answers ‘what’s in it for me?’.

With the increasing desire for flexibility in the workplace, personal job satisfaction is driven by far more than financial factors such as salary and benefits. To achieve high levels of employee engagement, you must structure your organisation and employee experience to deliver on the promise of the EVP.

Here are three simple tips designed to positively impact employee engagement and job satisfaction:

  • Keep it challenging and interesting. Employees are looking for opportunities to challenge themselves, and grow through professional development and career opportunities. Provide opportunity for autonomy, personal responsibility while keeping the roles and tasks varied to be fulfilling and remain stimulating.
  • Maintain clear support and direction while allowing for flexibility. Employees value systems, processes and resources however also seek out flexibility and autonomy to lead a balanced life and make their own decisions
  • Focus on the relationship. No matter how great the company or product you represent, employees are seeking meaningful connections and interpersonal relationships and friendships at work. It’s a balancing act, as you must maintain boundaries, however do not overlook the person as you will erode their enthusiasm and potentially lose their commitment and engagement.

Millennials are notoriously transient with ~90% of Millennials expected to stay in a role for less than 3 years compared to a market average of less than 20% turnover per annum. If you employ Millennials, you need to do more than offer them beanbags, free food and casual days.

If you would like advice on recruiting the right people for your business and achieving high levels of employee satisfaction and engagement, contact one of our qualified PKL Recruitment consultants today on Sydney 02 9232 4980 or Melbourne 03 9608 0333.

About The Author – Rachel Stefanovski

Rachel Stefanovski is the General Manager of PKL Recruitment, leading the NSW and VIC state offices. Rachel takes great satisfaction in setting a strong and motivated team culture through engaging with intelligent and driven recruitment consultants. Contact Rachel directly via LinkedIn or rachel.stefanovski@pkl.com.au.