Youโre probably tired of hearing about the Great Resignation. However, the reality is that recent months have seen more people moving around in the employment market. According to one survey, 40% of respondents left their current role in March this year without contracting for a new one first. Meaning it is now vital to understand what motivates people to move on - and to have effective international talent retention strategies in place to ensure your teams remain intact.
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Why are people moving on?
Everyone will have different reasons for leaving an employer, but there are a lot of common themes. Work-life balance, for example, comes up often with people who want to explore different ways of working, especially in the wake of flexible working during the pandemic. Pay and benefits are other factors people might be considering when moving roles - if they feel they can earn more elsewhere for the same job or better benefits, a move might seem like the obvious choice. A hostile or depressing work environment is another reason cited by employees, as well as a lack of job security. And finally, if your business doesnโt prioritize diversity and inclusion, then this can be a motivator for many to leave.
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Effective employee retention strategies:
Design a new, more flexible hybrid or remote work policy. This will involve implementing adequate measures which ensure that those employees who are remote working still feel like part of a team and that technology and infrastructure support this flexibility
Listen to feedback. Ask your employees what they think and want. This feedback builds trust and engagement and gives you a clear idea of what your business might currently be doing wrong.
Focus on communication and collaboration, not competition. The old ethos that pitting staff against each other will get the best out of them has been well and truly debunked. If you want your business to thrive and your employees to stick around to help you do it, invest in better communication and collaboration instead.
Make wellness a priority. If youโve operated on the basis that business always comes first in the past, it might be time to rethink that. From flexible working to changing your office set-up or the way you approach meetings and scheduling, you can make many changes to push employee wellness higher up the list of priorities and make staff feel genuinely valued.
Give your employees more choice. When employees can work in a way that suits them, they tend to be more committed to, and engaged with, the business. So, find ways to create opportunities for staff to make tailored decisions about how they work that align with their wants, goals, and needs.
Be inclusive. Diverse and inclusive business cultures tend to create more engaged employees, a more fertile ground for innovation and a sense of belonging and connection.
As a Talent partner, we are here to help you find the right candidate and retain the best candidates in ways that work for your business. Contact us to find out more.