We’re in the age of the job-hopper, when workers would rather flit from one company to another than stay with the same company long-term.
In fact, a study by Deloitte found that nearly half of millennials plan to leave their current job within two years, and that less than a third plan to stay longer than five years.
That’s bad news for companies and HR execs. But don’t give up just yet – there are things you can do to keep your top talent with you longer.
If you want to know how to improve employee retention, have a read of our five tips.
1. Create an employee referral program.
We hate to state the obvious, but one of the best employee retention strategies is to make the right hire in the first place.
Instead of wasting your time and resources on candidates who are the wrong fit (and who’ll leave your company faster than you can say “notice period”), increase your likelihood of finding the right fit by creating and hiring through employee referrals.
An employee referral is a recruitment method that relies on your existing employees connecting candidates from their networks to a company. The great thing about this method is that you gain access to large talent pools of hard to reach candidates through recommendations as well as introductions to passive and pre-qualified talent.
Often, the people they recommend have similar values and goals to them, which means if they’re a valued employee, their referral probably will be too. On the other hand, when the person is just an introduction rather than a recommendation, companies are able to reach out and speak to highly sought after talent who are often unreceptive to traditional recruitment methods.
Not only are referred candidates 55% faster to hire, they reduce recruitment costs by up to $3000 per hire, and statistics show they stay with their companies longer.
Want to know more about how you can boost your employee referrals? Get in touch with us now.
2. Offer flexible working.
The strict 9 to 5 working day is out, and flexible working is in. Access to remote working, sabbaticals and flexible hours is the new normal.
If you can show employees you trust them enough to manage their own work and working hours, you’ll most likely experience a spike in productivity levels and engagement.
According to a recent YouGov survey, 89% of British workers believe that flexible working will boost their productivity.
It’s worth knowing, however, that a third of flexible UK workers feel less important in their company because of their flexible working hours. So if you can offer this and still make employees feel like valued team members, you’re more likely to keep your top talent.
3. Hire effective leaders.
Let’s be honest: one of the biggest reasons people leave their job is because of bad management. Workers quit when they feel their direct supervisors either aren’t doing a good job or that they’re difficult to work with.
Stats show when an employee rates their manager’s performance poorly, they’re four times more likely to look for another job.
So if you want your best employees to stick around, you need to make the right hiring decisions when it comes to filling management roles.
4. Encourage employee progression.
The truth is, nobody’s going to stay in a job that bores them. Your best employees want to be challenged. They want to feel like they’re moving forward and that they’re growing professionally and personally.
If you’re not actively nurturing employee progression, expect your best workers to up and leave.
You should know their individual skills and talents, and you should give them the opportunity to explore them – even when it’s outside their usual work remit.
Other ways to encourage progression is by conducting regular pay reviews, offering positive and constructive feedback, and giving them opportunities for professional development and continued education.
5. Show employees they’re valued
The fastest way to lose talent is to make them feel like they’re not valued.
Interestingly, this appreciation doesn’t have to mean more money (though salary does matter). You can show employees you value them by listening to what they have to say, implementing their feedback, being transparent in your decision-making as a company, and offering benefits they actually want and need.
One report revealed that 59% of UK workers say a personalised benefits package – including things like gym memberships and free meals – would “influence their decision to stay at a company”.
When you know your employees well enough, you can tailor their rewards and make them feel so valued they choose to stay with you longer.
Honestly? There’s no way to stop employees from eventually moving on, but if you show them you’re committed to them, you’ll have loyal workers that love your company and will stay as long as possible.
Real Links is a platform that helps you leverage the power of employee referrals. As well as matching you with the best candidates, we make your hiring process faster and reduce your recruitment costs dramatically.
Want to know more? Get in touch with our expert team now.