Employee Retention - what are you doing to conquer it.

​In today's job market, employee retention has become a crucial focus for organisations. Studies indicate that the cost to replace an employee can be up to two times their annual salary depending on the level of seniority. Retaining talent is not just about maintaining a cohesive team but also about preserving financial resources.

We recently asked a candidate whom we placed in their role 10 years ago, what has meant they have stayed in their role for a decade. Their insights shed light on key factors that contribute to long-term employee retention:

1. Opportunities for both professional and personal growth

2. Trust in their expertise and autonomy in their work.

3. Seeing the company’s journey from a start-up to a well-established and thriving organisation.

4. Clear financial rewards and pathways to progression.

5. A really great boss who communicates clearly.

6. An inclusive and fair culture.

While retaining employees for over five years may seem like a rarity in today's job market, the reality is that many employees start feeling restless within the first 12-18 months of their role. This timeframe is critical, considering the investment required for onboarding and training new hires.

So, how can organisations ensure they are proactively addressing employee retention? It starts with human connection. Not on Email, WhatsApp, Slack, or Teams, but a face-to-face conversation. Consider the following to foster meaningful engagement:

• How are you investing in your employee's skill set, what are their ambitions?

• Do you clarify possible career progression opportunities?

• Are you doing regular check-ins with employees, both personally and professionally?

• Do you know what motivates them?

• When were they last recognised for their hard work?

• Do you dedicate one-on-one time for them?

• Do you have transparent and constructive annual reviews?

• How do you communicate company updates and changes?

Often, organisations realise the importance of employee retention only when faced with a resignation which is too late. However, by implementing proactive strategies and fostering a culture of support and growth, businesses can achieve remarkable success in retaining talent even in today's competitive landscape.

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