As just 8 candidates apply for each highly skilled vacancy HR must turn its attention to employee retention. Here are five secrets to getting started:-
Review your salaries : Starting salaries for new hires may be rising to attract talent but employee pay rises are not keeping pace with inflation. This trend has prompted the Recruitment and Employment Confederation (REC) to advise people who want to increase their pay to look for a new job. If your business is seeing increasing levels of departures among qualified staff, an uncompetitive salary may be influencing their decision to leave. Last month, the Open University noted that 90% of businesses have experienced problems in filling vacancies in the past year, forcing employers to pay higher salaries to fill the skills gaps in their businesses.
Take wellbeing seriously : Paying attention to the wellbeing of employees has a direct impact on productivity, engagement and retention. PwC’s 2017 Work Well survey found that one third of UK employees struggle with mental health and four out of five (83%) believe the state of their wellbeing influences their productivity. One third also believe that their wellbeing has also influenced their decision to leave a job. Wellbeing policies don’t have to be complicated. Ernst & Young adopted its ‘R u ok?’ initiative to encourage workers to support and check in with each other and remove the stigma that surrounds mental health. Companies including Netflix and Hubspot also offer their employees unlimited vacation. Any efforts to improve employee retention should go hand-in-hand with your wellbeing policies.