1. What is Employee Retention in the UK, and Why is it Important?

Employee retention is keeping employees within an organization for a more extended period. It is significant because it can help organizations avoid the high costs of recruiting and training new employees. With such high levels of competition in the job market, it is now said that talent shortages make retention efforts even more critical. Consider it a Bowl Leak Problem: no matter how much water you pour in, a leaky bowl will never fill up. It also applies to enterprises, as employees will continue to leave if something is fundamentally wrong at your workplace. As a result, any recruitment is pointless.

2. Why has Employee Retention Become So Difficult?

The main reason retention has become problematic is the broad job market. There are now more opportunities for employees to find a position that is a better fit for them. In addition, many employees are dissatisfied with their current work situation. They may feel overworked, underpaid, or unappreciated. Some employees may also be looking for a new challenge. They may feel that their skills are no longer being utilized or have plateaued in their careers. Whatever the reason, organizations need to find ways to keep their employees happy and engaged.

Our team has noticed a few repeating factors affecting workforce turnover given as below:

1. Poaching Talent

Talent recruiting has never been more accessible since the increase in popular social media sites such as LinkedIn, Twitter, and Instagram. Companies, competitors, and recruiters can now visit any corporate website to look for employees and send direct messages to those they're interested in poaching.

2. Revising Priorities

Many individuals have used the previous two years to reconsider their lives and subsequently rethink their professions due to the pandemic's impact on society. These employees want purpose, meaning, and engagement in their work each day.

3. Negative Experience During the Pandemic

Employee frustration regarding how they were treated during the pandemic has been cited as a contributor to The Great Resignation. Employees in sectors that experienced significant hardship, such as leisure and hospitality, have in some cases felt unjustly treated.

In a nutshell, many talented people have left organizations due to the above trends.

3. How To Retain Talent Efficiently?

To retain staff, follow these steps to guarantee you're providing them with the most satisfactory experience:

1. Balancing Work and Home Life
   Since 2014, there has been a greater emphasis on the importance of work-life balance in companies around the UK. Training is now available on de-stress, regulating work hours, and taking care of yourself while at work. Employees are allowed flexibility at work, which will enable them to be more productive in what they do.
2. Communication Is Crucial
   Good communication between managers and employees is crucial for every business. If any changes impact either party, employees must be communicated immediately. It gives employees ample time to plan for their future and makes them feel heard.
3. Development Programs
   Companies are now looking beyond traditional on-the-job training programs. They've started offering skills development courses, leadership seminars, workshops on soft skills, and more. These allow employees to hone in on specific talents that can benefit them and the company.
4. Bring in New Employees
   Replacing employees (if necessary) is another way to stay on top of talent retention. People must constantly learn and improve their skills to do what they love while also being engaged at work. The more value an employee brings to their employer, the less likely they will leave.
5. Competitive Employee Benefits
   As the employment climate is currently so unpredictable, you must ensure that your perks continue to be attractive; consider offering the following benefits:
   • Hybrid Working
   • Flexible Working-hours
   • Employee Discounts and Rewards
   • Wellness Programs
   • Performance Bonuses
   • Gym Memberships

4. Invest in Your Employees

Lastly, treat your employees well. It means being fair and honest with them, not overworking them or underpaying them, and giving them access to whatever resources they need for success while at work. Good leadership is always an asset in any field of work, but it takes on heightened importance in this new age of uncertainty.

Check out how Brain Payroll’s employee centric features can help give them a better experience.