With two million Australians expected to quit their jobs over the next twelve months, the ‘Great Resignation’, is still here.
According to the Australian Bureau of Statistics, Australia saw the highest annual job mobility rate in almost a decade last year, with 9.5% of the employed population, changing or leaving their jobs.
Businesses are already struggling to find staff and with this great resignation, they are set to lose more. So how can we ensure we retain our valuable staff?
Why is retaining our current employees so important?
Retaining your staff is incredibly important for businesses for a number of reasons, some of which include:
The Contagious Nature of Turnover
Employee turnover can often be infectious in businesses without strong retention programs. When employees leave, other staff members tend to experience greater workloads and additional responsibilities while also potential sadness at losing their co-worker. This can lead to lower employee morale, productivity and job satisfaction, resulting in more resignations.
Damage to Company Culture
Employee turnover can contribute to decreased confidence in the business and employees may start to question their loyalty to the organisation, no longer believing in long-established values. A new workforce combined with employees who do not share the belief systems of the business can be damaging for an organisations culture.
Losing staff creates greater costs for organisations through not only recruitment and training expenses, but also through managers or business owner’s time spent on these activities that would be better utilised elsewhere.
So how do we retain our staff?
Since the pandemic, employees have made it clear they are seeking more than just a good salary. Values have shifted and a few key employee desires have emerged, especially around work-life balance. Some of the things we have heard from our candidates include:
- Hybrid or WFH work flexibility;
- Support for mental health and well-being;
- Business focus on sustainability and the environment;
- Greater employee recognition and reward;
- Clear career progression paths;
- Investment in learning and development;
- Purposeful and meaningful work.
Businesses need to anticipate and meet their employee’s needs if they want to retain their employees.
CIRCLE HR has developed numerous Employee Retention Programs for businesses before and are experts in developing customised solutions to complex problems.
Call us today – 1300 923 000
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