An HR Zone report highlighted a recent business trend: Bank Holidays trigger workers to leave their jobs! The extended weekend seems to allow those feeling a little dissatisfied with their current situation to assess and evaluate options- more often than not resulting in handing in their resignation come Tuesday morning. It is especially important in this uncertain climate to keep key staff- recruitment is becoming increasingly competitive as employees find they have the upper hand in bargaining power.
How then can you ensure you retain your key employees for your business?
What the research says…
How happy are your employees? How do you think they view their working day- something to look forward to that is rewarding and worthwhile or something to endure until it’s time to go home?
How do YOU view your working day? Being honest about your business is a good place to start in making sure you have a happy and productive staff.
It all makes a difference
You might not be experiencing a mass exodus of employees or have a profit draining sickness absence problem- 2 key signs of unhappy staff and a poor work environment; you may not even have that many employees that you think to be worried.
In 2007, workplace sickness absence cost the UK economy more than £13 billion; equal to 28 million working days per year or £588 per employee per year. Similarly, stress absence causes the loss of 13.8 million working days.
Is that an amount your business can afford to lose?
If you did a health audit of your business right now- looking around at your staff, their motivation, enthusiasm and productivity- how much profit can you see slipping through your fingers?
Tips and Hints on Good Working Practice
People have gone beyond wanting a job for the money; it now has to provide so much more than monetary value. Implementing a few small initiatives can make a large difference. Estimated return of investment (ROI) on workplace incentives can be as much as five times that of initial investment!
Saying ‘Thank you’
Simple and easy, recognition of work well done does more for employee moral than you could first assume. Make it public, make it regular and make it authentic.
Feeling Heard
Simple and easy but can take time if employees are feeling mistrustful. Get out amongst them, talk to them, hear what they are saying and don’t be afraid of to admit if you’ve got something wrong.
Lead by Example
Be the type of person you expect your employees to be.
Flexible Working Hours
Along with government legislation, more and more companies are introducing flexible hour options. Not silly with our commuting times and distances the highest in Europe. Allowing staff to work around a different timetable can have surprising results: an increase in efficiency, staff loyalty, motivation and productivity!
Home Working
Allowing staff to work from home for a period of the working week again has surprising outcomes: rather than sit and watch tv all day, it is found that home workers are more productive and more motivated.
Health and Wellbeing Initiatives
In an enormously competitive market, companies have to find ways of keeping ahead of the competition with recruitment. Employees are now more likely to interview the company on what they have to offer over and above the standard. Gym membership, in-house counselors, wellbeing advisors, healthy cafeterias with quality and varied diet options, sabbaticals, and ‘personal days’ are all increasingly on recruits’ lists.
Staff Retention
Voucher schemes have always been around, along with weekly or monthly performance rewards and incentives but as above, employees are now looking for a little more from their employer.
Communication
Found to be one of the top components to a business’ success, according to their employees. When companies allow their staff to be in on new developments, when the company vision is shared- with a tangible personal and intrinsic benefit to the employee, motivation sky rockets, staff loyalty increases and retention and recruitment are no longer an issue.
What are you providing your staff to ensure their health and wellbeing and ultimately your business success?
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