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the Top 3 employee 'wants' of 2022


 

Are you struggling to retain good people? Perhaps your employee value proposition isn't competitive or your culture isn’t meeting expectations. This will result in low employee engagement and high employee turnover. With proper employee engagement strategies I have seen employee turnover reduce from near 50% to below 15%. Here I will identify some of the major costs and reasons why employees leave.



Costs to the business of poor employee retention


Losing good people will cost your business, it's expensive in multiple ways. The costs can include:

  • Between 6-18 months of the leavers annual salary

  • Managements time to rehire and onboard

  • Recruitment agency fees

  • Lowered team morale

  • Higher work load stress

  • Tacit knowledge lost

  • Business relationships lost



What are the main reasons people leave


According to a recent study by Gallup – the top three rated reasons for employees seeking out new roles are:

  • Pay and benefits

  • Work / life balance

  • Work fulfilment



Here are a few considerations to help boost your employee engagement, employee retention and team performance.


Pay and benefits:

  • Do a yearly market rate pay and benefits review to ensure you are attractive

  • Pay with purpose – link performance to reward

  • Hold better conversations with your team around the value of their contribution


Work / life balance


Work doesn’t need to come at the cost of your peoples personal life's.

  • Care about your employees as people, help them to thrive rather than burnout

  • Create opportunities to socially connect

  • Allow flexibility to work from wherever, whenever and at what pace.


Work fulfilment


Design work consciously, allowing your people to proposer as a human being and experience exceptional personal growth through work as a vehicle.

  • Have you hired the right candidate – are they excited and enjoy 30% + of their role?

  • Is there freedom to align work to strengths and projects for growth

  • Can you offer autonomy with choosing certain projects


The best talent expects an enriching work experience. HR can continuously evolve this in partnership with the leadership team, by focusing on enhancing the employee experience across the employee life cycle for top rated people engagement.




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