Concerning news has come from a survey carried out by Reward Gateway. Sampling across a pool of UK employees, it found that less than 50% of those asked felt that their needs were being met by their employer to a good quality standard.
The HR technology firm also found that roughly three quarters of employees felt a lasting negative pressure from the constant upheaval and uncertainty over the past few years. Broadly speaking, the macro-effects of rising cost in living and post-pandemic aftershocks have further fuelled the gap in expectations between employers and employees.
In order to bridge this growing gap, employers need to have a more structured framework towards physical, mental and financial well-being. Approaches will depend on the nature of your firm, but broadly speaking, there are a few key things that you can do.
Giving employees flexibility helps on all fronts. It can be done through different means – from letting them choose what hours they work to what days they come into the office. Allowing individuals more autonomy gives increased capacity to handle issues outside of the office, reducing stress and increasing productivity.
The template for progression within your firm will be crucial to its success in the long term. If there aren’t clearly defined plans for professional development, top talent will likely quit to avoid wasting their own time. Focus on communication between management and employees is essential in boosting morale.
Fostering transparency around money/remuneration is an equally good way to retain talent. Historically a taboo topic, the modern workforce has woken up to the value of discussing pay openly. Being candid about this works out for employers too, who see increased motivation, decreased perceptions of inequality and a more positive company culture overall.
Structured feedback is an essential tool to maintain engagement. Formal reviews should be set up as a two-way exchange to discuss positive changes; where improvements can be made and how objectives can be achieved. Everyone wants to feel heard and effectively doing so will increase buy in on both parties’ side.
As you can see, there are many approaches employers can review and utilise to address the growing pressures faced on the labour market. A combination of at least some of these will be essential to the maintenance of any successful business. One theme that runs throughout is communication. Fundamentally, the best way to retain talent in any environment is to include them in the conversation.
- John Barker