One of the key challenges facing HR and people leads is how best to engage and retain their talent. The ‘social contract’ between employer and employee changed during the pandemic. Many employees have re-evaluated their values, and as a result, career drivers have invariably changed.
Following very low rates of job to job moves in 2020 during the pandemic (1.75%); churn is now at an all-time high of around 3.2%.[1] Given the former halt in activity, there is now a backlog of people who are resuming their search with new found vigour. Whether people feel discontented with their current workplace or drawn by an alternative offer, there is a greater risk that employees (particularly the highly skilled) will leave. The draw of a more flexible work regime or benefits that align with one’s lifestyle and values may be too hard to resist.
So, the question is – how can we engage and retain our skilled employees? Here are my top tips for re-invigorating your employee engagement:
Appreciate your people – so often it’s the simple things in life which have the most impact – personally thanking individuals for their contributions in a meaningful way can make them feel valued and often want to put more into their work.
Clear sense of purpose and belonging – hybrid and remote working has for many reduced the sense of organisational belonging and purpose. Now more than ever it’s important for employees to know how they can personally contribute to achieving the organisation’s objectives and make a difference. And it’s also essential that they feel part of a team or a community.
Be inclusive – listening and responding to your employees preferences and work needs and maintaining an open dialogue really helps to build trusting relationships. Finding ways to incorporate flexibility into your policies and ways of working allows employees to have a say and feel an integral part of the organisation.
Champion wellbeing – Acknowledging and helping support a person’s wellbeing shows compassion and empathetic leadership. Burnout and absenteeism is a serious risk that needs careful management. It’s crucial to develop a wellbeing strategy and provide a range of accessible support services and relevant initiatives that best support your workforce.
Identify progression opportunities – finding development pathways to enable people to develop and realise their potential can be a strong incentive to stay in a company. This doesn’t have to be an upward move – options to move sideways, or to enhance responsibility or skills in an area of interest can motivate and energise.
Offer relevant reward – finding apt ways to recognise and reward high performance could take a monetary format (a bonus or pay rise); but could be better received if it fits with employees interests and values. For example, offering time off – extra annual leave, a day off on your birthday or other perks such as coffee vouchers or discounted gym membership may be much more appealing.
I hope this helps. If you need inspiration or support to devise or strengthen your employer engagement strategy and guard against the risk of attrition email me and we can have an informal chat – I’d love to hear from you liz@empoweringinsights.co.uk
[1] ONS X02, labour market flows SA