{"id":8148,"date":"2021-10-19T08:00:16","date_gmt":"2021-10-19T08:00:16","guid":{"rendered":"http:\/\/www.instantoffices.com\/blog\/?p=2631"},"modified":"2021-11-23T14:23:12","modified_gmt":"2021-11-23T14:23:12","slug":"9-ways-avoid-losing-good-employees-new-year","status":"publish","type":"post","link":"https:\/\/www.instantoffices.com\/blog\/business-growth\/9-ways-avoid-losing-good-employees-new-year\/","title":{"rendered":"How to Improve Employee Retention"},"content":{"rendered":"

After the unprecedented challenges of the past two years, around 9 in 10<\/a> British employees are on the hunt for a new job in 2021. And as we head into 2022, more than half of employees worldwide (54%)<\/a> say they will leave their job if not offered post-pandemic flexibility on when and how they work.<\/p>\n

With the ‘Great Resignation’ trend growing worldwide, Instant Offices looks at nine key team member retention strategies to reduce turnover and encourage talent to stay.<\/p>\n

1. Remind Them Why Your Company is Great<\/span><\/strong><\/h2>\n

If you have talented, hardworking employees, it’s likely that other companies have noticed them, especially now. Remember that you have to sell your company to your employees as much as they have to sell themselves to you. With company culture, work-life balance, flexible working and wellbeing at work all hitting the spotlight in recent years, now is the time to focus on these areas as key retention strategies and remind your teams why working at your business is worthwhile.<\/p>\n

2. Discuss Opportunities for Career Growth<\/strong><\/span><\/h2>\n

If people feel stagnant and disengaged at a company, they are more likely to quit. In fact, 29% <\/a>of UK employees have said that lack of career progression opportunities is one of the biggest drivers forcing them to look at other careers this year.<\/p>\n

If you see the potential for your employees to grow, make sure that you communicate a prospective career path to them during performance reviews. Help them see real rewards in the future, whether through career growth, promotion, salary increase or bonus. This goes for junior, mid and even seniors who may feel like they’ve reached their full potential at the company.<\/p>\n

3.\u00a0Provide Flexibility<\/span><\/strong><\/h2>\n

Nine in 10<\/a> employees now want flexibility from their jobs, and this trend is only set to grow. Globally, more than half of people (54%) want more control over when<\/em> they work, and 40% want to choose where<\/em> they work. The consensus is that most employees want to work remotely for 2-3 days a week and have the option to work in an office, coworking space<\/a> or shared space for the remainder of the week. With the workplace irrevocably changed post-pandemic, now is the time to communicate a clear strategy that takes these needs into account.<\/p>\n

4. Improve Work-Life Balance<\/span><\/strong><\/h2>\n

Despite working from home and more flexibility over the past year, improved work-life balance has become more important than ever. Right now, more employees value work-life balance above salary<\/a> and benefits and will be more likely to choose an employer who offers this. Companies can offer a better balance by providing flexibility, regularly reviewing workloads, encouraging regular breaks<\/a> and increasing support for those who need it, including parents, especially as we head back into the office more often.<\/p>\n

5. Re-evaluate Compensation<\/span><\/strong><\/h2>\n

Although several things matter more or as much as salary in today’s job market, pay is still a major contributor to job satisfaction. Don’t assume that employees are content with what they are being paid, especially as research shows employees are more comfortable asking for flexibility than a pay rise post-pandemic. Review your salary structure often to ensure that you are offering market-related wages and competitive benefits.<\/p>\n

6. Recognise Accomplishments<\/span><\/strong><\/h2>\n

Working remotely may make it slightly more challenging to notice your team’s small or significant daily accomplishments. Still, a\u00a0little recognition goes a long way when it comes to reducing staff turnover. Whether via daily shoutouts, weekly acknowledgement of outstanding work or company awards and bonuses, when you recognise their efforts, employees are more likely to feel valued and therefore, more committed to your company.<\/p>\n

7. Hire the Right People From the Get-Go<\/span><\/strong><\/h2>\n

It’s a competitive job market right now, and you might be in a hurry to fill positions, but rushing your recruitment could lead to more significant problems down the line. Hiring the right person for the job from the get-go will reduce your staff turnover rate and save you on training in the long run. Regularly review your recruitment policy to ensure you’re hiring talent that really wants to work at your company and who can add genuine value.<\/p>\n

8. Utilise Employees’ Full Potential<\/span><\/strong><\/h2>\n

People can become despondent at work if they aren’t stimulated, challenged and growing. If you have promising employees, make sure that you utilise them to their full potential, or they might find another company that will. Motivated people contribute to areas outside of their specific job role. Discover their potential and try to tap into it.<\/p>\n

9. Share Your Vision<\/span><\/strong><\/h2>\n

People are often more committed to an organisation if they know that they are making a difference and that their work matters. Be sure to share the bigger picture with your team so each person can see where their role fits in, especially as things are changing so rapidly.<\/p>\n

\n

Looking for Office Space?<\/strong><\/h2>\n

We Operate in Some of the World’s Top Cities:<\/span><\/p>\n

London<\/a>, New York<\/a>, San Francisco<\/a>, Paris<\/a>, Singapore<\/a>, Hong Kong<\/a>,
\nSearch more locations<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

After the unprecedented challenges of the past two years, around 9 in 10 British employees are on the hunt for a new job in 2021. And as we head into 2022, more than half of employees worldwide (54%) say they will leave their job if not offered post-pandemic flexibility on when and how they work. With the ‘Great Resignation’ trend growing worldwide, Instant Offices looks at nine key team member retention strategies to reduce turnover and encourage talent to stay. 1. Remind Them Why Your Company is Great If you have talented, hardworking employees, it’s likely that other companies have noticed them, especially now. Remember that you have to sell your company to your employees as much as they have to sell themselves to you. With company culture, work-life balance, flexible working and wellbeing at work all hitting the spotlight in recent years, now is the time to focus on these areas as key retention strategies and remind your teams why working at your business is worthwhile. 2. Discuss Opportunities for Career Growth If people feel stagnant and disengaged at a company, they are more likely to quit. In fact, 29% of UK employees have said that lack of career progression opportunities is one of the biggest drivers forcing them to look at other careers this year. If you see the potential for your employees to grow, make sure that you communicate a prospective career path to them during performance reviews. Help them see real rewards in the future, whether through career growth, promotion, salary increase or bonus. This goes for junior, mid and even seniors who may feel like they’ve reached their full potential at the company. 3.\u00a0Provide Flexibility Nine in 10 employees now want flexibility from their jobs, and this trend is only set to grow. Globally, more than half of people (54%) want more control over when they work, and 40% want to choose where they work. The consensus is that most employees want to work remotely for 2-3 days a week and have the option to work in an office, coworking space or shared space for the remainder of the week. With the workplace irrevocably changed post-pandemic, now is the time to communicate a clear strategy that takes these needs into account. 4. Improve Work-Life Balance Despite working from home and more flexibility over the past year, improved work-life balance has become more important than ever. Right now, more employees value work-life balance above salary and benefits and will be more likely to choose an employer who offers this. Companies can offer a better balance by providing flexibility, regularly reviewing workloads, encouraging regular breaks and increasing support for those who need it, including parents, especially as we head back into the office more often. 5. Re-evaluate Compensation Although several things matter more or as much as salary in today’s job market, pay is still a major contributor to job satisfaction. Don’t assume that employees are content with what they are being paid, especially as research shows employees are more comfortable asking for flexibility than a pay rise post-pandemic. Review your salary structure often to ensure that you are offering market-related wages and competitive benefits. 6. Recognise Accomplishments Working remotely may make it slightly more challenging to notice your team’s small or significant daily accomplishments. Still, a\u00a0little recognition goes a long way when it comes to reducing staff turnover. Whether via daily shoutouts, weekly acknowledgement of outstanding work or company awards and bonuses, when you recognise their efforts, employees are more likely to feel valued and therefore, more committed to your company. 7. Hire the Right People From the Get-Go It’s a competitive job market right now, and you might be in a hurry to fill positions, but rushing your recruitment could lead to more significant problems down the line. Hiring the right person for the job from the get-go will reduce your staff turnover rate and save you on training in the long run. Regularly review your recruitment policy to ensure you’re hiring talent that really wants to work at your company and who can add genuine value. 8. Utilise Employees’ Full Potential People can become despondent at work if they aren’t stimulated, challenged and growing. If you have promising employees, make sure that you utilise them to their full potential, or they might find another company that will. Motivated people contribute to areas outside of their specific job role. Discover their potential and try to tap into it. 9. Share Your Vision People are often more committed to an organisation if they know that they are making a difference and that their work matters. Be sure to share the bigger picture with your team so each person can see where their role fits in, especially as things are changing so rapidly. Looking for Office Space? We Operate in Some of the World’s Top Cities: London, New York, San Francisco, Paris, Singapore, Hong Kong, Search more locations<\/p>\n","protected":false},"author":1,"featured_media":16513,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,217],"tags":[164,145],"class_list":["post-8148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-growth","category-expert-tips","tag-employee-retention","tag-hr"],"yoast_head":"\nHow to Improve Employee Retention Rate - Instant Offices Blog<\/title>\n<meta name=\"description\" content=\"Attracting and retaining talent is crucial post-pandemic. 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