As we embark on a new year, many will be setting new goals and for some, this includes contemplating a career shift. Recent research reveals that a fifth of workers in the UK are likely to leave their jobs in 2024*. With technological advancements altering the world of work at an unprecedented pace, it is no surprise employees are seeking out new roles and opportunities for upskilling.
Today, employees not only want a substantial pay packet but also long-term stability, professional development and fulfilment.
The key to curbing this job-hopping problem and retaining top talent is implementing a robust retention strategy. Amanda Maireles, Head of People at workforce management software Factorial, outlines below her ‘5C retention strategy’: the ultimate guide to fortifying your team in 2024.
Culture: Cultivating Collaboration
Aside from the work itself, a positive workplace culture is the bedrock of any retention strategy. Fostering a culture of recognition which celebrates achievements big and small such as team wins, employee milestones, or even something as simple as a birthday can go a long way in boosting morale.
Similarly, promoting a healthy work-life balance is crucial for cultivating a positive workplace culture. Encouraging flexible work arrangements, offering wellness programs, and respecting employees’ personal time can all contribute to creating a more supportive and sustainable work environment.
And above all, leaders in the business should emulate this behaviour themselves. By demonstrating a commitment to well-being and balance in their own work habits, more junior members of the team will feel empowered to do the same.
Communication: The Glue that Keeps Teams Connected
No matter the industry, size or location, transparent and open communication is critical to ensure employees feel heard and understood. Regular company-wide discussions and consistent and timely updates, especially during periods of change or uncertainty will ensure all employees feel equally valued, no matter their seniority.
Equally, in today’s hybrid working world where teams are often geographically dispersed, it is vital businesses embrace digital communication tools. Leveraging technology for virtual interactions and ensuring multiple avenues are available for to staff to voice their opinions ensures nobody feels excluded for discussions.
Plus, encouraging an open-door policy from the top down will promote trust and transparency throughout the entire businesses.
Compensation: Beyond Salaries to Tailored Benefits
Compensation is not just about salaries; it’s about recognising and rewarding employees in a way that resonates with them. Tailored benefits and recognition packages that align with individual preferences from child-care vouchers to mental health support, will have a much greater impact on boosting employee morale.
For businesses to deliver a valuable benefits strategy, understanding employee sentiment, demographic and need is critical to ensuring they feel safe and valued in the workplace. Anonymous employee surveys should be the first step for gaining valuable quantitative data that is representative of all staff, which can be interrogated in many ways to devise effective and tailored benefits packages.
What’s more global companies should avoid implementing a companywide cross-border benefit offering. Assessing the demographic of each office and creating a specific rewards programme that meets the needs of those in each location will ensure it is worthwhile to all staff.
Control: Effective Leadership and Management Skills
Today, autonomy is highly valued – nobody wants to be micromanaged or mollycoddled. As such, effective leadership must strike the delicate balance between providing guidance and empowering individuals to work autonomously.
To achieve this, leaders should invest in ongoing leadership development programs for their management teams. Continuous learning opportunities can cover areas such as emotional intelligence, conflict resolution, and adaptive leadership styles to ensure leaders are equipped to understand and respond to the needs of their teams.
Career-Development: Fuelling Employee Growth
The most appealing roles enable employees to expand on pre-existing skills. Offering skills-based training and career development opportunities is therefore crucial but, companies must look beyond the same-old training modules easily found online and ask employees which skills they are most keen to develop.
To truly engage staff, career-development programs should be personalised – not only to teams, but where possible to individuals. Creating tailored development plans for each employee based on their career aspirations is key to showing staff the business is invested in supporting personal growth. Once these plans have been created, it is then essential line managers conduct regular assessments to ensure training progressing correctly, and identify and fill any additional skill gaps.
What’s more, businesses should integrate both technical and soft skill development programmes to create well-rounded professionals. Whilst proficiency in artificial intelligence and machine learning is in high demand**, skills such as communication and emotional intelligence are also invaluable and businesses must recognise this.
As the talent landscape evolves in 2024, it is crucial businesses seek not just to retain their workforce but to fortify it. Create an environment where employees don’t just work – they thrive.
* https://www.cultureamp.com/blog/why-employee-experience-solution
** https://www.london.edu/news/ai-skills-are-in-high-demand-2337
