The UK talent shortage has been an ongoing business issue for some time now.
Last year, 90% of UK employers were looking to recruit, yet 87% struggled to fill their job vacancies.
What’s the deal? Recent studies show that employment rates for those aged 16-64 are at an all-time high, yet the UK still has 1.1 million open vacancies.
Demand is incredibly high, and supply is incredibly low.
However, too often, HR strategies place the majority of their focus on plugging immediate gaps, often resulting in existing employees feeling sidelined.
The result: disgruntled employees leave in search of better opportunities, creating a revolving door of people and a never-ending cycle of vacancies.
Break the cycle and make retention an equally big, if not bigger, priority. Not sure where to start? Here are four tips for better employee retention.
1) Place learning at the front of your strategy
Did you know that 40% of workers are planning to leave their role within a year, with many citing a lack of career prospects as the main driver?
To ensure a happy and productive workforce, the primary focus of your strategy should be empowering people to grow.
Build a workplace environment centred around continuous growth, risk-taking and cooperation, and explore opportunities such as in-house training, role changes or third-party apprenticeships/courses.
2) Give employees meaningful direction
Employees need to know what they’re working towards, not just what’s on their to-do list.
As a starting point, provide output-based objectives which fulfil a larger business goal, helping create a culture where everyone knows they’re making an impact and being recognised for it.
These business goals can be growing revenue, improving customer satisfaction, expanding into new markets, etc.
Whatever the goals are, link your employees’ roles and objectives to them.
At IRIS, we use the Objectives and Key Results (OKRs) model, which outlines what needs achieving (Objectives) and provides a measurable outcome that informs how close you are to achievement (Key Results).
3) Empower staff with hybrid working
The BBC found that 70% of people believe they’ll never return to the office at the same rate.
The world of work has changed, but this isn’t bad; 59% believe they’re more productive when working from home.
Businesses can empower employees by enabling them to split time between the office and home or even to work fully remotely.
Since the pandemic, people’s priorities have significantly transformed, and offering this flexibility not only keeps employees happy (helping with retention) but also promotes a better work-life balance which in turn supports productivity.
4) Data-driven decisions
Digitising HR enables managers to easily make decisions based on real-time data, such as employee objectives and professional development.
Software stores all employee information, giving you quick and accurate access, so you can move forward with confidence rather than a hunch.
These data-led decisions can result in better career progression opportunities for employees, which aid massively with employee retention.
One for all
By prioritising employee retention, businesses can reduce recruitment costs and create a workplace environment that empowers high morale and motivation.
By taking the outlined steps, you can create a truly attractive employer brand which retains top talent.
Taking things a step further with great HR software is also highly advised.
Empowering HR teams with the tools needed to support employees while also giving workers action to modern functionality all plays a role in becoming an attractive employer.
As HR software specialists, we take pride in our partnership with IRIS Software Group. Our expertise lies in assisting you and your organisation in selecting and implementing a HR system that perfectly aligns with your needs.
We understand the significance of having a fit-for-purpose HR system that supports your organisation’s unique requirements. Whether you’re looking to streamline your HR processes, enhance employee engagement, or improve data management, we’re here to help.
If you are currently looking to move away from manual processes and spreadsheets or if you have outgrown your existing solution and require a new system that better supports your business growth plans, IRIS have a solution to fit. Get in touch to speak to us about IRIS Staffology or IRIS Cascade today.