insight RETENTION STRATEGY
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MILLENNIALS ARE WIDELY CONSIDERED THE BIGGEST ‘FLIGHT RISKS’ FOR EMPLOYERS, BUT A RECENT SURVEY FROM ADP CHALLENGES THAT THEORY, FINDING THAT AN ALARMING 47 PERCENT OF UK EMPLOYEES ACROSS ALL AGE GROUPS PLAN TO CHANGE JOBS WITHIN THE NEXT THREE YEARS.
ARTICLE BY DAN DACKOMBE, SALES DIRECTOR EMEA - LINKEDIN
A great way of attracting employees that will be good - and lasting - fits for your business is to encourage employee referrals. Research shows 80 percent of recruiters think referrals are the best way to source candidates
As the world of work evolves, it is becoming harder and harder for employers to retain talent. Staff are more exposed to new job opportunities than ever before, social media has widened connections, globalisation has taken the competition for talent across borders, and the idea of a job for life is no more. However, it is possible to hold on to your best employees. Here are four ways companies can adapt to retain more of their top talent. Build a strong employer brand, and share it - having a clear sense of identity and purpose is crucial for attracting the right people to your business. The importance of strong values and an attractive employer brand was recently highlighted in our announcement of the UK’s Top Attractors, the most sought-after companies to work for according to our 20 million members across the country. Every employer who made the list has a strong culture and has worked hard to communicate it widely, including John Lewis - who topped the list - of course, renowned for its much lauded partnership offering. Whilst important, current and potential
employees don’t just want to hear about your company’s products and services and their day-to-day roles. Instead, they want to know that they work for a company that shares their values and, crucially, they want to see the impact of their work. Use all the channels you have available - your website, social media, marketing materials, to help prospects to know what you stand for and visualise how they might fit into your organisation. A great way of attracting employees that will be good - and lasting - fits for your business is to encourage employee referrals. Research shows 80 percent
38 thehrdirector SEPTEMBER 2016
of recruiters think referrals are the best way to source candidates, and we know that hires made through referral stay longer than those hired through other channels - which is why we launched a specific referrals tool for recruiters last year. Your staff are not only your best advocates, but they will also have a good sense of who will have the right personality for a specific role or team. Once you have a referrals scheme in
place, it is important that employees are well-versed on it, and you can do this by encouraging your leadership teams to talk about the importance of referrals, announcing new openings at team meetings and being open about the kind of employees you are looking for. Our research shows that 44 percent of professionals describe flexible working as important to them, and 24 percent of UK professionals would even give up a higher salary for increased flexibility. Promoting flexible working can be profitable too. In a survey by Regus, 63 percent of managers directly link revenue growth to flexible working practices and 70 percent of managers say flexible working boosted staff productivity. For flexible working to succeed, you need to get buy-in from staff at all levels. Before changing working hours, for example, it is important that HR teams and senior management talk to employees about what flexible working arrangements would benefit them and directly address concerns about what new policies could mean for the organisation.
It is important to give people the opportunity to grow and advance within your company, as our recent Talent Trends report
found that a lack of career progression is the most common reason why Brits leave their jobs, with almost half saying this influenced their decision. Despite this, a concerning number of UK employees never have a ‘high-quality’ conversation with their manager about their career. In such a competitive jobs market, this trend must be reversed. Companies should be transparent about what the options for advancement are, as well as proactively giving staff opportunities to develop. As is often said, the world of work is constantly changing, and the balance of power between company and individual has shifted. While this has made it easier for professionals to find the right roles for them - and more fulfilling careers as a result - it presents challenges for employers. Paying attention to your employer brand, unlocking the power of your employee’s networks, enabling your employees to work flexibly, and encouraging internal mobility can all contribute to retaining the best talent that will help your organisation continue to grow.
FOR FURTHER INFO
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