Staff turnover continues to grow as an issue for leaders.

Work perks and higher salaries are often too tempting for workers to resist and remain in their current roles.

What do bosses need to keep in mind as they enter the battle for staff retention?

After a year and a half of simply ‘getting by’, it’s widely predicted that, as the world starts to reopen, waves of employees will leave their current jobs in search of roles offering more opportunities for progression, better wellbeing and higher salaries.

The ‘great resignation’, as it’s more commonly known, and not without good reason, for according to Venture Beat, almost 1 in 5 surveyed workers say they have left or are considering leaving a job in the last year.

It’s only natural, therefore, that leaders should be looking at doing whatever it takes to retain their current talent pool.

But with competitors poaching staff with lucrative salaries and enticing work perks, what do executives need to be aware of in the fight for employee retention?

According to Zenefits, some employers are curbing increased turnover by:

• Raising salary increase budgets, from initial projections.
• Allowing employees in certain jobs to work from anywhere – one Zenefits study shows that 65% of employees are willing to take pay cuts to work entirely from home.
• Taking a data-driven approach to improving retention. Data and staff surveys can help bosses figure out not just how many employees are leaving, but why. By discerning this, a bespoke retention plan can then be implemented.
• Offer health and wellbeing benefits to reduce burnout and provide a safe, high morale environment.
• Give employees the resources they need to stay motivated and productive. “These could be training, mentorship, ongoing feedback, professional development, team collaboration, self-service technology, and career advancement opportunities.” says Zenefits.

Do you want to know more about retention and engaging candidates? Our recent research suggests companies may not be engaging as much with clients now than before the pandemic. So how do we overcome and how do we engage? Click HERE to find out.

Grapevine Leaders

October 2021