In the era of the Great Resignation, with 1 in 4 UK employees planning to find a new job in the next three to six months (Guardian, 2021) employee retention is more important than ever. To ensure a steady workforce, here’s our top three employee retention strategies:
Progression plans
From day one, employees are expected to be given thorough onboarding and training, covering everything from processes to company culture. This is great; however, it doesn’t promote continuous growth or development.
At Hoop, we sit down with our employees to find out exactly what their career goals are and create bespoke progression plans around that to ensure they achieve them with us.
A recent study by Linkedin (2020) showed that companies who invested in their employees training and upskilling experienced 53% less employee turnover. In a nutshell, if you invest in your employees, they will invest in you.
Mentorship programs
Mentorship programs not only promote upwards mobility, but also offer new employees continuous support and guidance throughout their employment. In a world where remote working is the new norm, having a mentor can also be a great comfort to new employees who might not have the opportunity to socialise properly with their colleagues.
You can also integrate these mentorship programs into your employee progression plans. By implementing initiatives like monthly or bi-weekly reviews, employees can track their progress with their mentors, identifying key strengths or weaknesses.
Benefits & work-life balance
Work-life balance & benefits packages play a key role in employee satisfaction, with 75% of employees are more likely to stay in their jobs if they offer a competitive benefits package (Caboodle, 2022). Here at Hoop to promote a healthy work-life balance, we offer agile & flexible working, allowing our employees to work around their family commitments.
Standard benefits such as basic annual leave entitlement and pension schemes don’t cut it anymore. In fact, 80% of employees would choose additional benefits over an increased salary (Caboodle, 2022). According to HR Executive (2021), the benefits most desired by employees are remote working, paid family leave and healthy lifestyle incentives (such as gym memberships, or an on-site gym).
If you’re in need of some inspiration, take a look at Hoop’s benefits here.
Sources
Guardian (2021) https://www.theguardian.com/money/2021/nov/01/the-great-resignation-almost-one-in-four-workers-planning-job-change
Linkedin (2020) https://business.linkedin.com/content/dam/me/business/en-us/talent-solutions/resources/pdfs/linkedin-2020-global-talent-trends-report.pdf
Caboodle (2022) https://caboodle-technology.co.uk/blog_post/statistics-employee-benefits-alternative-pay-rises/
Harvard Business Review (2018) https://hbr.org/2017/02/the-most-desirable-employee-benefits
HRExecutive (2021) https://hrexecutive.com/these-are-the-perks-employees-want-most/
