We’re on the cusp of a recession. There are 1 million more jobs than people, the cost-of-living crisis is starting to bite, employees have higher standards and expectations of their employers than ever before, and quiet quitting is on the increase. With employees seemingly holding all the cards, what can you do as an employer to increase employee retention rates and hold onto your top talent?
It’s not rocket science, investing in your staff leads to better productivity, lower absenteeism, more innovation and positive culture changes. It can also save you money. Did you know that the average cost of turnover per employee earning £25,000 or more is £30,000 plus. More than 100% of the average yearly salary.
Not all about rewards
So, what do I mean by investment – I am of course talking about skills training, access to learning, personal/professional development and career enhancement opportunities. But equally as important is offering the right rewards and incentives to help their health, care and wellbeing. After all a healthy workforce is happy and more productive.
Getting it right can be tricky, but this is where data can help. Surveying staff regularly and asking the right questions and then using their answers to improve systems and processes, including recruitment, is a good starting point.
Data testing tools
Finding out how employees are motivated, learning more about their attitudes, behaviours, strengths and areas for development is key. For example, watching how people collaborate, communicate and discovering more about the mechanics of working relationships will be beneficial when it comes to the formation and operation of teams.
So how can you gather some of this invaluable information? Psychometric testing or personality testing come into their own here. There are plenty of options available here, Myers Briggs, DISC etc. The important thing is that they will enable you to have a better comprehension of your employees’ traits and how they work, think and act, both as individuals and as part of a team. By understanding an individual’s communication and decision-making style and what motivates and inspires them, you’ll be able to develop effective relationships, initiate successful communications, increase morale and build great teams.
Development culture
Having access to this type of information, will help you to make employees feel more motivated, engaged and supported. It will also enable you to see where they fit within your organisation and highlight any areas for development, which can be fulfilled through either coaching or training.
If this is done in the right, way, it’s possible to create a strong and flourishing culture where everyone feels invested, valued and respected. One where people’s skills complement each other, they’re given the right tools to help them develop and everyone is working towards fulfilling the same goal.
Your people are your most important asset. You need to invest in them to hold onto them. Testing can help you to boost engagement, reduce turnover, improve communication, create stronger teams and build a responsive company culture which enables everyone to work better and smarter.
How can I help?
If you need further help, advice and support on how to invest in your staff, please contact caroline.robertson@actifhr.co.uk for non-obligatory advice.