Skip to main content

Attract – Engage – Retain

  • Are you finding it difficult to recruit staff?
  • Are you seeing a higher turnover of staff post-pandemic?
  • Are you spending time training new employees only to find they don’t stick around long?

You’re not alone, many businesses are seeing this, globally.

Many refer to the ‘Great Resignation’ or ‘Great Attrition’, where we’ve seen a shift following the pandemic, with many people quitting or thinking about doing so. The pandemic has changed what people expect from work.

Recent surveys*1 show that the great resignation is likely to continue, and may even get worse, before it gets better.

  • 40% of employees said they are at least somewhat likely to quit in the next 3 – 5 months
  • 1 in 5 employees surveyed were likely to leave their employer in the next 12 months
  • 53% of employers said they are experiencing greater voluntary turnover than in previous years, and the majority expect it to continue over the next 6 months.
  • 36% of those who had quit in the past 6 months did so without having a new job

There is a disconnect between employers and employee reasons for leaving. It highlights how employees were far more likely to prioritise relational factors, while employers were more likely to focus on transactional ones.

The reality is, it’s not just a shortage of staff or skills, it has a wider impact on the business. It may impact the quality of work, customer service, time taken to complete tasks, and the people who are left feel the impact of a staff shortage. The cost of time to recruit and train.

It’s a tricky one.  People want to work from home, but also want to feel that sense of belonging. People want a renewed sense of purpose in their work and fulfilment, they want social connection and a shared identity.

Pay and benefits are important, but people want more than that, they want to feel appreciated and valued. They want a clear career progression path and personal development.

With hybrid and remote working opening up more opportunities for employees, even those employees who are feeling satisfied may change their minds.

By understanding why staff are leaving voluntarily and taking action, you may be able to turn the ‘Great Attrition’ into the ‘Great Attraction’.

By understanding turnover metrics, the root cause that is driving employees to leave and taking actions that will help retain employees, could give you an edge in the race to attract, develop, and retain the talent they need. To reduce turnover costs and build a more engaging and effective workforce and create a workplace where your employees thrive.

Is it time to review your culture?

Creating a Winning Culture that attracts the best talent, where people stay for the long run and can achieve their greatest potential, should be a key area of focus for a company to grow and thrive.

Investing time and resources in your people will help you achieve your goals, help you get greater returns in productivity*2, quality of work and innovation.

There are numerous questions to ask, here are a few that may help you focus your attention and take actions.

  • Do we have leaders who reflect our values, who motivate and inspire their teams and lead with compassion?
  • Do we know our employees? Do we know their strengths, their values and goals? Are they aligned with company values and goals?
  • Do we have the right people in the right roles?
  • Can we provide employees with clear career progression paths and opportunities for development?Is it clearly communicated?
  • How are we building a sense of community or creating a company tribe?
  • Are you involving your employees in creating a winning culture?

If you would like to create a winning culture and create an environment where you and your people can thrive, book a discovery meeting.  

 

*1 McKinsey &Co, Harvard Business School, PWC UK

*2 University of Warwick

Leave a Reply