According to our sources at www.thomas.co.uk retaining top talent is a key post-pandemic challenge.
50% of employees globally plan to find a new job in 2022. (Microsoft).
75% of the reasons employees leave their jobs are preventable, according to a 2020 analysis of233,000 exit interviews. (Work Institute).
£30,614 is the average cost of losing an employee in the UK, but the cost for senior and specialist roles can rise to between £40,000 and £100,000 per employee. (Oxford Economics).
£16.9 Billion is the estimated cost to businesses of staff turnover globally, thanks to the pandemic. (Personio).
42% of employees say they would change jobs if they were offered a role with the option for hybrid or flexible working (CIPD).
1 in 3 millennials are considering leaving their company following the pandemic. (Forbes).
Job vacancies in the UK topped a million in August 2021, the highest number since records began. (ONS).
1 Million + of job-leavers say that greater flexibility was the motivation for their move. (Workhuman).
1/3 202% higher performance in companies with higher work satisfaction than companies with low satisfaction. (Business2Community).
Interesting facts these, and a real insight to how important this topic is nowadays. The cost of turnover is typically double an employee’s salary, and even higher at the C-Suite level. (Gallup). Retaining top talent is essential for business. In the current labour market more than ever, our assessments help you to build self-awareness in your own organisation. This is so that you can retain the top talent your business needs to succeed. Start now and give your managers the insights they need to retain their enhanced performers in the post-pandemic era.
How to retain remote employees.
It is important to engage the right people. Firstly, it is essential to hire the right candidates. An incorrect job fit will lead to employee turnaround. Obviously, capability, experience and skills are all important However, personality and values relate more to job satisfaction than salary. Psychometric assessments at interviews can help Hiring Managers to predict how well a candidate will manage their role which will avoid a costly turnaround later.
How well a candidate will perform in-role, avoiding turnaround later.
Streamline remote onboarding.
Historically, a third of new employees leave within the first six months of a new role so it is imperative that any potential problems are nipped in the bud by updating your employee onboarding. A glass door survey found that organisations that enhance their settling-in process improve retention by 82% and productivity by 70%.
Cultivate meaningful connections between co-workers.
Even a one-minute meaningful interaction that shows a positive and caring attitude toward the other person can boost against loneliness and improve connections within the teams. Regular social interactions will improve retention, and collaboration and productivity will also be intensified. Social events and following through will give employees an opportunity to resolve any issues and bring together their colleagues and company at a deeper level.
Proactively manage engagement through the employee-manager relationship.
Working remotely, engagement levels can vary depending on individuals’ personalities. For example, employees that have a desire to do well are more likely to have higher job performance. However, they could also be at higher risk of burnout because of the extra work they have taken on. It is important to pursue the employee-manger relationship through regular check-ins and to make sure that issues are resolved quickly and engagement remains high.
Develop your team.
Due to recent COVID challenges, working from home can erode employee resilience and sense of efficacy. It is important to make sure that your team retains a sense of accomplishment by giving them the right level of responsibility. Career development is essential for retaining employees in the long term. Re-visiting career development pathways regularly in one-to-one line manager meetings will minimise employee turnaround.