HR professionals’ top priority and biggest challenge as we move into 2024 is… Retention.
A report by WorkBuzz, ‘The State of Employee Engagement 2023/24’, found the vast majority of respondents, 89%, said retention was either getting more difficult, or not changing. That’s a huge percentage of organisations losing the knowledge and expertise that has been built up by employees who decide to leave.
So what’s the answer? With tight finances’, and the average cost of replacing lost employees being the equivalent to six to nine months of their salary, if you don’t understand why your people are leaving – or why they’re thinking about leaving – you’re fighting a losing battle.
Competitive compensation and employers struggling to meet career development needs and expectations were cited as reasons for the issue but on the bright side, flexible and hybrid working arrangements are said to be helping the issue.
At RMS, we can contribute to better retention by:
– Strategic hiring: Identifying candidates who not only fit the job description but also align with the company culture and values, increasing the likelihood of long-term commitment.
– Employee assessments: Conducting thorough assessments to match candidates’ skills, personality, and career goals with the job and organisational expectations.
– Onboarding support: Assisting with a smooth onboarding process, ensuring new hires feel welcomed, informed, and engaged from the beginning.
– Communication: Facilitating clear communication between employers and employees to address concerns, expectations, and career development opportunities.
– Feedback: Implementing feedback mechanisms to understand employee satisfaction, addressing issues promptly, and making necessary adjustments. –
– Market insights: Providing market insights to help companies stay competitive in terms of compensation, benefits, and workplace practices.
– Flexible work solutions: Assisting in creating flexible work arrangements that cater to employees’ work-life balance, increasing job satisfaction and retention.
– Retention strategies: Collaborating with companies to develop and implement effective retention strategies, including mentorship programs, recognition initiatives, and employee wellness programs.
RMS can play a crucial role in not just finding talent but in ensuring that talent remains engaged and committed to their roles within an organisation.