In February 2022 41% of UK employers reported an increase in staff turnover or difficulty in retaining employees over the last 6 months and 46% reported difficulties in recruiting staff (CIPD).
With increased challenges and continued changes to the world of work, how can you keep your business agile enough to stay competitive?
Review your pay structure
I'm not saying you need to pay more money, I'm saying you need to make sure you're paying competitively. Paying the bare minimum you can for a role will not necessarily attract the best or the right candidates to your business which will exacerbate high employee turnover.
With a fiercely competitive labour market, you just can't afford to be stingy.
So do your homework. Benchmark your pay structure against your competition in your area and ensure that what you are offering as a salary is competitive.
Equally, what benefits does your company offer? More and more people are moving to jobs which offer increased flexibility either in hours or job location. Are your benefits keeping up with what your dreamiest of employees want?
Review how you structure your work
I saw a post on LinkedIn this morning where a company announced they were moving to a 4 day working week for their staff. They had increased the length of their working day by 30 minutes each day and reduced the number of days worked by 1 with no cuts to salary or wages. They have created two opposite shifts so that all staff work 4 days but the office maintains it's 5 day a week coverage.
So I encourage you to think about WHY you work in the way that you do. Is it because it's what works best...or is it because it's what you've always done? Involve your staff in the conversation and see where it goes!
Strengthen Your Engagement Strategy
You might not currently have a strategy, but here's the thing. Employees want to feel valued and cared for in their roles. So start thinking about what you can implement in your business in a sustainable way, that will help your employees feel more loved. You might have to do some surveys or ask employees what would make them happier at work and you need to be prepared for answers you might not like!
But that will help you to progress your business and keep your staff, all in a oner!
Shona
p.s. I have 3 spaces left to work with me on the Pinot HR Manager Experience which includes employee benefits for your staff! Book a complimentary HR Taster Session here