The Digital Infrastructure of today has changed how employers and employees interact with one another. The transparent nature of the digital platforms means employees know their worth and they, particularly the millennials, tend to reject legacy concepts of employment.
While salary is always an important factor, candidates now look to review companies like Glassdoor to ascertain the company culture, lifestyle, and job satisfaction of existing or past employees
Employee turnover can be a symptom of a deeper issue which might include factors such as low employee morale, poor employee-manager relationships, lack of recognition etc. This turnover of quality staff is not without its costs. These costs can reach as high as 200% of an employee’s salary including candidate screening, training, recruitment fees, errors, lost sales, firm performance, and so on.
While employee surveys and exit interviews have served their purpose for firms in identifying elements that need to be improved, there are better ways to retain and engage quality talent today:
Make everyone part of the story – let employees know why your business exists and what problems the business is solving. Quality people will want to work with you because they understand what your business is all about. Your employees will become brand advocates who will go beyond for your company and be proud to be part of your story.
Break down the Middle Management barricades – segregating executives can cause tension and conflicts as staff will see middle management as a barricade. Removing middle management, with regards to communication, will result in transparency which will be valued and breed trust and loyalty.
Embrace failure as a way to grow – this will encourage staff to question different processes, not be afraid to try new ideas and make mistakes. This will help you identify better ways to do things.
Be more flexible – you are no longer getting a 9-5 clock-in, clock-out worker. You are getting someone who wants your brand to be an extension of theirs. Offer better holidays, flexible working hours, work from home option, better salary, and possibly one of the most important factors, trust your employees. It will be easier for your employees to work harder if these factors are in place.
About the author
Laura joined Bank of Ireland and over a period of eight years, held a number of roles across the group. Progressing quickly having returned to the Bank after a career break in which she got her first taste of recruitment, Laura was given responsibility for the start-up and management of the Bank’s new digitally focused branch in Grand Canal Dock.
Laura left the group to complete a Masters in Digital Marketing in DCU and is a co-founder of Top Tier Recruitment with responsibility for recruitment across Technology as well as other functions. Top Tier Recruitment is a specialist consultancy recruiting for Finance and Technology candidates within the Financial Services and Fintech industries. Contact email@example.com for more information.