Trouble recruiting and retaining talent?

27 Nov 2020

retaining talent

When focusing on attracting and retaining talent, employers need to understand what their employees - current and future - really want from a company.

In this blog our experts look at those factors that can truly help employers retain talent. It is a given that a competitive salary and a desirable benefits package factor in an employee’s decision to join – or stay at – a company, however there are numerous other elements which can be more important than salary.

Retaining talent – getting to know your staff

To get the most from your employees they must feel that you – their employer – respect them and value them, not only as employees but also as individuals. Asking after their families and circumstances outside of the office can mean a lot.

When employees feel valued and appreciated for their contribution, studies1 show they are up to 87% less likely to leave their job.

Motivating talent – how to get the best from your staff

Research by Oxford University’s Saïd Business School found a conclusive link between happiness and productivity. The study found that workers are 13% more productive when happy.

So, how do employers keep their employees happy? Recognition, feedback and communication are seen as the three lynchpins needed to make employees feel valued.

Superior talent is more productive

The effect that a high calibre of staff has cannot be denied. Studies show time and again that high-performers are more productive than average performers. For example, the best transplant surgeon at Cleveland Clinic has a patient survival rate at least six times longer than that of the average transplant surgeon, and the top developer at Apple writes nine times more usable code than the average software developer in Silicon Valley.

It doesn’t matter what industry you investigate, A-level talent is exponentially more productive. This follows through into a business context; it is therefore not surprising that there is a competition to secure – and to retain – talented employees.

The importance of the employee benefits package

Offering a benefits package to your employees is important, it illustrates to them that their employer is invested not only in their overall health, but in their future.

A favourable employee benefits package can help with both attracting and retaining talent. The company’s benefits package helps to differentiate your business from competitors.

In some cases employee benefits can even improve your company’s bottom line.  Engaging employees in wellbeing programs can equate to healthier employees, a healthier workforce take less sick days, visit the doctor less often and are less stressed, making for a happier working environment.

Employee Benefits – what is appropriate for your business?

Providing meaningful employee benefits to employees whilst being mindful of the financial implications to the business is a delicate balance.

Whether the decision makers sit at HR, payroll, or board level, it’s crucial not to let judgement be clouded by personal preferences. It is dangerous to assume that the benefits one person wants are what everyone wants; it needs to be a carefully considered decision.

Where people live and how they get into the office can have a significant impact on their benefits preferences; particularly when it comes to benefits surrounding commuting.

Making sure that all employees have access to benefits that suit their family and financial situation is another big consideration. A badly thought through benefits package can be a contributing factor in an employee’s decision to leave your business and look elsewhere.

Our expert team can help you complete a benchmarking exercise, designed to gather the information needed to accurately plan a suitable employee benefits package. To speak to a member of our helpful team get in touch today.

  1. Recruit Loop’s retention statistics

 

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