Explore strategies for attracting and retaining top talent in a competitive job market.
When a skilled employee leaves, their experience, relationships, and training also leave with them. The cost of that lost knowledge, and the impact on staff morale, can be huge. You’ll have the cost of hiring, and potentially also training, someone new into their position. Research suggests that 75% of retention loss can be prevented by improving morale in the workplace.
Consider offering training and development opportunities so new employees are prepared for their roles and old employees don’t stagnate. Set staff up for success by setting clear and reasonable job expectations, and ensuring proper resources – including time, money, and personnel – are allocated to projects to prevent “crunch”. Hiring temporary staff or virtual assistants is a straightforward solution here.
Give constructive feedback on performance issues so employees feel guided rather than blamed, and acknowledge work done well – preferably in a public setting – so they feel seen and appreciated. Improving communication channels between staff and management and actively working to reduce staff turnover also contribute to improved morale.
The Great Resignation
“The Great Resignation” is a significant trend where employees are reevaluating their career choices for better opportunities and work-life balance. This shift affects talent acquisition and retention strategies, making work flexibility a crucial factor in attracting and retaining valuable employees. By offering flexible working hours and implementing wellness programs, you can help employees to achieve a better work-life balance and decrease their likelihood of leaving.
The Engaged Workforce
Having a fully engaged team that contributes their best and makes a real impact is valuable. However, according to Upskillist’s 2022 Soft Skills Impact Report, only 20% of employees are fully engaged at work. Disengaged employees are unmotivated and unhappy, which makes them less productive and can lower morale for the rest of the team, ultimately affecting your business’s overall performance.
There are a few signs to look for. If they’ve stopped taking part in team conversations, have lost their creative spark, no longer offer opinions without being pressed to do so, and don’t engage beyond following instructions, your employee is disengaged.
Re-engaging through Learning and Development
Investing in your employees’ growth isn’t just a feel-good measure; it’s a proven strategy to boost engagement. Learning opportunities have a direct correlation with higher profits, better productivity, and increased innovation. When employees feel valued and challenged, their job satisfaction soars. Learning and development tools build confidence, propelling them to excel and bring fresh ideas to the table.
Your employees aren’t just staff; they’re partners in your company’s success. Offering benefits and creating an environment where your team can grow isn’t just a goodwill gesture; it’s a strategic move that ensures you attract and retain top talent. Embracing this shift can make a world of difference for your business’s future.
EVA provides skilled remote professionals who can seamlessly integrate into your workforce, from specialised tasks to project coordination. Visit our website to learn more about our virtual assistants and discover how EVA can be your strategic partner in building an engaged and productive workforce.