5 things that are harming your employee retention
Workplace factors harming your employee retention
No one wants to lose valued employees, not least in the current competitive environment for talent. Find out the biggest factors that are harming your employee retention, and the actions you can take to improve it.
A recent survey found that 65% of employees are looking for a new job and 88% of executives are reporting higher turnover than normal.
Recruiting, onboarding, training and integrating new employees into your company is a lengthy and expensive process. A high turnover rate can also affect the morale, productivity and stability of those left behind.
If the great resignation of 2022 has taught us anything, it’s that employees have high expectations of their employers and the competition to retain and attract employees is fierce.
From micromanagement to a lack of career development opportunities, there are a number of factors that can impact the health and wellbeing of your people, resulting in an increase in resignations.
With the war for talent still going strong, it’s now more critical than ever to pull out all the stops to combat negative factors in the workplace and provide your people with the tools, support and benefits they need to flourish and feel fulfilled at your company.
So, what are the most common workplace factors that are harming your retention and how can you address them?
1. Lack of career development opportunities
Research has found that a third of employee turnover was a result of unsupportive management and a lack of development opportunities. As well as job security, workers are looking for support and opportunities to learn, grow and progress within their roles and company. When employees feel stuck in a role with no room for professional growth and development, job satisfaction drops, and letters of resignation start rolling in.
What can you do?
Providing and promoting career development opportunities through networking events, training courses, 1:1 mentoring and clear progression paths is an important first step in supporting the aims of your employees and retaining your best talent.
But remember, never assume you know what your employees want. Your teams are made up of individuals, so you should treat them as such – always ask your employees what they need or want from their role and the wider business so you can make effective efforts to remove roadblocks, provide support and keep them feeling engaged and motivated.
2. Poor recognition and reward systems
Saying ‘thank you’ or ‘well done’ is easy to forget when you’re working to deadlines and trying to keep everything and everyone on track. But do so at your peril – a lack of recognition in the workplace can lead to negativity and low morale in your teams, resulting in employee burnout, and talent looking for new roles.
What can you do?
Being proactive in regularly recognising and rewarding the hard work and successes of your team members can have a huge impact on their overall wellbeing and help you retain some of your best talent.
Promotions, financial incentives and team activities are a great way to show your team you appreciate them. But recognition of good work doesn’t always need to be monetary – a simple shout-out and ‘thank you’ in team or company-wide meetings goes a long way in making your employees feel seen, appreciated and respected.
Regular shows of appreciation and praise are especially important in remote or hybrid work settings where team members may feel isolated from the wider business and less heard. In these cases, weekly shout-outs and circulating acknowledgement of great work and commitment in an end-of-week company-wide email can make a world of difference.
In just 12 months Google searches for ‘employee tracking systems’ rose by 100%. This suggests that with remote working now more common than ever, leaders and bosses are turning to heavyhanded micromanagement tactics to keep an eye on their team members.
Close supervision and tracking of tasks and working hours can squash an employee’s feelings of independence, creating a lack of trust between managers and employees. This can have a negative impact on the mental health and wellbeing of workers, with studies finding that micromanagement reduces employee morale and productivity, and ultimately leads to increased staff turnover.
What can you do?
Dealing with micromanagement can be tricky, but encouraging open communication between managers and reportees can help bring the problem to light and help managers understand how their behaviour is affecting their team members. This can help build trust and foster stronger workplace relationships where employees feel empowered within their roles.
It may also help to set up ways of working that require managers to set clear deadlines with set deliverables at the start of projects. If a reportee and manager can agree on expectations from the outset, this should reduce the need for constant manager input, and the reportee can instead ask for support when they need it.
4. Negative workplace culture
Disagreements between colleagues, an uncomfortable atmosphere, unapproachable team members and poor management are just a few factors that can contribute to a negative working environment. A tense workplace is somewhere no one aspires to be. It can have a huge negative impact on employee wellbeing and mental health, leading to reduced productivity and engagement.
What can you do?
Regular reviews of your workplace culture can help you identify where things might be falling down. Make use of anonymous surveys and feedback forums to get a true picture of how your employees feel about working for your company.
The next step in improving your culture is to be open with all staff members, managers and employees, about the insights you’ve gathered and the steps that need to be taken to improve your working environment.
Team-building exercises, like social activities, regular catch-ups and workshops can help your team get to know each other better and boost morale. In turn, this nurtures trust and encourages open communication, which can lead to more collaboration and stronger working relationships.
Limited access to health and wellbeing services
As a result of the Covid-19 pandemic, waiting lists for physical and mental health support and treatment are longer than ever before. It, therefore, should come as no surprise that 40% of employees say they would leave their current job for better health benefits.
Meeting this demand is now business-critical, and may well be your golden ticket to a happier, healthier workforce and improved retention.
What can you do?
There are plenty of ways you can support the wellbeing of your staff and bolster your existing wellbeing benefits offering. This might include access to private medical and dental insurance, or offering mental health services through an employee assistance programme (EAP).
Whichever type of benefit you decide to roll out, make sure it’s one that truly suits your modern workforce. Ask for feedback on your current benefits package, and tailor your offering with healthcare benefits that will have a real impact on the wellbeing of your people.
How can Qured help?
At Qured, we believe that good health is good for business. That’s why we’ve launched a smart, preventative healthcare benefit designed to keep your people at their best.
Combining big data with the latest technology we offer pain-free personalised testing plans that focus on the areas of health that matter most, from nutrient levels and organ function to fertility and early cancer screening, to prevent illness and prolong life.
Find out more about what Qured can do for your employees and your business.