Talent Retention: Now Is The Time To Future-Proof
Hiring is an expensive business, both for the bottom line and in terms of the time recruitment takes. As the war on talent shows no sign of easing, now is the time to future-proof the business with a robust employee retention strategy, says David McCormack, CEO of outsourced payroll, employee perks and benefits provider, HIVE360.
On average, it can cost six to nine month’s salary to replace an employee – not just the recruitment costs themselves, but also training costs, and loss of productivity. Not only is the hit to the bottom line significant, there’s no guarantee of finding the right candidate to fill the vacancy, with businesses across the UK still citing struggles to hire skilled talent that is a good fit for the business.
Add to this the economic climate, rising costs, and supply chain issues that are influencing recruitment plans, staff turnover is a real and present problem.
It really is an employee’s / candidate’s market, where potential hires and existing employees are demanding more than ever. For example, new research from the CIPD finds that an estimated 4 million people have changed careers due to a lack of flexibility at work, while an estimated 2 million have left a job in the last year for the same reason. In response, the CIPD has warned that businesses may face a talent exodus if they fail to offer flexible working options.
Now is the time to commit to creating a strong employee retention strategy. This should include tactics and tools for keeping existing people happy, engaged, motivated and valued, and address the current expectations of how a ‘good employer’ supports and nurtures its people.
EAP
Employee health and wellbeing strategies that encourage good physical and mental health at work are now firmly established as an essential element of managers' goals. A happy team is one of the biggest priorities for a business, as with a happy, healthy workforce, the business is more likely to thrive.
An Employee Assistance Programme (EAP) represents an excellent resource that suits businesses of all shapes and sizes, and makes staff feel happy and secure, in turn inspiring their productivity and smart working. It can also help staff with mental health, wellbeing, work-related stress, and job satisfaction.
Figures published by the Employee Assistance Professionals Association (EAPA) reveal organisations are reporting average savings of £10.86 per £1.00 spent in terms of reduced staff absence and gains in productivity.
Engagement
Employee engagement is defined as the level of commitment and loyalty employees have to their company’s culture and success. It is the strength of the mental and emotional connection employees feel towards their work, teams and company, and their involvement and enthusiasm in their work and workplace.
Employee engagement is critical to every organisation. The better the employee engagement, the higher workforce morale and productivity.
A study by Gallup found that employee engagement affects almost every important aspect of a company - profitability, revenue, customer experience, and employee turnover - and that engaged workers who are not thriving in their lives are much more vulnerable and add risk.
One study estimates the average cost to the UK of disengaged employees as high as £70 billion per year in lost productivity, and £5 trillion+ worldwide. Other research confirms that prioritising employee engagement pays dividends, with as much as 17% higher productivity, 20% higher sales, and 21% higher profitability.
Engaged employees make for better employee retention, and have higher wellbeing, lower absenteeism and higher productivity.
Perks & Benefits
Employees want and need benefits that help with the cost of living crisis, support their financial wellbeing, career development, and work:life balance.
HIVE360 is a specialist employment support and benefits outsource partner, providing a complete package of employment administration and employee benefits, all together in one powerful solution.
Businesses looking for ways to deliver all of this, but are concerned about the financial impact, often don’t realise that outsourcing payroll to a PAYE and HMRC compliant outsourced payroll provider like HIVE360, can not only facilitate this, but also add up to £100 per employee per year to the business’ bottom line.
This has a positive impact on overall business efficiency and productivity, along with boosting employee engagement, wellbeing, and retention.
Solutions designed to offer business support and incentives for all staff and potential recruits, provide unique and dynamic employee benefits. HIVE360 clients have these delivered through our Engage app that comes as standard with our payroll solutions. Engage features an array of vital wellbeing support to help strengthen the workplace environment, hundreds of discounts on daily living costs, and an eLearning platform with 100-plus programs and courses.
HIVE360
HIVE360 ensures full HMRC, RTI, GLAA and IR35 compliance. It provides expert, compliant and reliable PAYE payroll support and comprehensive employment administration. It works with owner-managed, privately owned and SME businesses, permanent and temporary recruiters.
For more information:
https://www.hive360.com/payroll-pension-perks/
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