Communicating with your workforce about goals and progress is crucial to employee engagement. The Randstad World of Work Report 2014 showed nearly half of workers confess that being appreciated, and understanding how their role contributes to the organisation’s goals, are the two biggest reasons to perform well and stay with their jobs.
Although there has been a decline in staff engagement over the past year – expenditure cutbacks on events, satisfaction surveys and exit interviews are among the reasons – over half of Australia’s employers are now responding by strengthening engagement and collaboration to improving production over the next five years. And with around half of all workers thinking of changing jobs over the next 12 months, it’s high time organisations woke up to the fact that this may include their top talent.
The 2015 Randstad Award employer branding research shows ‘salary and benefits’ remains the most important factor when choosing a job, with ‘job security’ following closely. Interestingly, ‘good training’ saw a 20% increase over last year, while ‘flexible working arrangements’ was 3% down. During the 12 months to January 2015, 22% of those surveyed had changed their jobs, 15% voluntarily, giving lack of career growth, issues with work-life balance and no longer being interested in their work as the top three reasons. The last two were also among the top reasons why employees are considering leaving their post during 2015.
So what would make your staff stay? A good work-life balance (54%), flexible working arrangements (39%) and a competitive salary (28%) are the top three responses from over 12,000 Australian workers. It’s interesting to see that salary is not the prime reason for staying with the current employer (although pay is more important to men, working at managerial level, aged 25–44). Disinterest in the work was most felt by production workers under 24 years of age.
There is no magic bullet for staff retention, but you could do worse than looking at your career development opportunities. HR managers cite this as the biggest reason for losing staff. Around half of all workers will leave for this reason, yet less than a third of employers say career development is on offer in current roles and only 38% receive training and development of any kind.