A recent study by Undercover Recruiter asked almost 10,000 employees from the East of England to name their ‘price’ to move to a new organisation. The results found that almost half would have to receive an increase in salary of up to £5,000 to be tempted – in fact, 5k was the most popular option, with 15% choosing this.
A positive sign is that 16% of respondents said that no increase in salary could even tempt them, as they are happy within their current role within their workplace organisation. However, it is interesting that 6% of respondents said they would leave their job for less money, which highlights that there are many other happiness factors they felt were lacking in their current organisation.
As the results found that most employees are happy within their role, it can be concluded that there are many organisations in the East of England that are successfully creating inspiring, innovative and engaging places to work. Prestige Recruitment Group appreciates and understands the importance of creating engaging and inspiring workplaces, and so we’ve compiled some advice to help your company be the best it can possibly be in order to retain top talent!
Salary
Today, the world is much more money-orientated than it used to be. As more millennials enter the workplace, salary becomes an important part of retaining this workforce generation. Companies, therefore, need to ensure that their salaries remain attractive. Employers should research how competitive their salaries are to ensure that they are at least matching the average. It is also important to remember to reward your long-standing employees. It is very easy when offering a new employee a salary to match that of your other staff, but long-standing employees should be rewarded with increases in salary on a regular basis. This will stop them from looking elsewhere when they’ve worked five years on the same salary and realise that they want and deserve more.
Company Culture
Today it is so important for a company to embody their own company culture in everything they do. Having strong values and missions and embodying that within a fun, exciting and interesting culture is a massive element in influencing how an individual feels about their organisation. Organisations that have achieved this are all ones where individuals feel a real sense of belonging. Therefore, if you can – look at how clear your company culture is and if there is anything you can change in order to create a happier, more positive culture.
Promotions & Progression
If you don’t offer opportunities in which employees have the chance to move up their career ladder – they’re going to leave. Although there may be areas in which promotions just aren’t doable, help support employees by looking for side-moves that provide more variety and new experiences. If you can, get to know your employee’s long-term goals in order to nurture and support them the best you can.
Recognition and Appreciation
A survey by Reward Gateway found that 59% of employees surveyed would rather work for a business where they received recognition, over a higher salary job. Therefore, you should try and find ways to regularly remind employees that they are valued to you and the business. Try and look for innovative ways you can do this, whether it’s by offering positive feedback to employees or taking them out for lunch – do whatever works for your company and its culture.
Flexibility
Investors in People (IIP) revealed that 31% of employees would rather have a more flexible working environment, such as the opportunity to work remotely, than a 3% pay rise. Today there is a larger influence on working flexible hours because work-life balance is one of the biggest factors for people leaving a job. Therefore, if possible, you should review your practices and see if you can offer flexible working in order to support employees in striking the balance between work and home life.
Perks
In today’s perks, more companies are introducing benefits and perks that are unique to their company culture. It is important to remember that for many people, the little things like free coffee, free parking, gym membership or early Friday finishes make the individual feel more content within their organisation. Nowadays, companies no longer reward employees with just salaries, but they also make them feel appreciated by bringing in new, exciting perks.
If you don’t think your company or business is quite ticking all these boxes, see what you can do to adjust your workplace environment. Not only will these elements boost your employee retention, but they will also increase your company reputation. Increasing your company reputation will certainly ensure that people not only stay at your company but that new candidates WANT to work for your company.