'To stay competitive, business leaders have to look at their Employee Value Proposition'
Research from Reward Gateway found at least 42% of employees are either actively looking for a new employer or intend to in the next 12 months.
For employers, this means costs that can come from not only replacing the employee but advertising for the position, interviewing candidates, conducting onboarding, and providing training as well. Not to mention the productivity costs associated with new employees.
“Depending on the role, new employees typically need six to nine months to become fully efficient and productive, which often impacts the productivity of their team during this phase, and adds to the overall cost of turnover,” Reward Gateway said in its report.
So how can employers ensure they attract and retain employees?
Reward Gateway’s report 4 ideas to attract and retain top candidates in an evolving landscape offers suggestions on how to reduce churn in an organisation.
One strategy is to redefine the employee/employer relationship. This includes finding ways to improve the employee experience by looking at strengthening flexibility, a sense of belonging and better support.
The research highlights that Australian employees would like to see their organisation increase the investment in wellbeing (52%), employee benefits (49%) and reward and recognition (46%).
“To stay competitive, business leaders have to look at their Employee Value Proposition and think about how it stacks up to the demands and expectations of today’s employees. Is it fit for purpose?” the report said.
Another key strategy suggested in the report is to embrace workplace flexibility. This comes after a survey among 185 HR executives from The Conference Board found that 73% are finding it difficult to encourage employees to return to workplaces.
“A well-executed hybrid workplace can not only help your organisation become a more attractive employer – it can help improve employee engagement, collaboration and connection, too,” the Reward Gateway report said.
Read more tips in Reward Gateways report 4 ideas to attract and retain top candidates in an evolving landscape.
