New Year resolution
A common new year’s resolution is the plan to find a new job and this year is likely to be no exception! The New Year has seen positive news of an upturn in the economy with expected growth for the year ahead. Having weathered a tough few years, this is positive news for businesses, but it does bring with it challenges that haven’t been felt for some time. Employees are also very aware of the economic forecasts and expecting to see some benefits of their own. After long periods of head count freezes and no salary increases, predictions of growth in the job market have employees on the lookout for a better deal, and if they can’t get it in their current role then there will be opportunities elsewhere.
A quarterly employment confidence survey, run by recruitment company Glassdoor, states that 35% of employees will look for a new job if they don’t get a salary increase in the next twelve months. Statistics like these should be taken seriously in a buoyant job market as a job hunt could be an attractive prospect for dissatisfied employees. Losing good staff is bad news for any business, not to mention the negative effect that demotivated employees can have on their peers in the workplace. Productivity can be affected and it could result in more people feeling fed up and wanting to initiate a job hunt.
Empowerment and accountability
Given that external job prospects are now looking more inviting, what can businesses do to make sure that staff stay interested in the jobs that they already have? For a start, people love to feel involved and the New Year is a perfect time to get your employees’ buy in. Share company ambitions and make it clear that your workforce is a vital part of making these plans become reality. Job satisfaction is greatly influenced by feeling that you’re making a difference and are part of a larger team effort. If employees feel an emotional connection to the company and their role within it they are much less likely to walk away.
It’s also important that staff are given a way to measure their progress and have goals to strive for. Perhaps now isn’t the time to offer a pay rise to all and sundry, but setting clear, measurable objectives will give employees a challenge to strive for with the promise of reward once it’s achieved. As a part of this development the provision of training also goes a long way to making staff feel valued. It is seen as an investment in people and it means that each individual is gaining another skill or qualification that will benefit them as well as the company.
Reward through recognition
Training is a great example of how rewards needn’t always be financial. Indeed, it’s often the more meaningful rewards that keep staff happy and make them want to stick around. Employee recognition initiatives are a really positive step in the right direction as they can encompass all of the points raised so far. Programmes can be customised with measurable targets and training can be tied into these along the way, plus it is clearly an investment in your workforce, designed to raise staff satisfaction along with your productivity. When employees have bought into a set-up like this, it is generally a long-term plan with specific goals that encourage personal investment. This is much harder to turn your back on and is likely to make staff aim for development where they are rather than looking outside the organisation.
Thinking laterally about how to reward and engage your staff is the best way to maintain loyalty and productivity. No matter what the job market is doing, if you’ve got a positive set up that people want to be a part of then you shouldn’t need to worry about your attrition rates at all.
For further information about our Reward and Recogntion programmes, contact us today.