Talent Retention - meeting the challenge head-on
Michelle McDonagh, Consulting & Client Relationship Manager, Adare Human Resource Management
According to our most recent HR Barometer Report employee turnover was coming in at 18% this year, and all indicators point to a similar high percentage for 2023. It is clearly evident that talent management remains a real challenge for employers. In fact, issues relating to retaining talent is highlighted throughout our report with ‘Retention’ topping the list as the most important priority for HR professionals.
Our next HR Barometer Report will be published in November, and we can expect to see retention and talent attraction being an even bigger challenge for employers as we move into 2023.
Attracting, training and retaining the right people is costly in terms of resources and finances. Because of this, and the skills shortage in the market, it is crucial that Investment in People is top of employers’ agendas.
A business with a robust retention strategy will have a competitive edge and, with the right planning, this also supports talent acquisition. Despite ‘Higher Pay’ being cited as the main reason for employees taking up a new role, retention strategies can’t simply rely on the soft touch approach.
A closer look at some of the other most common reasons, such as ‘Career Progression’, ‘Better Work Life Balance’ and ‘Better Benefits’ gives a deeper insight to meeting employee needs. Taking a more holistic approach to developing retention strategies that incorporate total reward is both financially sustainable and invests in your employees in all areas which in turn positively impact the employee experience and ultimately meets their needs.
Total reward is not just about the financial benefits. It incorporates the intrinsic value brought through your business culture. It recognises and shares successes of employees, it balances paid benefits with those of a non-financial value. And, most importantly, it considers the employee experience as an asset that requires the right investment.
At Adare Human Resource Management, we have developed an Employee Retention Guide to help provide employers with some guidance on what to consider when developing a retention strategy – this can be downloaded here.
We can’t ignore the influence that increased salaries is having on the market. Over half (52%) of employers have or will increase wages this year according to our report. But we’re seeing more and more employers investing in Remote & Hybrid Working, enhancing investment in Learning & Development, more Internal Promotions, Health & Wellbeing Initiatives, Company Culture – which are just some of the initiatives organisations have implemented as per our report.
Other areas of focus to help improve retention are the Recruitment Process & Onboarding, Personal & Career Development, open and transparent Communication & Employee Engagement and acknowledging and sharing the organisation’s successes.
If your organisation is struggling to retain employees, or you believe you need to assess your retention planning, our expert-team can help. Our Strategy Workshops provide the foundation for the development and implementation of retention and HR strategies specific to your business. We also provide measurement tools through our Engagement and Culture surveys to assess the current environment, analysing the results to help inform your decision-making process and understand what actions are necessary to improve work practices and work environment in order to meet the needs of employees and the business.
Adare Human Resource Management is a team of expert-led Employment Law, Industrial Relations and best practice Human Resource Management consultants. For more information go to www.adarehrm.ie or call (01) 561 3594 or email email@example.com.
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