Job-hopping is on the rise, the cost of living is increasing, and there have been large-scale tech layoffs. The need to retain your staff has never been more crucial. According to our 85,000+ LinkedIn followers, 85% will be actively looking for a new job in 2023.
So how do you retain your staff?
From our research, we have come up with the 3 key factors for staff retention:
54% of our respondents felt that salary was the most important factor in a job. But when it comes to salary, you don’t necessarily have to pay the highest salary possible. Just pay employees what they are worth. 78% of our followers felt they were not paid their worth.
So, pay your people according to their value. Reward them for their hard work, or they will move on.
Also, with the normalisation of job-hopping, employees often prefer changing jobs to negotiating their salary. 69% of our respondents said they would rather move jobs than ask for a salary review. So take the initiative or risk losing valuable employees.
When our respondents were asked what the second most important factor is, 56% said flexibility. Flexibility can be created in 2 ways for your employees, Location and Hours.
Offer your staff the option to work from home when they want. 73% of our respondents preferred to go into the office as required rather than set days. As it gives back choice and promotes a better work-life balance.
55% of respondents enjoyed working from home because it gave them a better work-life balance and 38% felt it saved time/money on commuting.
Being able to work remotely can also be as good as a pay rise. 64% of our following felt having the alternative to work at home was as good as a pay rise. That’s over half, which emphasises how valuable a flexible working environment is.
Another way to give flexibility is through the hours or times your employees work. For example, you can introduce a 4-day week. Unsurprisingly, 89% of respondents were in favour of a 4-day week and 85% felt that they could do the same work within the 4 days.
Non-linear days is another growing framework, whereby you allow your team to work in their most productive hours. So, it’s not the traditional 9-5 but rather slots of productivity. 85% of respondents felt 9-5 was outdated and 76% wanted to work non-linear days.
Lastly, growth opportunities are crucial. When asked about the most important thing to know when applying to a company, 35% felt growth opportunities. Employees want the ability to grow and develop, learn skills, and advance their careers. Otherwise, they will move somewhere else to gain those opportunities. 45% of respondents’ main reason for leaving a job was career progression.
Offer training programs, mentorship, and career development plans. It shows your investment in their development and success within the company.
To summarise, salary, flexibility, and growth opportunities are the three core factors in successfully retaining your staff in 2023. Incorporating each benefit into your company will allow them to feel valued, independent, and successful. Creating an attractive environment to be engaged and motivated.
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We’re happy to share our salary research with you, and offer any other insights or advice.
