Businesses are adopting employee retention strategies in the face of worker shortage
It’s no secret that many businesses in the UK are currently struggling with staff shortages. Even worse, many experts have predicted that this issue will continue long-term, as there is no indication when it will end. While this sounds like a doom and gloom prediction, business owners are beginning to look for ways to retain their staff by adopting various strategies to prevent talent loss. The last thing businesses want is to lose their staff strength when the possibility of hiring or recruiting qualified replacements currently looks very grim. It’s worth looking closely at some of these employee retention strategies.
A key strategy to employ is the use of technology to support or boost worker productivity. Businesses are beginning to notice the importance of technological solutions such as IT support for HR, designed to revolutionise human resource operations through automation. Such solutions not only deliver improved employee performance to the customer but also improve employee experience, encouraging them to stay with the company for longer.
On the topic of improved employee experience, many businesses are also starting to create supportive work environments to ease the stress on workers, especially new hires. A supportive work environment is one where every employee feels supported or backed and, therefore, can flourish and perform to the best of their abilities. Businesses are using various in-house on-the-job training, effective and clear communications, and offering befitting perks, benefits, salaries, and rewards.
Employee compensations, perks, and salaries are on the rise this year. In fact, employers in the UK planned the biggest pay rise in nearly 10 years at the turn of 2022. Even in the face of threats of recession, some UK businesses are increasing employee pay budgets to encourage their talented workers to stay. Recent statistics show that UK companies, on average, have increased their base pay by 2.9% this mid-year to help retain workers. But besides the monetary perks, companies are also considering attractive ways to reward workers.
Another common strategy gaining prominence is switching to more flexible working hours. Many businesses are moving away from the traditional 8 to 9 hours and encouraging their workers to give off their best during their most productive hours. There’s no need for workers to spend about 9 hours in the office when they only do productive work for 4 hours. Also, businesses are adopting hybrid working schedules, allowing their workers to work remotely to avoid stressful daily commutes to their offices.
Businesses are also beginning to build a work culture attractive enough for potential talent to want to be a part of. Many people are looking to work for companies that offer more than just a paycheck at the end of each month. Studies have shown that employees are ready to leave their current jobs for a low-paying one if the latter offers a better work culture. And by better work culture, emphasis is on company values that workers can identify or align with and a feeling of belonging.