Keeping your employees inspired, engaged, and fulfilled is good for business. This is a known fact, and has been for decades. However, the working world has changed. With the unprecedented pause that came with Covid-19, employees wrestled with countless questions: Is my job fulfilling enough? Do I have enough time for my passion projects? Am I truly happy within my role? Does my job leave me enough time for my family?
These kinds of questions, coupled with the existential epiphanies brought about by a deadly pandemic, have culminated in what you’ve probably heard called ‘The Great Resignation’. While that might sound severe, the results are in – over 40% of the global workforce is looking to leave their current job.
So, what does this mean for firms? Ultimately, it means more focus on and a new approach to engaging and retaining talent.
What does top-level talent want in 2021?
In order to establish how you can engage and retain your staff, you must first have an in-depth understanding of what they want from their role. In a recent report published by Microsoft, data revealed that 73% of employees will stay for flexible, remote working options.
However, 67% also want more in-person interaction and increased collaboration post-pandemic. This reveals there is a tricky line to tread in terms of getting face-time and free-time ratios aligned with employee expectations.
There has also been an increase in stress-related absences and a dip in the quality of mental health overall.
This reveals the two main takeaway points for attracting and retaining employees in 2021. They want hybrid work with in-office opportunities for collaboration and face-time, along with an increased focus and proactive promotion of mental health and wellbeing.
How can firms go about achieving this?
While flexible working and a more attentive approach to mental health might sound simple enough, many firms struggle with knowing where to start.
It’s key to remember that your employees are your most valuable asset, which is why they are absolutely worth investing in. It’s also why engagement and retention programmes, coupled with effective talent management, are invaluable for organisations across all industries, in all sectors.
Designed to champion employee motivation and reduce recruitment costs, engagement and retention programmes help firms focus on their high performers, prioritising their mental health and ensuring fulfilment in their roles.
At City CV, we use a complete tool kit of workshops, masterclasses, support sessions, career coaching and more, with programmes designed to equip each of your employees at every stage in their career. Not only are they a great resource for employees, but they can also act as a valuable insight for you, with relevant data sets that will help you identify and overcome any issues.
10 benefits to firms of effective engagement & retention
The benefits of effective talent engagement and retention are many and varied, but these are our top 10:
- Tangible evidence that you are a capable, considerate leader
- Increased turnover
- Lower absenteeism
- Higher productivity levels
- Improved resilience and adaptability throughout the workforce
- Healthier, happier employees
- You’ll be a more desirable place to work
- Recruitment and training costs are minimised
- An improved customer experience thanks to adept employees
- Reduced hassle for HR