By now, we all know that employee retention and business success isn’t all about the money – but what is it about? Rachel Tubridy outlines the three secrets to better department and employee management.
These days, there is more to employee retention than just the right salary in the right location. Finance managers are looking for a certain kind of skillset, and the people with that skillset are looking for an office culture that is changing from the traditional suit and tie, nine to five gig. So, to keep your office running smoothly, here are three things PeopleSource found in the annual Tipping Point survey that you should know.
Companies need to consider focusing their talent retention strategy on a five-year horizon, as according to the survey, employees are increasingly likely to leave after that point. 82% said they have been in their current role five years or less. It’s crucial that you plan your team strategy based on short-term goals, and that all team members are encouraged to share information and workload, making it easier for projects to continue once someone moves on.
Luckily, the survey also shows that, in many cases, employees are leaving to develop their careers and still hold a favourable view of their old organisation. About 80% of respondents indicated that they would recommend their current employers to friends, which suggests employees are not necessarily unhappy in their place of employment, but they are looking to get more experience.
In 2019, it’s more ‘au revoir’ rather than ‘goodbye’. Candidates are increasingly likely to consider going back to a former employer when they have gained more experience elsewhere – so companies should look at departing employees less as a ‘former staff member’ and more as a ‘likely future hire’. Stay in touch with former employees and think how valuable they could be with five more years’ experience under their belt when they’re ready to come back. 44% of those surveyed said they would go back to a company for whom they had previously worked. A company’s ‘alumni’ is an ideal pool from which to search for candidates.
One trend we see increasingly among employers is the benefits allowance offered to employees, allowing them to choose their preferred benefits, from additional pension contribution to extra annual leave.
Offering flexible working is another common benefit – whether that’s movable working hours or remote working. Over 33% of respondents listed ‘flexible working hours’ as their preferred benefit, with this rising to almost 40% amongst women. However, men surveyed tended to prefer bonuses, pension and healthcare benefits. This clearly shows that one size does not fit all and, more importantly, highlight that it’s not onlyabout the money.
Rachel Tubridy is the Managing Director of PeopleSource.
The PeopleSource.ie 2019 Tipping Point Survey consisted of 32 questions with 1,447 responses and over 60% of these identifying as finance professionals. For more information, go to peoplesource.ie.