Is this the real reason your people are leaving?

We know that replacing key talent is a lot of work; when done badly, it can cost a lot of time and money.

Plus, the initial time, energy, and investment spent on hiring talent means it’s important to have effective retention strategies in place.

We polled 500 HR and people leaders, and 72% agreed that making quality hires was their central priority when it came to hiring for their organisation. When probed, they mentioned that sourcing the high-calibre talent they need has become more challenging in recent years, considering that in 2022, time to hire was a main priority.

So, how can you avoid losing the key people within your business who make it great?

What we see

As recruitment experts, we often speak to people contemplating a career move. When people ask for our advice, our first question is almost always: Have you openly discussed your current challenges with your boss?

It’s not uncommon for people to seek a new opportunity simply because they feel out of place, undervalued, or have misunderstood your company’s strategy. That’s why, in most cases, we encourage people to stay where they are and coach them to have difficult conversations with you if we think that will give them the growth they are searching for.

Our advice is to keep your people close and understand and agree on what it is they need from you to do their best work.

Here are five things to consider:

Salary benchmarking

It is always important to ensure your compensation packages are in tune with the market. We recommend regularly benchmarking salaries against market averages to ensure your organisation is offering a competitive package. Looking for a resource? Click here to contact us for our salary survey.

Career progression opportunities

We have talked about investing in people for decades, and 2024 is now the year to actually do it. Spend money on your people, offer more learning & development opportunities, pay increases, rewards, promotions, and recognition. Guide those aspiring to lead and move into senior leadership roles. It is time to go beyond token gestures and instead make real impactful and inspiring acts.

Give autonomy

Empower your leaders with the autonomy to make decisions. Allocate them the budget they need to make the quality hires they need to reach their goals. To find out more about how we help our clients attract and retain top talent, click here.

Hiring interims to ease the load

Some of our clients have found it helpful to bring in temps to alleviate workload pressures during peak periods or special projects. They say this flexible approach helps to ensure that their existing employees don’t feel too overwhelmed which is important for maintaining their healthy work culture. To learn more about the benefits of hiring temps here.

Helping people to shine

In a bustling workplace, some of your people may struggle to feel seen. Identify those who you feel may need more support, particularly those in hybrid setups, and ensure they are being heard. With the right encouragement, they can begin to feel more connected to their team and manager, helping them to showcase their talents.

In 2024, we will see markets stabilise and organisations return to people growth. This means that those who have stayed quiet and loyal so far could be tempted away. Could your business be susceptible to losing the people you rely on to achieve those big goals? Invest now to drive your culture and engagement with real purpose. Yes, you will still lose the people who are highly disengaged, but you will start to invigorate and realise the potential of those who will deliver more when they feel it is being reciprocated.

And when you do receive the odd resignation letter, you know who to reach out to.