Staff Retention: How to Avoid Fighting a Losing Battle in 2019

A decade ago, jobs were in short supply and the quest for financial security was in demand. Fast-forward to today and things have changed.

Ireland’s national unemployment rate hit an all-time low of 5.3% at the end of 2018, and while this has rose, the trend remains downward. Businesses across the country are now faced with the corporate conundrum of staff retention.

The last of the Millennials, and the first of Generation Z have begun to enter the working population.
This new workforce yearn for more than a job; a career full of development, skills growth and satisfaction now trumps traditional financial rewards and bonuses.

Let’s explore what the generation gap means for your business today and how you can deliver top talent retention and trump the competition.
 
Time to Review
As new generations begin to comprise the Irish workforce, your business needs to move along with the times. While financial rewards will never be ‘sniffed at’, Irish Millennials and Generation Z value genuine investment in their careers, and care for their wellbeing.

As a business, building relationships and loyalty amongst staff is key. As dating app trends like ‘ghosting’ creep into the working world, active investment of your employees and their careers can grow a positive dynamic, increase loyalty and ensure you keep the right talent in your team
 
How Can Your Business Improve its Talent Retention?
Retaining staff is a challenge, but it’s crucial for your business. Company performance and reputation relies heavily on its people and their skills. Here’s a few steps you can take to improve your talent retention:
 

• Review Company Policy

Rethinking workplace conduct demonstrates your company’s willingness to change the status quo from time to time and think about the day-to-day experience of their colleagues. Initiating fresh company policies like ‘work from home’ days will showcase your trust in your own staff, creating a positive mindset amongst your workforce.
 

• Give Feedback

Whether positive feedback or constructive criticism, regular appraisals are key if you want to keep the up-and-coming generation on your team. Millennial and Generation Z individuals are less likely to develop a sense of loyalty for a company if they feel their personal goals are not being adequately considered.  Making the effort to speak to an employee about their performance shows your investment in their career, as someone integral to your business’ future.
 

• Designate Opportunities

Your ability to retain staff and your willingness to actively invest in their careers runs parallel. If employees are given the opportunity of promotion, they are much more likely to try and achieve a higher position which nominally reflects their expertise as well as their past loyalty to the company.
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• Give Recognition

A touch of healthy competition never hurt anyone. Creating opportunities for special recognition such as an ‘Employee of the Month’ award will drive performance and showcase the company’s appreciation for its people. Accolades personalise the business and can make its company culture stand out from the crowd.
 

• Train and Upskill

Active investment in the skillsets of your staff can enhance employee loyalty, as genuine care and commitment for training will showcase your willingness to improve their careers.
 

• Organise Team-Building Activities

It’s vital for your business to have a social element which reflects the values of your company’s culture. Team-building activities will offer an opportunity for co-workers to forge personal bonds outside of the pressures of the office. These relationships can make or break your office dynamic; team-building activities can only be an advantage for your business.

• Re-designate Tasks

Try to pass tasks around in the workplace. Shaking up who does what gives employees the chance to build upon their knowledge and skills.. They may even discover a new passion they never knew they had!
 
Your Next Step
Reviewing company culture regularly augments recruitment levels and aids talent-retention. The crux of the employer-employee relationship is trust and what better way to show your considerations of staff than rethinking their workplace experience at all point.