Is this the secret to employee retention?

Current labour market

​A consistently low unemployment rate in Australia of 3.5% means it’s harder than ever to find strong candidates to fill open roles. Businesses like yours are looking for unique and competitive ways to attract staff, but more importantly, to retain the employees you already have.

Retention is key

​Notwithstanding the difficulty in replacing roles in today’s challenging labour market, losing valued employees creates disruption to the team and your customers in many ways including; increasing the workload and stress of co-workers, the loss of knowledge and expertise as well as the reduction in quality service delivery. All of which are likely to increase costs and potentially reduce revenue and decrease team morale.

​Career development is sought after

During interviews, when I ask applicants why they are wanting to leave their current employer, 9 times out of 10 they cite looking for job growth, career progression or needing more of a challenge as their primary reasons, and they are seeking an employer who is willing to invest in their personal and professional development. 
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According to LinkedIn’s 2022 Workplace Learning Report, employees who feel that their skills are not being put to good use in their current job are 10 times more likely to be looking for a new job than those who feel that their skills are being put to good use.

What is the ROI?

​Growing your people will grow your business. How? Through loyal, well trained productive employees who are managed by capable managers. No matter your budget, there are practical, cost effective and simple ways to develop your employees.
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According to Glint’s Employee Well-Being Report (May 2021) the top driver of work culture in 2020 was “opportunities to learn and grow”.

Reduce your personnel risk and proactively prevent problems

​If you are responsible for people management in a small or medium sized business, evaluate your employee development offering by asking yourself the following questions.

Onboarding
Does your business have a comprehensive, structured onboarding or induction program that provides new employees with a sense of belonging and delivers role and organisational clarity so that they can settle in quickly and become productive employees?

Probation period
Does your business have a systematic process to manage the probation period providing new employees with the appropriate coaching, training, and feedback during this crucial period?

Early careers
Does your business have a robust early careers program to engage, excite and upskill your trainees, apprentices, graduates, and other entry level employees.

Performance and development conversations
Do your front-line leaders have the capability and confidence to manage performance and conduct effective development and career conversations?

Knowledge sharing
Do you have knowledge sharing processes to reduce the risk of knowledge loss if an employee leaves?

Training
Do you have formal or informal training on topics such as products & services, systems, procedures and processes, customer service and sales.

Employee wellbeing & safety
Are you meeting your compliance obligations by providing training and education on workplace health and safety including mental health.

Casual & seasonal employees
Do you provide training for the people working during your busiest periods -  casual and seasonal employees? 
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Leadership development
Have you equipped your leaders with the skills and capability to lead, motivate and engage their teams and prevent issues arising?

The above list may feel overwhelming but tackling employee development one step at a time, and implementing meaningful change, will go along way in guaranteeing an increase in employee retention.

About Concept HR Services

​We help small and medium businesses to implement a cost effective, systematic approach to employee development to support increased employee retention, helping to reduce costs and increase revenue.
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Contact us for a no-obligation chat to find out if the system will work for your business.

Contact us