You’ve found and nurtured great talent for your business, but the work doesn’t stop there! Making your employees feel valued and satisfied in their role is the key to retaining great talent long term. In a survey published by Smarp in 2021, 69% of employees said that they would work harder if they were better appreciated.
As Generation Z enters the workforce your approach to company culture and employee expectations should be evolving. Important factors in retaining great talent invlove ensuring your staff remain challenged, engaged and knowledgeable in their role.
With the rise of open workspaces, office dogs and hot desks, genuine culture-building activities within a workplace can be easily overlooked. The saying goes that “culture comes from the top” and although businesses are moving toward a less rigid hierarchical structure, key members of staff, managers and supervisors should remain the driving force of your company culture.
Culture is a living breathing entity within a business, built upon shared goals and values. Much like a sports team, it’s important to foster these expectations through varied activities that encapsulate all facets of your team.
Over time, trends toward more fluid career paths have emerged and as a result of seeking more varied work, the average time spent within a role has drastically reduced across the board. According to indeed.com 48% of Australians stay less than 18 months in a role with only 10% of the workforce choosing to stay in a role for more than 10 years.
Although we are spending less time in a singular job, the career lifespan of the average Australian has increased and we are staying longer in the workforce. Expectations for employers to maintain a challenging and interesting role have begun to even outweigh the value we previously placed on salary.
As the world your employees grew up in has changed so too have their expectations on what a workplace should and could provide beyond a paycheck. Work-life balance is a buzz word that more often than not is tied to businesses embracing a flexible workplace. However, supporting and valuing your employees should also include recognising where you should be flexible and where to provide support.
A great example of this can be seen in how workplaces are facilitating a return to the office post 2020. You may have noticed some employees thrived working from home while others prefer the structure and boundary an office environment provides. Managing your employee's preferences during times of change and facilitating these transitions on a case by case basis where possible demonstrates compassion as a business.
As the world continues to become increasingly complex and technology infiltrates every aspect of our lives, valuing your employees and implementing retention strategies will benefit your business in the long term.