Many employers would have heard the complaint "But you have not given me three warnings" from angry employees in disciplinary meetings, but...
The world is now, more than ever, an evolving space of new opportunities and experience. While it is amazing to have the choice at our finger tips, our work aspirations are a far stretch from how it used to be. A recent national survey suggests that across all age groups, more than two thirds of Australians no longer expect to have the same job, or work for the same company for extended periods of time.
With this insight, Deloitte Access Economics surveyed 1,400 people across varying professions and ages, confirming those of younger generations needed to set more realistic expectations. These results surprisingly show those within the first five years of their career had the expectation they would retire at the age of 52. Whilst this expectation could be a reality for some, the report takes into account the increasing costs of retirement, the smaller workforce and governmental budgets, meaning this will be unattainable for most.
Supporting the transferable nature of today’s society, the study also found approximately 40% of university educated employees held a degree outside their current role. Interestingly, 60% of those surveyed expected to change roles or industries in the next 10 years. Even more, 67% thought their current jobs will no longer exist in 15 years and they will require a new skill set to advance.
This study presents some interesting facts and food for thought around maintaining, motivating and retaining those good staff. The below highlights four key factors to consider.
1. Ensure work is challenging
To come to work and know you have a purpose and a target to achieve is what most people aim for. Set goals for your employees and work with them to help them achieve it. Motivating, coaching and encouraging are terrific ways to support this. An interesting statistic from Temkin Group suggests, 91% of highly engaged employees always, or almost always try their hardest at work, compared with 67% of disengaged employees.
2. Invest in professional development
Here at Employsure, we work on a theory (a very highly supported theory) that Performance = Capacity x Values², meaning if the highest level of skill is not necessarily there, we can always teach and train a person, but this will only work for those with the right values and attitude. Keep your staff engaged and motivated by assisting them in achieving professional development goals which ultimately assist you as a business, as well as them.
3. Promote internally
If a new role is presented, look internally first to see if one of your current high performers could be rewarded for their dedication and hard work. Internal promotions will maintain a high performer’s desire and need to continually succeed, which ultimately benefits the business.
4. Progress and performance reviews
Regular catch ups on how employees are going is an easy way to ensure your employees feel appreciated and cared for. In addition, it presents the opportunity to understand if and when employees are overloaded, need more challenges or are content as they are. It also offers the chance for you to provide feedback on how they are performing and if needs be, areas for improvement.
5. Rewarding a job well done
All staff want to feel appreciated so it is important to reward when deserved. Simple things like a thank you or an expression of your appreciation can go a long way but additional rewards also need consideration. In a recent survey of our clients, flexible working arrangements ranked as the highest perceived reward and the best way to retain staff. A close second was however, pay increases and bonuses.
In today’s fast paced environment, you will constantly be presented with challenges when it comes to retaining staff. If you would like to discuss your options or ways to manage items such as flexible working requests, call Employsure on 1300 651 415. We advise 9,000 businesses Australia wide on a multitude of concerns surrounding the management of staff.