UK 
United States
The start of the year is typically a time for taking stock, so it stands to reason that many employees are looking for a new challenge at the moment.
In fact, our 2020 Salary and Benefits Review found that 54% of employees plan to stay in their current role for less than twelve months.
Below, I’ve outlined three tips for employers looking to retain their high-quality talent.
Progression opportunities
A quarter of employees say they are dissatisfied or very dissatisfied in their current role, meaning that employers must take notice of what drives their employees if they are to retain them. According to our research of over 2,000 UK employees, the most common reason for leaving is a lack of career progression. Breaking this down further, women are also more likely to be dissatisfied than men (27% vs. 20%) in their roles.
So, what can you do to foster career progression opportunities? First thing first, discuss where your employees want to progress - whether through training, mentoring or a clear progression path. A good opportunity to do this is at their quarterly performance review. Remember, progression doesn’t have to mean that an employee climbs the traditional career ladder. It could also mean lattice progression, where employers promote staff sideways or diagonally through the organisation. By offering employees opportunities in other projects or departments, staff are more likely to remain engaged and challenged.
Pay rises
It may not come as a surprise that salary remains a powerful motivator for jobseekers, as 17% moved on from their last role with a desire for a higher salary. According to our Q4 market update, the average salary rise for our placed candidates in Q4 rose 3% from Q3. As the unemployment rate is at its lowest level since the 1970s and skill shortages are affecting numerous sectors, good candidates are in high demand - and they know it!
Regardless of whether or not you’re able to offer you employees a higher salary, keep the lines of communication open and manage your employee’s expectations. If possible, carry out an annual salary review and have an honest conversation with each employee so they know whether or not to expect a bigger salary packet in 2020. Remember, the cost of onboarding and training new staff outweighs nominal pay increases!
Tailored benefits package
Our research suggests that a tailored benefits package remains an effective way to hold on to your top talent. For example, the most important factor in attracting people under 45 to a new role is a great working environment. While those over 55 value a good salary, the youngest segment of the workforce (16-34) values a tailored benefits package. This may include health insurance, a travel season ticket, or flexible working options. Employers should keep this in mind when offering benefits to their employees, but I would recommend sending around a feedback survey or organise 1:1 meetings to gauge feedback in the first instance.
To learn more about our latest research findings, order Tiger Recruitment’s 2020 Salary and Benefits Review.
About the author
David Morel is the CEO/Founder of Tiger Recuitment. Tiger is B Corp Certified. We are part of a global movement of businesses committed to improving social and environmental conditions around the world. David founded Tiger in 2001 and has written extensively in the press and wider media advising both employers looking to recruit and job seekers on best recruitment practice.
020 7917 1801 / [email protected]
