Dealing with high staff turnover
Not so long ago, recruitment agencies would complain about being flooded with more CVs than they could handle. These days, they’re dealing with a different problem – a shrinking labour market.
The current economic uncertainty created by Brexit means that people are wary of moving roles and there is a dramatic 95% fall in EU nationals joining the UK workforce in the last two years.1 Recent data revealed that 44% of employers experienced greater difficulty in recruitment during 2018.2 And unfortunately recruiters can’t expect their jobs to get easier anytime soon.
Recruiters have long suffered with high staff turnover. In fact, research shows that average staff turnover rate for the industry is between 41-45%!3 One of the reasons for this could be a lack of an effective benefits rewards programme.
How employee benefits can help you retain your top talent
Firms with engaged employees enjoy 87% less staff turnover and staff take fewer sick days.4 So it’s not surprising that 80% of employers rank employee engagement as a top priority.5 But employee benefits are far more than just a salary and a pension.
In fact, the right programme can help you to:
- Attract new talent to your business;
- Improve the physical, emotional and financial wellness of your staff;
- Motivate, engage and retain your staff; and,
- Drive productivity and make your business money.
Spot the stress and intervene early
The workplace is key in supporting employees, especially those in high stress jobs. Line managers are often among the first to become aware of employees dealing with stress. Early intervention providing access to support can help contain problems and prevent them spiralling out of control. So it’s incredibly important to look for signs of distress and provide support as quickly as possible.
Read how you can support your employees’ mental health at work.
Be. more with employee benefits
Make a difference to your employees' lives through your benefits package and create a more engaged and hardworking team.
Manage all of your employee benefits together in one place, saving you time and money on administration and employee communications. Allowing you to concentrate your energy and budget on growing your business.
1 CIPD, Labour Market Outlook Summer 2018
2 CIPD, Labour Market Outlook Autumn 2018
4 Mercer – why good health is good business
5 Thomsons Online Benefits, UK employee Benefits Watch 2016/17
FP19.96 This is a marketing communication.